Red Star Capital Bureau reported on May 21 that on the evening of May 21, Xiaopeng Automobile (09868.HK/XPEV. US) announced that the company's revenue in the first quarter of 2024 was 6.55 billion yuan, up 62.3% year on year and down 49.8% month on month; The net loss was 1.37 billion yuan, 2.34 billion yuan in the same period last year, and 1.35 billion yuan in the fourth quarter of 2023; The total vehicle delivery in the first quarter was 21800 vehicles, up 19.7% year on year and down 63.7% month on month.
In the first quarter of this year, the gross profit rate of Xiaopeng Auto was 12.9%, 1.7% in the same period of last year, and 6.2% in the fourth quarter of 2023; The gross profit rate of automobiles was 5.5%, - 2.5% in the same period of last year, and 4.1% in the fourth quarter of 2023.
Xiaopeng Automobile said that the annual and quarterly growth of gross profit margin was mainly due to the reduction of cost and the improvement of model product portfolio, and some of the growth was offset by P5 related inventory impairment and purchase commitment losses. This event had a negative impact on the gross profit margin of automobiles in this quarter of 3.2 percentage points, because the management expected that the expected market demand for new models to be launched would be stronger, The sales forecast for P5 was lowered.
It is worth mentioning that the service and other revenue of Xiaopeng Auto increased significantly to 1 billion yuan, up 93.1% year on year and 22.1% month on month, accounting for 15.27% of the total revenue. The annual and quarterly growth is mainly due to the revenue from technology R&D services related to platform and software strategic technical cooperation with Volkswagen Group recorded in the first quarter of this year.
In the first quarter of 2024, the profit margin of Xiaopeng's auto service and other revenues will be 53.9%, 29.6% and 38.2% respectively in the same period of last year and the fourth quarter of 2023.
The R&D expenditure of Xiaopeng Automobile in the first quarter was 1.35 billion yuan, an increase of 4.2% year on year and 3.3% month on month; Sales, general and administrative expenses were 1.39 billion yuan, up 0.1% year on year and down 28.3% month on month.
As of March 31, the Company's cash and cash equivalents, restricted cash, short-term investments and time deposits were 41.4 billion yuan, and 45.7 billion yuan as of December 31, 2023.
Xiaopeng Automobile expects that the delivery volume in the second quarter of this year will be 29000 to 32000, an increase of about 25.0% to 37.9% year on year; The revenue increased by 48.1% to 63.9% year on year from 7.5 billion yuan to 8.3 billion yuan. Xiaopeng Auto delivered 9400 new cars in April, and 19600 to 22600 cars need to be delivered from May to June.
Red Star Journalist Wu Danruo
Edited by Deng Lingyao
