Guosen Securities issued a research report, stating that in 2024Q3, the sales volume of Xiaopeng Motors (09868) was 46,533 vehicles, a year-on-year increase of 16.3%, and a quarter-on-quarter increase of 54.0%; total revenue was 10.1 billion yuan, a year-on-year increase of 18.4%, and a quarter-on-quarter increase of 24.5%; net income was -1.81 billion yuan, compared to -3.89 billion yuan in the same period last year, and -1.28 billion yuan for the second quarter of this year. In 2024Q3, the revenue from automobile sales was 8.8 billion yuan, a year-on-year increase of 12%, a quarter-on-quarter increase of 29%, and the main reason for the year-on-year and quarter-on-quarter increase was the increase in delivery volume. In 2024Q3, the total sales volume of Xiaopeng Motors was 46,533 vehicles, a year-on-year increase of 16.3%. The company's guidance for the fourth quarter of 2024 anticipates a delivery volume of 87,000-91,000 vehicles, a year-on-year increase of approximately 44.6% to 51.3%.

The bank indicated that on November 6th, Xiaopeng Motors held its 2024 Annual AI Technology Day event in Guangzhou, showcasing the company's cutting-edge technology and innovation, including Xiaopeng's Kunpeng super electric system, Turing AI intelligent driving system, AI robots, etc. On November 7th, Xiaopeng P7+ was officially launched, with three models introduced, including Xiaopeng P7+ Long Endurance Max, Ultra Long Endurance Max, and Limited Edition Max, priced in the range of 0.1868-0.2188 million yuan, available for immediate delivery upon launch. According to official data, Xiaopeng P7+ achieved a milestone of over 10,000 units in just 12 minutes after its launch, reaching 31,528 units by midnight on November 7th.

The bank stated that in the second half of the year, the company's new models represented by Mona M03 and P7+ gained traction, the implementation of the company's pure visual solution penetrated the high-end intelligent driving models into the market below 0.2 million, accelerating the realization of high-end intelligent driving parity. In addition to the launch of more new models, the company's operating cycle continues to improve. The bank maintains profit forecasts, expecting revenues of 46.9/88.5/118.1 billion yuan from 2024 to 2026, and net income of -6/-1.6/2.7 billion yuan, maintaining a 'outperform the market' rating.