May 27, 2024

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Automotive rocks

Xiaopeng Automobile 2021 results report: the gap of “volume” has been opened and the pace of “profit” may be accelerating._SMM


2021 is a very distinctive and challenging year, not only for the financial system and economic markets, but also for the automobile market. Right after going through the epidemic, profound alterations are getting spot in the logic and sample at the bottom. New power has come to be the darling of the secondary industry last yr, in which new forces have also come to be a pole that can not be dismissed. Of training course, there is also a gradual differentiation inside the sector. Some of these enterprises with products energy and procedure systematization capacity further stand out, these kinds of as Xiaopeng Vehicle.

On the evening of March 28th, Xiaopeng Motor disclosed its 2021 efficiency report, which confirmed that the company’s running revenue in 2021 was 20.99 billion yuan (the identical as the same device underneath), an maximize of 259.1 per cent about the similar period final yr, of which vehicle product sales profits was 20.04 billion yuan, an enhance of 261.3 percent in excess of the very same time period last year.

Xiaopeng received narrowly in 2021, and is predicted to additional widen the gap in 2022.

Today, the delivery success of the new electrical power automobile firms in 2021 have lengthy been very clear. The yearly shipping quantity of the 1st echelon “top rated 3” is all in the vary of 90, 000 to 100000 automobiles, of which Xiaopeng Motor improved by 263% when compared with the exact same time period previous year, narrowly winning 98155 cars for the entire 12 months. and turned the most significant winner of this phased qualifying race.

Wanting back again on 2021, the differentiation of this qualifying began in the next fifty percent of the calendar year: in July, Xiaopeng’s supply quantity rose from the third to the second. In Oct 2021, Xiaopeng rated initially in supply quantity and remained the champion for numerous months in a row. Xiaopeng’s delivery volume achieved 41751 in the fourth quarter of 2021, an maximize of 222% more than the similar time period final yr and 63% month-on-thirty day period.

(resource: enterprise monetary report)

In the new ability camp, the purpose why Xiaopeng was able to capture up with and guide the delivery volume past year, in addition to the new power motor vehicle current market dividend, but also from the firm’s intelligent item positioning and a reasonably wealthy mix of styles.

In the firm’s design portfolio, the Xiaopeng P7, which was listed in April 2020, sent a complete of 60569 cars very last yr, accounting for 62% of the complete delivery volume last year, getting to be the initial pure electric new power design to break by means of 100000 cars and trucks off the line. and judging from the development of the proportion of Xiaopeng P7 shipping and delivery to the company’s full shipping volume, Xiaopeng P7 is very likely to carry on the momentum of well-known style this 12 months, and Xiaopeng P7 will strike a lot more than 10,000 regular deliveries in 2022.

In addition, the shipping volume of Xiaopeng P5, which begun huge-scale shipping in the fourth quarter of 2021, is also soaring, with evident manner possible, and the regular gross sales of Xiaopeng P5 in the second 50 % of 2022 will be near to P7. In accordance to the firm’s strategy, the company’s new design, the G9, will get started shipping in the 3rd quarter of this 12 months. According to the official web-site, the Xiaopeng G9 is China’s first mass-generated design primarily based on 800V superior-voltage silicon carbide system, with a “charging time of 5 minutes and a selection of 200km”, and will 1st support the XPILOT 4. clever driving guidance process. Underneath the energy of this sort of merchandise, Xiaopeng G9 unquestionably has the prospective of popular design, which signifies that Xiaopeng auto nonetheless has plenty of endurance this yr.

Monthly profits development of Xiaopeng P7/P5/G3

Source: Minsheng Securities

According to the supply guidelines issued by Xiaopeng, the shipping and delivery quantity of 2021Q1 will array from 33500 to 34000 autos, an enhance of about 151.1% to 154.9% above the exact interval very last yr. Compared with the very first quarter shipping tips not too long ago revealed by Weilai and suitable Motor, Xiaopeng nonetheless ranks very first in delivery quantity and maintains the foremost placement in the first echelon of new forces.

(source: company money report)

In accordance to the company, in the classic off-season of the car current market immediately after the Spring Pageant, Xiaopeng has achieved speedy growth, initially, due to the fact the firm has gathered a large range of orders right before the cost increase, and second, for the duration of the Spring Pageant. Xiaopeng has carried out a specialized transformation of the output base in Zhaoqing, and now absolutely resumes output in mid-February as prepared, which usually means that Xiaopeng will usher in a affluent circumstance of source and demand this yr. It is possible to further more widen the hole with other new vehicle companies.

Xiaopeng has excellent expansion, and the improvement of gross financial gain margin is expected in the long run.

Xiaopeng also took the direct in income advancement past 12 months, many thanks to sturdy delivery advancement. In accordance to the monetary report, Xiaopeng Motor attained an operating profits of 20.99 billion yuan in 2021, an maximize of 259.1% over the identical interval last calendar year.

(source: firm economic report)

In the recent stage of rapid enlargement of the new electricity motor vehicle industry, in contrast with the rapid gains, the firm’s R & D financial investment and profits network are a lot more essential. In accordance to the monetary report, Xiaopeng Auto has a whole R & D expenditure of 4.114 billion yuan in 2021, and income and normal charges of 5.305 billion yuan. It is truly worth affirming that, with economies of scale, numerous cost fees have shown a downward trend.

1st of all, R & D investment is the crucial to earn the long run, which right determines the item electric power. Xiaopeng’s financial investment in this space has been sparing no energy, and the R & D energy and effects are obvious to all, primarily in the subject of intelligence. In 2021, the firm released the NGP computerized driving system, parking memory parking VPA, 800VSiC substantial-stress system and P5, G3i two models. In 2022, the company will also launch VPA-L, CNGP, G9, XPILOT4., Robotaxi 5 significant study and advancement achievements, in the new energy car or truck firms, Xiaopeng’s enter-output performance is superb. And Xiaopeng’s intelligent positioning is also in line with the check out of the China Electric vehicle 100 persons Forum on March 25: “Intelligent network link will be an important improvement course of the car in the future.”

Of course, the surge in R & D expenditure and marketing fees also matches the speed of the firm’s items and market place enlargement. At current, Xiaopeng by now has 3 styles on sale. In addition to the G9, which will be introduced in 2022, there are also two new platforms and two new cars on the current market in 2023, with a quick tempo of launch at the finish of 2021, the quantity of revenue retailers and cities lined by them arrived at 357 and 120 respectively, an improve of 123% and 87% respectively above the similar interval very last 12 months, and the sales community expanded speedily.

It is value mentioning that, taking into consideration that the G9 will be shipped by Q3 this calendar year, from the merchandise positioning and pricing vary as properly as administration, G9 is sure to have a structural effect on gross earnings margin, which is the embodiment of Xiaopeng brand’s upward power. Xiaopeng management also mentioned on the conference contact that Xiaopeng’s medium-and very long-term gross profit margin was previously mentioned 25%.


There must be no doubt about the gold written content of Xiaopeng’s latest response, and the delivery curve and income progress in 2021 have completely confirmed the success of the company’s strategy and implementation.

In 2021, the penetration rate of new energy vehicles in China has exceeded 20%, passing the stage inflection place, and the new forces, as the vanguard of domestic unbiased brand names to advance to the high-end marketplace, have grow to be a pole that can not be dismissed in China’s bullish car or truck market.

In this sort of an all-dimensional competitive atmosphere, Xiaopeng car or truck needs to win the future, the recent financial commitment is critical. In terms of Xiaopeng’s strategic enhancement rhythm and delivery curve, the present company’s reduction enlargement is only phased Xu Li. In the prolonged run, as the company’s shipping and delivery scale proceeds to increase and its financial investment reaches its peak in stages, underneath the diversified income framework of “automobile + program + content material”, the marketplace and R & D fees will carry on to be diluted, so continually releasing income, and the situation of “quantity gain” may possibly rise in the upcoming.

Undeniably, this year’s financial environment is complete of many variables. As a single of the several racing tracks with both expansion and certainty in the entire world, the valuation of new power automobiles is also below remarkable tension. Xiaopeng’s share cost is inevitably subject to a sharp pullback, but the firm’s effectiveness, primarily delivery volume, is still on the rise. less than the joint motion of the two, Xiaopeng’s configuration value-efficient ratio started to look.


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