In the first year of the Hong Kong double major listing, Xiaopeng's financial report data is still eye-catching.
On the evening of March 28, Xiaopeng Automobile released its financial report for the fourth quarter and full year of 2021. Limited by external constraints, Xiaopeng still achieved a year-on-year increase in delivery volume and revenue of 200% + in 2021, with revenue exceeding the 20 billion yuan mark for the first time, and the annual delivery volume was only one step away from 100,000.
At the same time, Xiaopeng Automobile has basically locked in the 2022 Q1 delivery champion.
01
Delivery comes first
According to the data, in the fourth quarter of 2021, Xiaopeng Automobile achieved a total delivery volume of 41,751 vehicles, a year-on-year growth rate of 222%, and a month-on-month growth rate of 63%.
The annual delivery volume was 98,155 vehicles, an increase of 263% from 27,041 units in 2020, just one step away from the annual sales of 100,000 vehicles.
Among the models delivered throughout the year, there are 29,721 G3/G3i models, 60,569 P7s, and 7,865 P5s.
Among them, the P7 won the first place in the delivery of pure electric models of the new forces, is a well-deserved explosive model and intelligent benchmark model, and is expected to impact the delivery of more than 10,000 units in a single month within this year. The P5 was officially delivered in the fourth quarter of 2021 and monthly sales are expected to gradually approach P7 in the second half of the year.
In the conference call, He Xiaopeng, chairman and CEO of Xiaopeng Motors, revealed that since late February and early March, the number of new additions of Xiaopeng Motors has quickly recovered to the peak season level of last December, and although the epidemic has affected the delivery rhythm in some regions, the delivery volume in March is still close to last year's peak level.
02
Revenue reached a new high and gross margin improved significantly
On the annual revenue side, Xiaopeng achieved more than the 20 billion yuan mark for the first time, at 20.988 billion yuan, an increase of 259% compared with last year's 5.844 billion yuan; of which automobile sales were 20.042 billion yuan, an increase of 261.3% year-on-year. Judging from the income growth data, Xiaopeng is currently the first among the new forces, and the other two have not exceeded 200%.
Revenue for the fourth quarter was RMB8.56 billion, up 200.1% year-on-year and 49.6% sequentially.
Gross margin data shows that the total gross profit margin of Xiaopeng Automobile in 2021 was 12.5%, an increase of nearly 8pct compared with 4.6% in 2020; the gross profit margin of the automobile was 11.5%, an increase of 8pct year-on-year.
In the subsequent performance call, He Xiaopeng said that in the future, Xiaopeng Automobile will continue to improve operational efficiency and launch China's first mass production model G9 based on the 800V high-pressure silicon carbide platform, and the new platform will bring structural improvements to the company's overall gross profit margin.
03
The investment is fruitful
Up to now, the financial reports of the three companies of the new car-making forces have all been released, and the delivery volume of Xiaopeng Automobile ranks first, with significant advantages.
Behind this, it is inseparable from Xiaopeng's investment and persistence in research and development and marketing.
From the perspective of research and development results, Xiaopeng launched two new models, two new autonomous driving functions and a new platform in 2021, and will continue to update in 2022, with the most significant research and development results among the new forces.
As of December 31, 2021, as one of the must-have choices for car owners, Xiaopeng Motors' brand supercharger stations have been expanded to 772 seats, covering 308 cities in China.
At the same time, Xiaopeng already has 357 operating stores covering 129 cities.
According to the calculation of sales costs and the number of stores, Xiaopeng's store operation efficiency is the highest, and the average annual cost of a single store is significantly lower than that of its peers.
04
Something to look forward to
As a leader in the field of intelligent assisted driving, He Xiaopeng, chairman and CEO of Xiaopeng Motors, once mentioned at the 2022 China Electric Vehicle 100 People's Conference:
"2023 will begin to enter a new era, "human-machine co-driving" will enter this era, and in 2026 we will transition to unmanned driving."
In the performance conference call, for the short-term to medium- and long-term planning, Xiaopeng gave his own answer: whether it is sales, gross profit margin or intelligent driving, they are determined to win.
(1) Basically lock in the 2022Q1 sales champion
Xiaopeng Automobile's 2022 Q1 delivery guidelines of 33,500-34,000 units, significantly exceeding weilai's and ideal Q1 delivery guidelines, are expected to win the delivery championship for the third consecutive quarter.
(2) The new G9 model was released in the third quarter
At present, the new model Xiaopeng G9 has been rolled off the production line from the factory and is expected to be on sale in the third quarter. The G9 is China's first mass production model based on an 800V high-voltage silicon carbide platform, capable of achieving "5 minutes of charging and 200 kilometers of range", and will be the first to support the XPIRAT 4.0 intelligent driver assistance system.
(3) Urban NGP will soon open
The research and development of the core function city NGP of XPILOT3.5 is progressing smoothly, and after obtaining the approval of the relevant competent authorities, it is planned to launch the urban NGP in the first batch of cities at the end of the second quarter of this year.
In the P5 mass production car, the number of urban NGP takeovers per hundred kilometers has begun to approach the high-speed NGP, and the comprehensive experience is benchmarking the domestic head of Robotaxi, and in considerable aspects has achieved catch-up.
(4) 2023: Launch of two new model platforms and their first model, XPILOT 4.0
In 2023, Xiaopeng plans to officially launch two new model platforms and their first models, namely the C-class platform and the B-class car platform, which are expected to cover a wider range of user groups in the mid-to-high-end market with huge growth potential.
In addition, Xiaopeng is also expected to officially launch XPILOT4.0 in 2023 to achieve high-speed and all-scenario intelligent assisted driving in the city, and it is expected that at least 4 models will support XPILOT4.0 by 2023.
(5) Medium- and long-term gross profit margin target: 25%
With the reduction of costs and the structural improvement brought about by the new model, Xiaopeng's medium- and long-term goal is to increase the company's overall gross profit margin to 25% and above, while reducing various expense rates.
End
Chip shortage + raw material price increases, 2021 is not easy for the new car-making forces, but under various difficulties, Xiaopeng still exceeds the guidelines and creates new highs on the delivery and revenue side.
Difficulties are short-lived, efforts are lasting. He Xiaopeng expects that the upstream in the third quarter of 2022 is expected to usher in a price stability situation.
For the future, Xiaopeng Automobile is still sticking to it with actions.
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