Golden Earnings News | Guolian Securities released a research report on December 1, 2024, stating that Xiaopeng Autos (09868) disclosed its delivery data for November. In November 2024, Xiaopeng Autos delivered a total of 30,895 new cars, a 54% year-on-year increase, and a 29% increase month-on-month.

The report mentioned that in November, the XNGP urban area's intelligent driving monthly active user penetration rate reached 85%. The AI Tianji 5.4.0 officially started public testing, bringing users a total of 248 functional updates related to AI intelligent driving, AI cockpit, AI chassis, and AI connectivity. Xiaopeng introduced the AI Eagle Eye visual solution, fully addressing issues such as brightness differences, which debuted on the new model Xiaopeng P7+ in October 2024. The Xiaopeng P7+ will come standard with end-to-end AI intelligent driving, without optional packages, subscriptions, or fees. On November 15th, Xiaopeng Autos successfully completed the first test of the "spot to spot" intelligent driving solution, gradually maturing the end-to-end solution. Users will accelerate the experience of upgrading intelligent driving capabilities, and customer stickiness is expected to increase.

The report indicated that the company's estimated sales volumes for 2024/2025/2026 are 0.19/0.42/0.64 million vehicles respectively, with corresponding revenues of 43.4/92.29/138.28 billion yuan, representing year-on-year growth of 41.5%/112.6%/49.8%; the net income attributable to the parent company are -6.51/0.7/3.42 billion yuan respectively. The launch of high-quality models is expected to bring a turning point in sales, and the iteration of intelligent driving and the rhythm of model launches are expected to help the company reverse its financial data. Further cooperation with the public may expand the company's revenue and technological capabilities. Maintaining a "buy" rating.