Investment Rating - The report maintains a "Buy" rating for XPeng Motors with a target price of HKD 80.00 [7][11]. Core Insights - XPeng Motors achieved record deliveries of 30,000 vehicles in November, with expectations for Q4 deliveries to reach new highs [1][3]. - The company reported Q3 revenue of RMB 10.1 billion, reflecting a year-on-year increase of 18% and a quarter-on-quarter increase of 25% [1]. - The GAAP net loss for Q3 was RMB 1.8 billion, a reduction of 53% year-on-year, while the NON-GAAP net loss was RMB 1.5 billion, down 45% year-on-year [1][2]. - The gross margin for Q3 reached 15.3%, marking a record high and an improvement for five consecutive quarters [2]. Summary by Sections Delivery and Sales Performance - In November, XPeng delivered 30,000 vehicles, driven by increased deliveries of the P7+ model and improved production capacity [3]. - The company expects total Q4 deliveries to be between 87,000 and 91,000 vehicles, contributing to positive free cash flow for the quarter [3]. Product Development and Market Expansion - XPeng plans to launch at least four new models in 2025, including its first range-extended vehicle, which is expected to enhance its market position [4]. - The company has seen a 70% quarter-on-quarter increase in overseas sales in Q3, with plans to expand into over 90% of the new energy market outside North America by 2025 [4]. Financial Projections - The report maintains sales forecasts for 2024-2026 at 200,000, 430,000, and 490,000 vehicles respectively, with revenue projections of RMB 45.3 billion, RMB 85.6 billion, and RMB 97.7 billion [5][6]. - The target price adjustment to HKD 80.00 reflects a slight change due to currency fluctuations, while maintaining the valuation multiples for the sales and technology service segments [11].
小鹏汽车-W：11月销3万辆，预计Q4交付创新高