Key points of the announcement: In May 2024, Xiaopeng Motor delivered a total of 10,146 new cars, +35% year over year, +8% month over month, and delivered a total of 41,360 vehicles from January to May 2024, +26% year over year. The overall performance was in line with our expectations.
Intelligent driving is being further accelerated, and products and markets are further developed. In May, the Xiaopeng X9 delivered 1,625 units, and a total of 11,456 units were delivered in May, continuing to lead the pure electric MPV and pure electric three-seater models. In the first five months of 2024, Xiaopeng Motor delivered a total of 41,360 new vehicles, +26% over the same period last year.
Intelligent driving was further accelerated. In May, the penetration rate of monthly active smart driving users in XNGP urban areas reached 84%.
As of May 31, XNGP has covered all 283 cities across the country, and the scope of Kaesong continues to expand. As of May, XNGP's official vehicle test mileage has exceeded 6.46 million kilometers, and starting in the third quarter, XNGP will achieve “the whole country can drive and be easy to use”; on May 20, Xiaopeng Motor announced that it will fully push the AI Tianji system to users and launch the industry's first mass-produced “end-to-end” large model, integrating the AI chauffeur service and regulation model xPlanner to truly achieve comprehensive end-to-end perception/regulation, and provide a more complete and comfortable all-intelligent driving scenario piloting experience. As the product experience continues to be optimized, technology brand awareness is further improved, which is expected to improve product terminal recognition and sales performance, and strengthen the new product cycle. Global overseas markets & product development. In terms of overseas markets, Xiaopeng Motor announced its official entry into the Australian and French markets in May, which will bring key models such as the G9 and G6 to users in the Australian and French markets. In May, the Xiaopeng G6 and X9 were officially unveiled in Hong Kong. The first right steering version of the Xiaopeng G6 is expected to be delivered in the third quarter of this year, and the H2 overseas market sales are expected to see a rapid upward breakthrough.
Looking ahead to June, Xiaopeng's new model, the Mona, is expected to debut, positioning itself in the A-class car market. Using Xiaopeng's self-developed smart driving technology, it will be able to implement advanced smart driving functions in the price range of 100,000 to 150,000 yuan. Differentiated product competitiveness will help the brand break through upward in sales and potential.
Profit forecast and investment rating: We maintain the company's 2024-2026 operating income forecast of 445/827/114.6 billion yuan, respectively, and net profit of -58/32/13 billion yuan; corresponding to 2026 EPS of 0.66 yuan, corresponding to PE of 45 times, considering the company's leading level of intelligent driving in the industry and continuing future competitiveness, we maintain the company's “buy” rating.
Risk warning: The recovery in downstream demand for passenger cars fell short of expectations; the price war exceeded expectations.