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苦尽甘来,小鹏要变展翅“大鹏”?
海豚投研·2025-05-21 13:21

Core Viewpoint - Xiaopeng Motors' Q1 2024 financial report shows performance in line with expectations, with marginal improvements in Q2 guidance, particularly in vehicle gross margin and sales volume [1][4]. Group 1: Financial Performance - Vehicle gross margin remains above low double digits at 10.5%, improving by 0.5 percentage points from the previous quarter, slightly exceeding market expectations of 10% [1][14]. - Q1 total revenue reached 158.1 billion, aligning with market expectations, while overall gross margin was 15.6%, surpassing the anticipated 14.8% [3][29]. - Non-GAAP operating loss was -8 billion, better than the expected -18 billion, primarily due to a 5.4 billion contribution from other income, mainly government subsidies [41]. Group 2: Sales Guidance - Q2 sales guidance is set at 102,000 to 108,000 vehicles, implying an average monthly sales of 33,500 to 36,500 units for May and June, which is consistent with April's actual sales of 35,000 units [1][24]. - Revenue guidance for Q2 suggests an implied vehicle selling price of approximately 158,000, reflecting a marginal increase of 5,000 from the previous quarter [27]. Group 3: Product Cycle and R&D Efficiency - Xiaopeng is entering a strong product cycle with several new models expected to launch in Q3, including the Mona M03 and G7, which are anticipated to drive sales growth [5][11]. - R&D expenses for the quarter were 19.8 billion, slightly above market expectations, indicating high efficiency in product development despite ongoing investments in smart technology [34]. Group 4: Cost Control and Profitability - The company has effectively controlled operating expenses, with sales and administrative costs at 19.5 billion, aligning with market expectations [35]. - The gross margin for service and other business segments reached 66.4%, driven by technology service fees from partnerships, indicating a strong revenue stream [30]. Group 5: Market Position and Future Outlook - Xiaopeng's strong product cycle and efficient supply chain management position it well for future growth, with expectations of continued sales increases in the latter half of 2024 [6][11]. - The potential of Xiaopeng's range-extended vehicles may be underestimated, as they are set to address market pain points regarding electric vehicle range [8].