20231206-东吴证券-小鹏汽车-W-09868.HK-11月销量同比高增_无图XNGP阔地_产品力再跃升_3页_457kb

Summary of Xpeng Auto (09868HK) Report Analysis

• Key Highlights:

  • Deliveries in November 2023 reached 20,041 units, marking a 2450% year-over-year increase and a slight +0.2% month-over-month rise, with cumulative 2023 deliveries of 121,486 units, exceeding 2022's total.
  • Core products include the G6 and G9, driving strong sales; the new X9 model has been launched with advanced features like the fifth-generation intelligent cabin and all-wheel steering.
  • Technology upgrades include the rollout of "all-map" XNGP navigation system, covering over 20 cities, with plans to expand to 50 cities by year-end and internationally.

• Financial Projections:

  • 2023-2025 revenue and profit forecasts are maintained; valuation metrics such as PS ratio are adjusted, with a target price of HK$1,714 based on 2024 performance.
  • Graded as "buy" due to leadership in intelligent driving and software capabilities, but risks include market competition and policy uncertainties.