该行续指，公司智能驾驶持续领先，随着渠道变革和营销体系加强，叠加强势新车周期开启，公司销量有望稳步提升。MONAM03和P7+开启公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利的商业模式拓展以及出海持续增长，公司未来盈利具备较大弹性。预计公司2024年收入为415亿元，对应PS2.0X，大众软件收入体现大幅改善财务表现，公司有望进入新车周期拐点，维持“买入”评级。Xiaopeng Motor-W (09868) rose more than 3%. As of press release, it rose 2.87% to HK$50.15, with a turnover of HK$0.341 billion.
The Zhitong Finance App learned that Xiaopeng Automobile-W (09868) rose more than 3%. As of press release, it had risen 2.87% to HK$50.15, with a turnover of HK$0.341 billion.
Changjiang Securities released a research report stating that Xiaopeng Motor 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 cars, an increase of 26.2% over the previous year. In November, the first 0.03 million vehicle was delivered in a single month, reaching a record high for 3 consecutive months, and the M03 delivered more than 10,000 in a single month.
The bank continued that the company continues to lead the way in intelligent driving, and 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 begins. MONAM03 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 PS2.0X. 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 maintain a “buy” rating.