11 月单月交付首破3 万辆，连续 3 个月创历史新高，M03 单月交付再破万。公司11 月销量30895 台，同比增长54.2%，环比增长29.2%；1-11 月，公司累计交付新车共15.3万台，同比增长26.2%。小鹏MONA M03 上市3 个月交付连续过万台，随着产能持续爬坡，后续交付有望持续加速。公司随着渠道变革和营销加大，叠加强势新车周期，销量有望月度持续提升。小鹏P7+定位AI 定义汽车，上线仅20 天下线1 万台，创造小鹏新车下线1 万台最快纪录，发布23 天，交付量超7,000 台，推动单月销量高增。同时小鹏汽车在出海方面持续发力，有望持续贡献销量和营收的增长，11 月，小鹏汽车正式进入尼泊尔、英国市场。小鹏G6 在海外备受瞩目，荣获2024 丹麦汽车“年度技术领跑者”大奖。Description of the event
Xiaopeng Motors announced sales volume for November 2024. In November, the company delivered a total of 30,895 new cars, up 54.2% year on year and 29.2% month on month. From January to November 2024, the company delivered a total of 0.153 million new vehicles, an increase of 26.2% over the previous year.
Incident comments
The delivery of the first 0.03 million vehicle in a single month in November reached a record high for 3 consecutive months, and the M03 delivered more than 10,000 in a single month. The company sold 30,895 units in November, up 54.2% year on year and 29.2% month on month; from January to November, the company delivered a total of 0.153 million new cars, up 26.2% year on year. The Xiaopeng MONA M03 has been delivered continuously for 3 months. As production capacity continues to climb, subsequent deliveries are expected to continue to accelerate. As channel changes and marketing increase, the company's sales volume is expected to continue to increase every month as the new car cycle strengthens. The Xiaopeng P7+ positioning AI defines the car. It went offline with 0.01 million units in just 20 days, setting the fastest record for Xiaopeng's new car to go offline with 0.01 million units. It was released in 23 days, and the delivery volume exceeded 7,000 units, driving a high increase in sales in a single month. At the same time, Xiaopeng Motors continues to make efforts in overseas markets and is expected to continue to contribute to sales and revenue growth. In November, Xiaopeng Motor officially entered the Nepalese and British markets. The Xiaopeng G6 has attracted much attention overseas and won the 2024 Danish Automobile “Technology Leader of the Year” award.
In November 2024, the penetration rate of monthly active users of smart driving in XNGP urban areas reached 85%. On November 6, Xiaopeng AI Technology Day announced Xiaopeng's latest technological achievements in the AI car, AI robot, and flying car sectors. On November 15, at the Guangzhou Auto Show, Xiaopeng successfully completed the industry's first network-wide test to implement a “parking space to parking space” smart driving solution through a set of software. Performance continued to rise during the strong new vehicle cycle. 2024Q3's revenue reached 10.1 billion yuan, up 18.4% year on year; gross margin reached 15.3%, setting a record high of +18 pcts year on year. At the same time, it provided strong guidance for Q4 results. The expected delivery volume was 0.087-0.091 million vehicles, up 44.6-51.3% year on year, and expected revenue was 15.3-16.2 billion yuan, up 17.2% to 24.1% year on year.
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 as the new vehicle cycle starts to gain momentum. MONA M03 and P7+ start the company's new car 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 41.5 billion yuan, corresponding to PS 2.0X. 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.
