In the early morning of August 8, XPeng Inc. formally submitted a prospectus to the US Securities Regulatory Commission and plans to list on the New York Stock Exchange. So far, the three best new forces in China, "NIO Inc., ideal and XPeng Inc.," have gathered in US stocks.

Since we will be on the same stage soon, I would like to compare the advantages and disadvantages of the three enterprises today, but it focuses on XPeng Inc..。

First, who is better, NIO Inc., ideal or XPeng Inc.?

New energy vehicles are definitely one of the hottest sectors this year, investors have made huge profits from Tesla, Inc. and NIO Inc., and in the long run, new energy vehicles will be an opportunity throughout the next decade, the key lies in how to choose enterprises.

Therefore, the listing of XPeng Inc. will inevitably aggravate a problem.Among local brandsWho is better, NIO Inc., ideal or XPeng Inc.?

The market is very divided on this topic right now, butI am relatively optimistic about NIO Inc. and XPeng Inc... NIO Inc. is optimistic because it has some first-mover advantages in terms of product, user base, or energy layout (rechargeable network). AndThe reason for being optimistic about XPeng Inc. is that his "self-research" and "intelligence" genes are the strongest.. It is ideal to take the extended route, but this technical route is not a friend of time, but also the greatest potential risk.

If you look at XPeng Inc. 's prospectus, you will find that one of the most obvious labels of this company is "smart":

"Xpeng was founded in 2015, and we are the leader in China.IntelligenceOne of the electric vehicle companies. "

"We have been committed toAutopilotWe are currently working on the major research and development of technology.OnlyA Chinese car company that develops all-stack proprietary software for the commercialization of self-driving. "

"the company plans to launch XPILOT 3.0in early 2021, according to the IHS Markit reportXPILOT 3.0It is expected to be available in today's mass-produced passenger cars.The highest level of autopilot。」

Shouting so hard, how much strength does XPeng Inc. have in intelligence?I found some video materials: 1)XPeng Inc. P7 high speed autonomous navigation driving；2）XPeng Inc. forward vision fusion automatic parking。

If you have a little understanding of the products of the three new forces, it is easy to come to the conclusion that compared with your competitors, XPeng Inc. P7 is in the lead in in-car operating system and self-driving technology. The evaluation given by many car owners is "XPeng Inc. automatic parking is the best in the world."early next year, OTAXPILOT 3.0It will even provide FSD comparable to Tesla, Inc..Autopilot experience. Continue to focus on research and development, so that XPeng Inc. to form the most important competitive "intelligence".

Why does being optimistic about "intelligence" help XPeng Inc. win in the future competition?

The car building of the new power mainly involves two aspects: "electrification" and "intelligence", in which electric power is more like a bottom foundation, and intelligence is the part that creates greater value:

1）From the consumer's point of viewAt present, the use of new energy vehicles still face many pain points, including short life, difficulty in charging and battery decay, so power mode conversion does not actually optimize the experience of car owners, which is not the motivation to choose new energy vehicles. So what is the real motivation? Answer: intelligence

2）From the perspective of the enterpriseElectric vehicles are still manufacturing and asset-heavy attributes. On the contrary, intelligent technologies such as self-driving are the businesses that bring a steady stream of and considerable profits to enterprises (analogies Apple Inc, Tesla, Inc.)

3）From the perspective of the industryElectrification is the basis of the current competition among automobile enterprises, and intelligence is the information revolution, which is above the energy revolution and will create greater value in the future.

So to sum up, with regard to the current mass-produced products and technologies, XPeng Inc. should be optimistic.(it does not rule out changes in the comparison of the intelligent strength of the three new forces in the future.

XPeng Inc. P7 emphasizes the brand tonality of technology and intelligence:

The prospectus shows some of XPeng Inc. 's key technology stacks, including XPILOT,Xmart OS,E / E architecture and powertrain:

XPeng Inc. 's prospectus IIIMain points

Personally optimistic about the strong competitiveness of the P7, it is expected that with the climbing of the production and sales of the model, it is expected that XPeng Inc. will achieve a positive improvement in gross profit margin and cash flow in the second half of the year (private grass-roots research, about 15000 P7 orders).

The following is a list of the three main points in XPeng Inc. 's IPO prospectus.

XPeng Inc. is the third new car-building power to log on to Nasdaq.Founded in 2014 by he Xiaopeng, Xia Heng and he Tao, the company has mass produced G3 (Compact SUV, November 2018) and P7 (Sports sedan, May 2020). By July 31, 2020, a total of 18741 G3s and 1966 P7s have been delivered.

At present, the company has an annual production capacity of 250000 sets, including 150000 sets of seahorse Zhengzhou factory (production of G3) and 100000 sets of Zhaoqing factory (self-built, production of P7).

Ownership structureCEO he Xiaopeng held 31.6% of the shares before the offering, making him the largest shareholder, while all senior executives held 40.9% of the shares. Taobao China holds 14.4% of the shares, making it the largest outside shareholder, while Morningside holds 4.2% of the shares, 6.2% of Magi IDG and 3.8% of GGV Capital.

financial statusThe accumulated financing exceeded 17 billion yuanContinuous improvement in operation. The gross profit loss decreased significantly in the first half of 2020, and the gross profit margin is expected to become positive in the second half of the year.

The asset-liability ratio is slightly higher than ideal and lower than NIO Inc.:

The cash flow of business activities needs to be improved:

So far, XPeng Inc. has raised a total of more than 17 billion yuan, completing the C+ and C++ rounds of financing in July and August respectively, with BABA, Hillhouse, Sequoia and Qatar Investment Authority participating.

Finally, let's see how IPO is priced. Of course, horizontal comparison XPeng Inc. is better than ideal, and the price is definitely higher.