12,000 vehicles were delivered in July, a month-on-month decrease due to multiple factors
1) Delivery: In July, Xiaopeng Motor delivered 12,000 vehicles, +43.3% year on year, -24.7% month on month. The decrease reflects: a) New energy vehicle subsidies in some regions ended at the end of June, overdraining part of July sales; b) The number of high-end new energy vehicle brands increased, and market competition intensified; c) during the low season in July, there were normal seasonal fluctuations in sales between months. Judging from the product structure, the P7/P5/G3i delivered 6.4,000/3.6 1,000/1.5 thousand vehicles respectively in July, -20.5%/-35.5%/-8.1% over the previous month. A total of 80,000 vehicles were delivered in January-July, +107.6% compared to the previous year. Among them, the Xiaopeng P7/P5/G3i delivered 42,000/27,000/12,000 vehicles respectively. The total number of vehicles delivered in history is nearly 220,000, ranking first among China's new forces. 2) Ranking: The company's delivery volume in July ranked third among the new car builders in China. Among them, Nacha/Zero Run/Xiaopeng/Ideal /NIO delivered 14,000/12,000/12,000/10,000/10,000/10,000 vehicles respectively, +6.7%/-24.7%/-24.7%/-24.7%/-20%/-22.4%, respectively.
Short-term car purchase discounts promote off-season sales growth
In mid-July, the company offered a discount on car purchases with a deposit of 50 to 10,000 yuan, and an optional benefit of 30,000 to 10,000 yuan, which continued until July 31; according to our channel research, some policies are still in effect. August is a low season for the industry, and it is expected that the company will maintain preferential promotions in August. Reasons for terminal car purchase discounts: 1) New energy discounts in some regions ended in June, which had an overdraft effect on July sales. The company provided discounts to help smooth out consumers' car purchase costs. 2) The supply of electric vehicles for middle and high-end new energy vehicle brands has increased, market competition has intensified, and the industry's performance during the off-season period is particularly evident. 3) Promotion in the form of short-term discounts, with a high degree of flexibility and increased order depth.
The G9 was the most technologically advanced pure electric vehicle in the second half of the year
G9 will open pre-orders in August and be officially launched in September. According to automotive media interpretation: 1) The G9 includes two versions, a single motor and a dual motor, each equipped with a 98 kWh ternary battery pack. The battery life is 702 km/650 km respectively (P7 has a range of 480-706 kilometers, P5 has a range of 450-600 kilometers), and the battery life range is higher than that of the P7/P5. 2) The world's first 800V high voltage platform model, estimated to have a high voltage fast charging power of 480 kW, achieving a battery life of 200 kilometers in 5 minutes of charging. High voltage fast charging+long battery life will greatly relieve range anxiety. 3) Equipped with two Nvidia ORinX intelligent driving chips, 508 TOPS of computing power, xPilot 4.0 for the first time, and the level of intelligent driving was upgraded. 4) Equipped with 31 sensors, including 2 lidars, 5 millimeter wave radars, 12 ultrasonic radars, and 12 cameras, the same number as the P5.
G9 listing and delivery are expected to be a catalyst for stock prices
The company's overall sales are expected to be stable during the off-season in August, while at the same time facing interim reporting pressure. The focus is on the market competitiveness shown by the G9 product launch in August, and the market acceptance reflected in the September delivery situation. Both are expected to be catalysts for the company's stock price. A 6.5 x 202E P/S valuation is given, corresponding to the target price of Hong Kong/US stocks at HK$167/43. Risk factors: Industry sentiment is lower than expected.