On May 23, Xiaopeng automobile released the financial report for the first quarter of 2022. The company achieved a revenue of 7.455 billion yuan, a year-on-year increase of 152.6%, and maintained a year-on-year growth rate of more than 150% for seven consecutive quarters; In terms of delivery volume, from January to March, Xiaopeng delivered 34561 vehicles, a year-on-year increase of 159%, exceeding the upper limit of the financial report guidelines of the previous quarter. Looking forward to the second quarter, Xiaopeng automobile is expected to deliver 3100034000 vehicles, and the revenue is expected to be 6.8 billion-7.5 billion yuan.
Data show that on May 23, Xiaopeng automobile fell 6.53% to HK $90.85/share, with a total market value of nearly HK $155.8 billion.
first quarter revenue increased by 152.6% year-on-year
The revenue of Xiaopeng automobile maintained a high growth rate in the first quarter of 2022, realizing a total revenue of 7.455 billion yuan, an increase of 152.6% compared with 2.951 billion yuan in the same period of 2021, but a decrease of 12.9% compared with 8.56 billion yuan in the fourth quarter of 2021. Among them, the automobile sales revenue was 7 billion yuan, an increase of 149.0% compared with 2.81 billion yuan in the same period in 2021, but a decrease of 14.5% compared with 8.187 billion yuan in the fourth quarter of 2021.
Xiaopeng automobile said that the year-on-year increase in revenue was mainly due to the increase in vehicle delivery, especially the hot sales of P7 and P5 models; The month on month decrease is due to the seasonal factors related to the Spring Festival and the decrease of vehicle delivery.
The revenue from sales of services, parts and accessories increases with the increase of automobile sales. According to the data, in the first quarter of 2022, Xiaopeng’s automobile service and other revenue was 460 million yuan, an increase of 224.5% compared with 140 million yuan in the same period of 2021, and an increase of 23.7% compared with 370 million yuan in the fourth quarter of 2021.
It is worth noting that the gross profit margin of Xiaopeng automobile was 12.2% in the first quarter of 2022, 11.2% and 12.0% in the first quarter of 2021 and the fourth quarter of 2021, respectively. However, affected by the rising cost of raw materials, the profit margin of automobile in the first quarter of 2022 was 10.4%, while that in the fourth quarter of 2021 was 10.9%, which decreased month on month, but maintained a year-on-year increase. The gross profit margin in the same period of 2021 was 10.1%.
He Xiaopeng, chairman and CEO of Xiaopeng automobile, said, “despite the impact of semiconductor shortage and covid-19 pneumonia, we are still confident to expand market share.”
expected maximum delivery of 34000 vehicles in the second quarter
“Making the intelligent assisted driving system (ADAS) more affordable and available to more customers is our strategic goal. Therefore, we decided to develop a full scene intelligent assisted driving system to achieve the best powerful performance and high safety at the appropriate cost.” He Xiaopeng said.
In order to promote automotive intelligence, the financial report shows that Xiaopeng’s investment in automotive R & D continues to increase. In the first quarter of 2022, the R & D expenditure of Xiaopeng automobile was 1.22 billion yuan, an increase of 128.2% compared with 530 million yuan in the same period of 2021, and a decrease of 15.9% compared with 1.45 billion yuan in the fourth quarter of 2021.
Xiaopeng automobile said that the year-on-year increase in R & D investment was mainly due to the increase in employee compensation caused by the increase in R & D personnel. At the same time, the development of new models and other expenses have increased. The month on month decrease was mainly due to the decrease in design and development expenditure due to seasonal factors related to the Spring Festival.
Looking forward to the second quarter of 2022, Xiaopeng automobile is expected to deliver 3100034000 vehicles, with a year-on-year increase of about 78.2% – 95.4%; The total revenue was 6.8-7.5 billion yuan, with a year-on-year increase of about 80.8% – 99.4%. In addition, the new model of Xiaopeng G9 has been unveiled at Guangzhou auto show and is expected to be delivered in the third quarter of 2022.
Guosen Securities Co.Ltd(002736) pointed out that Xiaopeng automobile focuses on the medium and high-end market of 15 Fawer Automotive Parts Limited Company(000030) 0000 yuan, which is the largest segment of the electric vehicle industry. At the same time, it is also a market that the mainstream new car making forces pay less attention to at present, and its market positioning has played the effect of dislocation competition. X-eea3 launched by Xiaopeng automobile 0 architecture has realized central supercomputing and regional control, rapid iteration and local optimization of intelligent driving and intelligent cockpit. It is in a leading position among independent brands and is gradually building the core barrier of brand differentiation.
