Jingwu Financial News | swhy released a research report stating that Xpeng Motors (09868) disclosed its Q3 2024 report, achieving total sales of 0.099 million vehicles in the first three quarters, up 21.0% year-on-year; total revenue was 24.76 billion yuan, up 40.5% year-on-year; gross margin was 14.2%, up 16.3 percentage points year-on-year; net income was -4.46 billion yuan, a year-on-year reduction in losses of 4.57 billion yuan. In Q3 2024, total sales reached 0.047 million vehicles, with month-on-month/year-on-year growth of 16.3%/54.0%; total revenue was 10.1 billion yuan, with month-on-month/year-on-year growth of 18.4%/24.5%; gross margin was 15.3%, with month-on-month/year-on-year increases of 17.9%/1.3 percentage points; net income was -1.81 billion yuan, with a month-on-month/year-on-year reduction in losses of 2.08/-0.52 billion yuan. The performance in Xpeng Motors' Q3 report met expectations, and the gross margin steadily improved.

The institution stated that on August 27, the Xpeng MONAM03 was launched and delivered, bringing intelligent driving down to the 0.1-0.15 million yuan price range. With excellent product strength and cost-effectiveness, outstanding orders were achieved, with over 0.03 million units in large orders within 48 hours of launch, and large order quantities nearing 0.05 million within 72 hours. Additionally, with full supply chain preparations and advanced production, over 10,000 units were sold in the first complete month after the launch, significantly boosting overall Q3 sales month-on-month. Due to the low pricing of the MONAM03 and temporary discounts on other models such as the X9 in Q3, average revenue per vehicle was 0.189 million yuan, down 3.6%/16.3% year-on-year/month-on-month. Xpeng Motors has significantly accelerated its overseas expansion this year, with rapid developments in multiple countries in europe and Southeast Asia. On August 21, Xpeng Motors held a launch event in Bangkok, Thailand, where the newly launched right-hand drive version of the Xpeng G6 is also the first model introduced in the Thai market. Following the launch in Thailand, Xpeng Motors will also introduce the Xpeng G6 in Malaysia, and will successively enter markets such as Singapore and Australia, with overseas sales growing by 70% month-on-month in Q3, accounting for 15% of the company’s total sales. The rapid entry into the overseas market is expected to contribute significantly to profitability in the future.

The institution further indicated that the company's new vehicle sales are robust, and both external cooperation and internal reform progress exceeded expectations, significantly enhancing profitability. The institution raised the revenue forecast for 2024-2026 from 38.2/62.7/81.2 billion yuan to 40.8/78.9/101.3 billion yuan; it also adjusted the net income forecast for 2024-2026 from -62/-12/+0.4 billion yuan to -59/-9/+1.5 billion yuan, maintaining a 'buy' rating.