Description of the event
On August 27, Xiaopeng MONA M03 was officially launched. It is positioned as an A-class coupe. It has both good looks and practicality, and is well received for its advantages of high cost performance and high intelligence. The price exceeded expectations, and it is expected to sell well. 52 minutes after listing, it will probably break the 10,000 mark. MONA M03 is available in three versions, with a price range of 0.1198-0.1558 million yuan. Among them, the 515 long battery life version/620 ultra-long battery life version/580 ultra-long battery life max version are priced at 0.1198, 0.1298, and 0.1558 million yuan respectively. In terms of benefits, from now until October 31, 2024 (inclusive), users who pay a deposit of 5,000 yuan will receive a 4,000 yuan audio upgrade package, a delivery package, and a 5,000 yuan final payment reduction in exchange benefits.
Incident comments
Combining aesthetics and functionality, highly intelligent leading models in the same class. In terms of size, the length, width, and height are 4780*1896*1445 mm, the wheelbase is 2815mm; 0.194, making it the mass-produced pure electric hatchback with the lowest wind resistance in the world; it is equipped with a 1.22 square meter panoramic canopy, equipped with 621L oversized trunk space, and provides five car paints and three interior colors, focusing on the exterior and practicality. In terms of power, the new car will be provided with two types of motors, with maximum power of 140 kW and 160 kW, respectively, and a range of 515, 580, and 620 km. In terms of the smart cockpit, the M03 is the best smart cockpit in the same class. It is equipped with a large 15.6-inch high-definition screen as standard. The intelligent AI voice function supports four-sound zone recognition, and is equipped with an advanced custom 18-speaker sound system, 1.35m surround 256-color ambient lighting, and drive-level 3D map navigation. In terms of intelligent driving, it provides different solutions for different intelligent driving needs. The M03 is the only standard in its class equipped with 20+ intelligent sensing hardware, lane centering assistance, adaptive cruising, and panoramic intelligent parking. The advanced version of the M03 Max is equipped with the only advanced intelligent assisted driving within 0.2 million, which can achieve urban NGP functions. In comparison with competitors, the main competitors of the M03 include the Qin PLUS EV Honor Edition and Aian S. The current monthly sales are 0.017 million units and 0.94 million units respectively. At the same price level, the M03 is far ahead in terms of intelligence, the smart cockpit experience has been greatly upgraded, and it also has significant advantages in terms of range, which highlights Xiaopeng's hard strength in the field of AI vehicles.
2024Q3 is expected to deliver 0.041-0.045 million vehicles, up 2.5-12.5% year on year, and expected revenue of 9.1-9.8 billion yuan, up 6.7%-14.9% year on year. With channel changes and increased marketing, the company's sales volume is expected to increase steadily every month. The MONA model is officially launched; the P7+ is expected to launch in the fourth quarter. With the release of the two new cars, the company is expected to achieve a significant increase in sales in the second half of the year.
At the same time, Xiaopeng Motor continues to make efforts in overseas markets, and is expected to continue to contribute to sales and revenue growth.
Xiaopeng fully launched XOS 5.2.0 on July 30. XNGP was upgraded to be easy to use all over the country, and intelligent driving continues to lead the way. With channel changes and the strengthening of the marketing system, the company's sales volume is expected to increase steadily. MONA listing kicks off the company's new vehicle cycle.
The effects of scale improvement, platform and technology cost reduction will be further reflected. The business model expansion combined with software profits continues to grow, and the company's future profits are highly flexible. The company's revenue in 2024 is estimated to be 41.2 billion yuan, corresponding to PS 1.2X. Volkswagen Software's revenue reflects significant improvements in financial performance. The company is expected to enter an inflection point in the new car cycle and give it a “buy” rating.
Risk warning
1. Economic recovery is weaker than expected;
2. Increased competition in the industry weakens corporate profits.