Zhitong Finance and Economics app learned that Soochow Securities released a research report stating that considering the company's leading position in the industry's intelligent driving level and sustained future competitiveness, it maintains a "buy" rating on Xpeng-W (09868), and its expected revenue in 2024-2026 is 44.5/82.7/114.6 billion yuan, with a net profit attributable to the parent company of -5.8/-3.2/1.3 billion yuan; the corresponding EPS in 2026 is 0.66 yuan.

The main viewpoints of Soochow Securities are as follows:

In June, Xpeng delivered a total of 10,668 new cars, up 24% year-on-year from 8,620 units in the same period last year and up 5% month-on-month.

Overall, Xpeng delivered a total of 30,207 vehicles in Q2, in line with expectations, a month-on-month increase of 38.4%. From January to June 2024, Xpeng delivered a total of 52,028 vehicles, an increase of 26% year-on-year from 41,435 units in the same period last year. In terms of key models, the Xpeng X9 "Nine Crown King" delivered 1,687 units, with a total of 13,143 units delivered in the first half of the year, continuing to lead the pure electric MPV and pure electric three-row seat car market.

The new model M03 will soon be launched, driven by both intelligence and globalization.

In terms of the new car dimension, the pure electric hatchback Xpeng M03 will have its global debut on July 3. The Xpeng MONAM03 uses AI quantized aesthetics to create a golden posture comparable to a sports coupe. In terms of intelligence, in June, the Xpeng XNGP urban intelligent driving monthly active user penetration rate reached 84%. In July, XNGP will achieve "able to drive everywhere, good to drive everywhere" through a heavyweight OTA update, and more application end-to-end large model scenarios will be deployed. In terms of globalization, in June, Xpeng entered the Egyptian market and released the Xpeng G9 and Xpeng P7, becoming the first Chinese smart pure electric vehicle brand to launch pure electric products in the Egyptian and African markets. In addition, AI Tianji system will receive a heavyweight OTA update in the third quarter of this year and will officially be launched overseas.

Risk Warning: Downstream demand for passenger vehicles may recover less than expected, and price wars may exceed expectations.