Investment Rating - The investment rating for XPeng Motors (09868) is to "continue to pay attention" [5]. Core Views - XPeng Motors delivered 22,821 vehicles in Q1 2024, a year-on-year increase of 19.7%. Revenue reached 6.55 billion yuan, up 62.3% year-on-year, with a net loss of 1.37 billion yuan, narrowing the loss compared to the previous year [1][2]. - The X9 model led the delivery figures, contributing significantly to revenue growth, driven by high-value models and accelerated collaboration with Volkswagen [2]. - Gross margin doubled sequentially to 12.9%, with automotive sales and service margins improving significantly, attributed to economies of scale and high-margin partnerships [3]. - The company is accelerating its global strategy, expanding into markets like Germany, France, Thailand, and Singapore, and deepening its collaboration with Volkswagen [4]. Financial Data and Valuation - Revenue projections for 2024, 2025, and 2026 are 50.6 billion yuan, 98.1 billion yuan, and 109.3 billion yuan, respectively, with year-on-year growth rates of 65%, 94%, and 11% [5][6]. - The expected net profit for 2024 is a loss of 5.7 billion yuan, improving to a profit of 2.9 billion yuan by 2026 [5][6]. - The company plans to invest 3.5 billion yuan in smart research and development in 2024, aiming to accelerate AI applications [3].
小鹏汽车-W：2024年第一季度点评：大众合作贡献收入，利润率水平显著提升