XPENG(US:XPEV) 光大证券研究·2025-03-20 08:56Core Viewpoint - The overall performance of XPeng Motors in 2024 is strong, with significant revenue growth and improved gross margins, indicating a positive outlook for the company's future profitability and product development [2][3][4]. Group 1: Financial Performance - In 2024, XPeng Motors' revenue increased by 33.2% year-on-year to 40.87 billion yuan, with a gross margin up by 12.8 percentage points to 14.3%. The Non-GAAP net loss narrowed by 41.2% to 5.55 billion yuan [2]. - For Q4 2024, total revenue rose by 23.4% year-on-year and 59.4% quarter-on-quarter to 16.11 billion yuan, with a gross margin of 14.4% [2][3]. - Q4 2024 revenue was 14.67 billion yuan, with a year-on-year increase of 20.0% and a quarter-on-quarter increase of 66.8%. The gross margin for automotive business reached 10.0% [3]. Group 2: Cost Management - R&D expense ratio increased by 2.4 percentage points year-on-year to 12.5%, while SG&A expense ratio decreased by 0.7 percentage points quarter-on-quarter to 14.1% [3]. - As of Q4 2024, cash and cash equivalents totaled approximately 41.96 billion yuan, indicating a strong cash reserve [3]. Group 3: Future Outlook - In 2025, XPeng is expected to have a robust product lineup, including models like Mona M03, G6, G9, P7+, G7, and X9, with multiple electric and hybrid products set to launch in the second half of the year [4]. - The company aims to achieve a threefold growth trajectory through advancements in intelligent driving, globalization, and humanoid robotics [4]. - XPeng's overseas sales are projected to exceed 20,000 units in 2024, with plans to double overseas sales and dealer networks in 2025 [4].