Investment Rating - The investment rating for XPeng Motors (9868.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's new car cycle and financial improvements [2][3]. Core Viewpoints - The financial performance of XPeng Motors is showing continuous improvement, with a revenue of 40.87 billion yuan in 2024, representing a year-on-year increase of 33.2%, and a net loss of 5.79 billion yuan, which is an improvement of 44.2% year-on-year [2][3]. - The company has expanded its sales network to 690 stores across 226 cities, achieving a vehicle delivery volume of 190,000 units in 2024, a growth of 34.2% year-on-year [3]. - The launch of popular models is expected to drive rapid sales growth, with a significant increase in deliveries in Q1 2025, totaling 94,000 vehicles, a staggering 331% year-on-year increase [3]. - XPeng Motors is exploring long-term growth opportunities through advancements in smart driving technology, international expansion, flying cars, and robotics, indicating a broad potential for future development [3]. - Profit forecasts suggest that the company will achieve a net profit of -0.94 billion yuan in 2025, followed by positive profits of 2.51 billion yuan in 2026 and 6.91 billion yuan in 2027, with corresponding EPS of -0.49, 1.32, and 3.63 yuan [3][4]. Summary by Relevant Sections Financial Performance - In 2024, XPeng Motors reported total revenue of 40.87 billion yuan, with a year-on-year growth rate of 33% [4]. - The gross margin for 2024 was 14.3%, an increase of 12.8 percentage points year-on-year, while the net margin improved to -14.2%, narrowing by 19.7 percentage points [3][4]. - The company expects significant revenue growth in the coming years, with projected revenues of 92.49 billion yuan in 2025 and 143.48 billion yuan in 2026 [4]. Sales and Market Expansion - The company has successfully expanded its sales network and is set to increase its international presence, aiming to enter 60 countries by 2025 [3]. - The introduction of new models, such as the MONA M03 and P7+, is anticipated to enhance sales performance significantly [3]. Long-term Growth Potential - XPeng Motors is investing in smart driving technology and has plans for flying cars and robotics, indicating a commitment to innovation and diversification [3]. - The company is also building a production facility for flying vehicles, with an expected annual capacity of 10,000 units [3].
小鹏汽车-W：财务持续改善，看好公司新车周期-20250419