12 月单月交付达到3.67 万辆，连续4 个月创历史新高，Q4 交付超过指引上限。公司12月销量36695 台，同比增长82.4%，环比增长18.8%；Q4 公司累计交付9.15 万台，同比增长52.1%，创下单季度交付量历史新高，超过Q4 交付指引上限。小鹏MONA M03交付能力持续提升，12 月交付1.5 万台，累计交付超5 万台，刷新新势力纯电下线速度记录，可实现72 秒下线一台小鹏MONA M03。小鹏P7+定位AI 定义汽车，12 月交付超1 万台，推动单月销量高增。公司随着渠道变革和营销加大，叠加强势新车周期，月度销量持续走高。出海方面持续发力，有望持续贡献销量和营收的增长，12 月在德国埃伯斯贝格完成了欧洲第1 万辆新车交付，成为首个达成欧洲万辆交付的纯电新势力车企；澳大利亚首家旗舰店正式开业，小鹏G6 大规模发往澳洲。Incident description
Xiaopeng Motors announced sales volume for December 2024. In December, the company delivered a total of 36,695 new cars, up 82.4% year on year and 18.8% month on month. From January to December 2024, the company delivered a total of 0.19 million new vehicles, an increase of 34.2% over the previous year.
Incident Reviews
Delivery in December reached 0.0367 million vehicles in a single month, a record high for 4 consecutive months, and Q4 deliveries exceeded the guideline limit. The company sold 36,695 units in December, up 82.4% year on year and 18.8% month on month; Q4 delivered a total of 0.0915 million units, up 52.1% year on year, setting a record high of delivery volume in a single quarter, exceeding the upper limit of Q4 delivery guidelines. The delivery capacity of the Xiaopeng MONA M03 continues to improve. In December, 0.015 million units were delivered, and a total of more than 0.05 million units were delivered, setting a new power pure electric offline speed record, and a Xiaopeng MONA M03 can be launched in 72 seconds. The Xiaopeng P7+ positioning AI defined the car and delivered more than 0.01 million units in December, driving a high increase in monthly sales. As channel changes and marketing increase, the company's monthly sales volume continues to rise as the new car cycle strengthens. Continued efforts to go overseas are expected to continue to contribute to sales and revenue growth. In December, Ebersberg, Germany completed the delivery of 0.01 million new vehicles in Europe, making it the first pure electric new-power car company to deliver 10,000 vehicles in Europe; the first flagship store in Australia officially opened, and the Xiaopeng G6 was shipped to Australia on a large scale.
In December 2024, the penetration rate of XNGP urban smart driving monthly active users reached 85%. In December, Xiaopeng P7+ welcomed its second major OTA. Xiaopeng XOS 5.5.0 began public beta, and launched a suite of software with a break-free “parking space to parking space” function. The maximum capacity is high, and it can be used in all scenarios. Performance continued to rise during the strong new car cycle. 2024Q3 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. Q4 sales exceeded the guideline limit. The expected revenue is expected to exceed the upper limit of the Q4 revenue guide of 16.2 billion yuan, and fundamentals continue to improve.
Intelligent driving continues to lead the way. With channel changes and the strengthening of the marketing system, the company's sales volume increased rapidly as a result of the launch of a strong new vehicle cycle. 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 Alerts
1. Economic recovery is weaker than expected;
2. Increased competition in the industry weakens corporate profits.