Jingu Financial News | Changjiang Securities research reports point out that Xiaopeng Motors (09868) achieved revenue of 10.1 billion yuan in the third quarter, up 18.4% year-on-year, 24.5% quarter-on-quarter, with a net loss of 1.81 billion yuan, a year-on-year decrease in loss of 2.08 billion yuan, Non-GAAP net loss of 1.53 billion yuan, a year-on-year decrease in loss of 1.26 billion yuan. The bank points out that under the strong new car cycle, delivery volume has surged, combined with revenue from related services driving revenue over one billion, and gross margin reaching 15.3%, setting a new record high. Expected delivery volume in 2024 Q4 is 0.087-0.091 million vehicles, with a year-on-year growth of 44.6-51.3%, expected revenue of 15.3-16.2 billion yuan, with a year-on-year growth of 17.2%-24.1%. The new car cycle has opened strongly, with MONA and P7+ market launches significantly boosting sales. With the mass delivery of these two new cars, the company is expected to achieve a significant increase in sales.

The bank points out that asia vets driving capabilities remain at the forefront, the new car cycle is opening strongly, combined with channel changes and enhanced marketing systems, the company's sales are expected to accelerate. Following the successful launch of MONA, P7+ has become another hit model. Additionally, P7+ fully equipped with advanced asia vets and the launch of future advanced asia vets models after Mona will elevate the penetration rate of asia vets driving in the industry significantly. The scaling up, platform and technology cost reduction effects will be further demonstrated, coupled with the expansion of software profit-making business models and continuous overseas growth, the company's finances are expected to continue improving. The company is expected to achieve revenue of 41.5 billion yuan in 2024, corresponding to PS2.1X. The company is poised to enter a turning point in the new car cycle and is given a "buy" rating.