Key points of the announcement: In March 2024, Xiaopeng Motor delivered a total of 9026 new cars, +29% year over month, and 21,821 vehicles in the first quarter, +20% year over year. The overall performance was in line with expectations.
AI smart driving supports equal technology, new cars are strong, and XNGP Kaesong continues to accelerate. In March, Xiaopeng X9 delivered 3,946 units, and delivered nearly 8,000 units within three months of launch. Xiaopeng Motor delivered a total of 21,821 new vehicles in the first quarter, +20% over the same period last year. Xiaopeng XNGP continues to expand the open scale of smart driving experience users. The penetration rate of monthly active smart driving users in XNGP urban areas is 82%, and the total number of open routes continues to increase. In 2024, XNGP will achieve full coverage of road networks in major cities across the country, and can be operated all over the country and easy to use throughout the process. 2024Q2, Xiaopeng Motor will launch a new Mona brand and enter the 10-15 thousand yuan market segment. The first product will be officially launched in Q3; the new brand launch will enter the sinking market. With the company's own leading smart driving advantages and brand influence, it is expected to open up more room for the company to grow in sales and further accelerate the energy intelligence industry process. In terms of price, in order to cope with the increasingly fierce competition in the industry and guarantee its own market share, the company promptly adjusted its market pricing strategy and followed the price reduction for various models. The Xiaopeng P7i 702 Max was officially released, with a discount of 40,000 yuan, starting at 249,900 yuan; the price of all Xiaopeng G6 models was reduced by 20,000 yuan in March, starting at 189,900 yuan; the Xiaopeng P7i Pengyi Performance Edition had a maximum discount of 50,000 yuan and a starting price of 203,900 yuan.
Overseas 2.0 Global cooperation accelerates, and the level of intelligence continues to lead. In March, Xiaopeng Motor reached strategic cooperation with dealer groups in Southeast Asia such as Thailand, Singapore, and Malaysia. Delivery of the Xiaopeng G6 right-hand drive version will begin in Q3, and a cooperation agreement with Volkswagen will be signed and implemented to carry out further software technical cooperation and joint procurement; the Xiaopeng G9 launch version and Xiaopeng P7 launch version will go on sale in Germany in May, at prices of 49,600 euros/69,600 euros/57,600 euros, respectively. In terms of smart driving, Xiaopeng Motor will release a smart driving AI model in Q2 to create an AI smart driving car; the OTA-xMart OS 4.6.0 version will be upgraded simultaneously to the Xiaopeng G6/G9/P7i. In 2024, Xiaopeng Motor will soon begin a new phase of multi-brand global strategic operation. It will launch more than 10 new models in the next 3 years, and continuing to lead new products+smart driving is expected to drive a new upward cycle.
Profit forecast and investment rating: We maintain Xiaopeng Motor's 2023-2025 revenue forecast of 307/630/111.4 billion yuan, +14%/+105%/+77% year-on-year respectively, and net profit to mother of -104/43/8 billion yuan, corresponding PS of 3.2/1.1/0.6 times. Maintain Xiaopeng Motor's “buy” rating.
Risk warning: The passenger car price war exceeded expectations; the pace of introduction of the L3 smart driving policy fell short of expectations, etc.