Investment Rating - The report assigns a "Buy" rating for Xiaopeng Motors (9868.HK) [2] Core Insights - Xiaopeng Motors has experienced both successes and failures in its product lineup, with the P7, G6, and G9 models showing initial strong sales but struggling with sustainability due to increased competition and internal management issues [6][14][16] - The company is undergoing comprehensive reforms in management, product definition, and marketing to address past shortcomings and enhance its competitive position [7][34] - Xiaopeng's autonomous driving capabilities are recognized as a core strength, with the company being a leader in the industry and expected to maintain this advantage [8][9] Summary by Sections Sales Review - The P7 model launched in May 2020 achieved monthly sales of 7,000-8,000 units initially but fell below 3,000 units by late 2022 due to increased competition [14] - The G6 model, launched in June 2023, peaked at 8,000-9,000 units but dropped below 2,000 units by January 2024 due to competition from models like the Model Y [14] - The G9 model saw initial success with monthly sales of 6,000-7,000 units after its October 2023 launch but also faced a decline to below 2,000 units by January 2024 [14][16] Shortcomings and Reforms - Xiaopeng identified issues in management, product definition, and marketing, leading to the recruitment of former Great Wall Motors president Wang Fengying for comprehensive reforms [7][34] - Key reforms include enhancing consumer attributes in product design, streamlining SKUs, and improving cost management through modular architecture and supply chain adjustments [7][39] Strengths and Future Outlook - The report highlights that from 2024, the usability of autonomous driving technology is expected to increase significantly, positioning it as a core capability for automotive companies [8] - Xiaopeng's autonomous driving technology is recognized as industry-leading, with the company being the first to release its own autonomous driving system and enter the full-stack self-research phase [8] - The company anticipates a recovery in sales, projecting revenues of 38.1 billion, 66.4 billion, and 75.5 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to improve from a loss of 6.1 billion yuan in 2024 to a profit of 1.2 billion yuan in 2026 [9][5]
小鹏汽车-W：智驾龙头凤凰涅槃，补短扬长静待花开