The income is not increased, the third quarter continues to lose money, where is the hidden worry of Xiaopeng?

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The income is not increased, the third quarter continues to lose money, where is the hidden worry of Xiaopeng?

2021-12-01 00:02:17 55 ℃

In the three quarter reports disclosed by Xiaopeng Auto (Xpev.n), the loss figure appeared exceptionally.

Perspective of Xiaopeng Motor's earnings report, the largest constraints of the fundamental surface surface, the game or opening of the funds.

New stock price, performance warning

In Xiaopeng Auto's financial report data, car delivery is a new height: the third quarter is 25,666 vehicles, an increase of 199.2% year-on-year, and a single quarter is high. In the same period, Xiaopeng Automobile recorded 14.4% gross profit margin and a new high data. In 2021, Xiaopeng Automobile delivered two times the year in the third year in the third quarter of last year.

Xiaopeng car sales map has become a key reason for market funds.

As of September 30, the company's 271 sales store covers 95 cities. Based on the end of 2021, the number of sales stores will be more than 350; Xiaopeng succeeded in Norway in Norway in October, actively layout Norway and European other The market and continuously improve the local sales and delivery service system.

Revenue data, Xiaopeng Automobile third-quarter revenue was RMB 5.72 billion ($ 890 million), which rose 187.4% year-on-year, of which car sales revenue was RMB 5.46 billion ($ 850 million), compared with the 2020 Rising 187.7%.

However, Xiaopeng has a contradictory data:

The gross profit margin of the third quarter was 14.4%, and the gross profit margin of last year was 4.6%, 11.9% in the second quarter of this year;

The net loss in the third quarter was - 1.594 billion yuan. The net loss in the same period last year was - 1149 billion yuan, the net loss in the second quarter of 2021 was 1195 million yuan.

Very obvious income is not increased, and the company has an early warning signal.

Supply chain risks can not be ignored

For a car company, investors should not ignore the potential risks of their supply chain derived.

Market people believe that the market 2C demand release and new model boost, the peak season at the end of the superimposed, driving orders, but the supply chain is still the main factor in short-term restrictions.

According to media reports, Xia Yu, Vice President of Xiaopeng, recently said that in a public activity, Xiaopeng's depth integration has been deepened, there are some dozens of suppliers doing things, and now I have integrated a family.

On the occasion of this three quarterly report, Gu Hong, a vice chairman of Xiaopeng Automobile, said that "although it is facing the challenge of semiconductor shortage, we are still a strong growth momentum in the third quarter. Our third quarter is close In 2020, the total delivery volume of the year, the delivery volume of the year is twice as much as the annual delivery last year. " It is reported that Xiaopeng cars are building production capacity advantages, such as G3i, P5, P7 three vehicles are produced in Zhaoqing plant in Guangdong, and have implemented two classes in the factory in August this year, enhance production capacity release .

Compared to other new energy cars, it is a slightly lower delivery in the third quarter than Xiaopeng.

But this effect will be repeated, and investors need attention.

The seller sang more, and another hidden worry

What is the prospect of Xiaopeng's operation? After the third quarter of the third quarter, "the broker brother" has something to say.

The report of CITIC Securities pointed out that Xiaopeng cars are still in the expansion stage, in the new technology, new models, stores and complementary network construction helps to obtain the acquisition of the later market share.

It has also been supersedi: The payment amount is expected to be 34500-36,500 units in the fourth quarter of this year, with an income of 71-7.5 billion yuan, and if it can be achieved, the refresh company is delivered to the company. If the supply chain of the chip and power battery can support 10138 units in October, the new model P5 is based on Q4 delivery, Xiaopeng Auto delivery is expected to exceed this expectation, the company is expected to continue strong growth.

The premise of the above predicted numbers is that Xiaopeng has continued to maintain expansion kinetics, and the supply of chips and power batteries can sustained.

However, the careful investor may find that the growth rate of this car G3 in Xiaopeng has landslide. As shown in the figure below, G3 growth continues to "jump down", which is very unstable, which reflects the changes in market demand.

According to the combing of third-party institutions, although Xiaopeng Automobile has the highest payment of the "new energy three giants" (single look at the third quarter), its gross profit margin is significantly lower than the propelled car and the ideal car, as shown below Show.

Moreover, the gross profitability trend has not shown its advantage over the past a period.

※ This article is the original article of Kingfisher Capital, please do not reprint it.