Investment Rating - The report maintains a "Buy" rating for Xiaopeng Motors [2][5]. Core Views - Xiaopeng Motors is entering a strong product cycle, with Q1 2024 sales meeting expectations and platform and software revenues exceeding forecasts. Q1 revenue reached 6.55 billion yuan, a year-on-year increase of 62% [1]. - The company delivered 21,821 vehicles in Q1, driven by the successful launch of the X9 model. Service and other revenues reached 1 billion yuan, showing a year-on-year increase of 93.1% [1]. - The gross margin recorded was 13%, with vehicle and service margins at 5% and 54%, respectively. The company expects Q2 deliveries to be between 29,000 and 32,000 vehicles, representing a year-on-year growth of 25%-38% [1]. Summary by Sections Sales and Revenue - Xiaopeng Motors delivered 21,821 vehicles in Q1 2024, aligning with guidance. The company anticipates Q2 deliveries of 29,000 to 32,000 vehicles, with revenue projected between 7.5 billion and 8.3 billion yuan [1]. - The company expects to launch new models, including the MONA brand's first A-class electric sedan in June and the F57 B-class electric sedan in Q4, contributing to a significant increase in monthly deliveries by the end of the year [1]. Financial Performance - Q1 revenue was 6.55 billion yuan, with a gross margin of 13%. The company reported a non-GAAP net loss of 1.41 billion yuan, with a non-GAAP net loss margin of 21.5% [1]. - The company forecasts total revenue of 41.2 billion yuan in 2024, with a non-GAAP net profit margin projected to improve from -16% in 2024 to -0.3% in 2026 [1][6]. Strategic Partnerships - The collaboration with Volkswagen is deepening, with technology service fees expected to contribute over 1 billion yuan in revenue for Xiaopeng Motors in 2024. The partnership also includes joint development of electronic and electrical architectures [1][6]. Market Expansion - Xiaopeng Motors is accelerating its international expansion, having shipped nearly 1,000 G9 vehicles to Europe in April 2024. The company plans to expand its overseas sales network to over 20 countries [1][6]. Valuation - The report estimates a target valuation of 11.4 billion USD for Xiaopeng Motors, corresponding to a 2x P/S ratio for 2024, with a target price of 47 HKD and 12 USD for the respective stock listings [1].
小鹏汽车-W：即将迎来强势产品周期