Investment Rating - The report maintains a "Buy" rating for Xiaopeng Motors (9868.HK) with a current price of HKD 26.95 [2][6]. Core Insights - Xiaopeng Motors reported Q2 2024 revenue of CNY 8.11 billion, representing a year-on-year increase of 60.2% and a quarter-on-quarter increase of 23.9%. Vehicle sales reached approximately 30,000 units, up 30.2% year-on-year and 38.4% quarter-on-quarter [2][4]. - The automotive business gross margin for Q2 2024 was 6.4%, an increase of 15.0 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The overall gross margin for Q2 2024 was 14.0%, up 17.9 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [2][4]. - The company expects Q3 2024 vehicle sales to be between 41,000 and 45,000 units, with revenue projected to be approximately CNY 9.1 billion to CNY 9.8 billion, reflecting a year-on-year growth of 6.7% to 14.9% [5][6]. Revenue and Profitability - Q2 2024 automotive revenue was CNY 6.82 billion, with a year-on-year increase of 54.1% and a quarter-on-quarter increase of 23.0%. The average selling price (ASP) per vehicle decreased from CNY 254,000 in Q1 2024 to CNY 226,000 in Q2 2024 [4]. - Total gross profit for Q2 2024 was CNY 1.14 billion, with a gross margin of 14.0%. The increase in gross margin was attributed to cost reductions and improvements in product mix, as well as high-margin revenue from collaborations with Volkswagen [4][6]. Expenses and Financial Outlook - R&D expenses for Q2 2024 were CNY 1.47 billion, up 7.3% year-on-year and 8.6% quarter-on-quarter, with an R&D expense ratio of 18.1% [5]. - As of Q2 2024, Xiaopeng had cash and cash equivalents totaling CNY 37.33 billion, a decrease of CNY 4.07 billion from Q1 2024, indicating a relatively low short-term liquidity risk [5]. - The company forecasts revenues of CNY 40.25 billion, CNY 65.79 billion, and CNY 93.26 billion for 2024, 2025, and 2026, respectively, with projected net losses narrowing over the same period [6][7].
小鹏汽车-W：系列点评三：2024Q2毛利率超预期 静待新品周期