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- KeeYepKeeYep
  ·2021-06-28
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  In the battle for ammunition, XPeng won this round back in Hong Kong!
  近几年来，智能电动车行业景象一片繁荣、征伐激烈，俨然成为了春秋战国的缩影。激烈的竞争格局自然意味着雄厚资本储备的重要性，蔚来、小鹏和理想纷纷开启了从美股到港股的资本争夺之路。据悉，蔚来和理想汽车已
  In the battle for ammunition, XPeng won this round back in Hong Kong!
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17:48","market":"us","language":"zh","title":"In the battle for ammunition, XPeng won this round back in Hong Kong!","url":"https://stock-news.laohu8.com/highlight/detail?id=1198246953","media":"华尔街见闻  ","summary":"近几年来，智能电动车行业景象一片繁荣、征伐激烈，俨然成为了春秋战国的缩影。\n激烈的竞争格局自然意味着雄厚资本储备的重要性，蔚来、小鹏和理想纷纷开启了从美股到港股的资本争夺之路。\n据悉，蔚来和理想汽车已","content":"<p>In recent years, the intelligent electric vehicle industry has been booming and fiercely competitive, becoming a microcosm of the Spring and Autumn and Warring States periods.</p><p>The fierce competitive landscape naturally means the importance of strong capital reserves. Nio, XPeng, and Li Auto have all embarked on the path of capital competition from US stocks to Hong Kong stocks.</p><p>It is understood that Nio and Li Auto have secretly submitted relevant documents for their Hong Kong listing.</p><p><b>However, in this round of competition for the title of \"first smart electric vehicle stock in Hong Kong\", XPeng Motor Company came out on top and was the first to obtain ammunition.</b></p><p>On June 23, XPeng Motor Company passed the hearing of the Hong Kong Stock Exchange.</p><p>On June 24, the latest prospectus showed that the company had officially launched its Hong Kong stock listing plan, which will include 4.25 million shares offered publicly in Hong Kong and 80.75 million new Class A ordinary shares offered internationally, with a maximum price of HK$180 per share. At the same time, an over-allotment option of 12.75 million shares was granted to international underwriters.</p><p><b>Based on its offering price of HK$180, XPeng Motors is expected to raise HK$15.3-17.595 billion.</b></p><p>Currently, Alibaba firmly holds the position of the second largest shareholder.</p><p>According to the prospectus, He Xiaopeng, chairman of XPeng Motor Company, is the largest shareholder with 21.75% of the shares, Taobao China holds 11.9%, IDG Capital holds 4.8%, Xia Heng, co-founder and president of XPeng Motor Company, holds 3.8%, Wuyuan Capital holds 3.2%, and GGN Capital holds 2.8%.</p><p><img src=\"https://static.tigerbbs.com/2f9e962775d657ebd2a3f75285b59138\" tg-width=\"554\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>01</b></p><p><b>The first dual major listing in three years is of great significance</b></p><p>XPeng Automobile's Hong Kong listing comes less than a year after the US stock market rang on August 27 last year.</p><p>Generally speaking, there are three ways for Chinese concept stocks to return to the A-share or Hong Kong stock market: one is to delist from the US stock market and relist on the A-share or Hong Kong stock market; the other is to retain the US stock market and list on the Hong Kong stock market for the second time; and the third is to retain the US stock listing status and list on the US stock market and the Hong Kong stock market separately, which is a dual main listing.</p><p><b>Dual major listings face stricter regulations and require joint oversight from the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</b></p><p><b>XPeng Automobile's return to Hong Kong for listing is a third route, meaning that the company is listed on two stock exchanges simultaneously and meets the various regulatory requirements for listed companies in both places.</b></p><p>Many companies listed in the US have already chosen to list on the Hong Kong stock exchange for a secondary listing. On March 23, Baidu was listed on the Hong Kong Stock Exchange; On March 29, Bilibili (also known as Bilibili) was officially listed on the Hong Kong Stock Exchange; Previously, Autohome also announced the start of trading on the main board of the Hong Kong Stock Exchange.</p><p><b>However, XPeng is the first company to be dually listed in Hong Kong and the United States since BeiGene was dually listed on the Hong Kong Stock Exchange three years ago.</b></p><p>The Hong Kong Stock Exchange attaches great importance to the return of XPeng to Hong Kong for listing. It is said that the Hong Kong Stock Exchange, which has been implementing online bell ringing for more than a year due to the pandemic, may also make an exception for XPeng Motors and resume the offline bell ringing ceremony.</p><p>According to the regulations of the Hong Kong Stock Connect, after XPeng Automobile is listed on the Hong Kong Main Board, it can meet the access conditions of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, which will directly open up channels for A-share investors. In addition, XPeng shares can still be freely transferred and traded between the Hong Kong and New York stock exchanges.</p><p>For XPeng, raising funds in Hong Kong can directly connect to the RMB market, further extending the reach of capital. For A-share investors, smart electric vehicles are no longer out of reach.</p><p><b>02</b></p><p><b>Why is XPeng the \"first stock\"?</b></p><p>He Xiaopeng, founder of XPeng Motor Company, once said after successfully ringing the bell on the US stock market: \"It is very important to have more ammunition in order to win the long race.\"</p><p>Behind the rapid acquisition of ammunition is the intelligent technology that XPeng has always been proud of and has invested heavily in.</p><p><b>This is exactly what the Hong Kong Stock Exchange is scarce and craving.</b></p><p>This is evident from Baidu's previous secondary listing in Hong Kong, which is highly regarded by capital as the \"first AI stock\".</p><p>Since its establishment in 2015, XPeng Motors has focused on intelligent technology and began building a full-stack self-developed system in 2017. According to data from HIS Markit, XPeng is the only Chinese automaker that has developed its own full-stack autonomous driving software.</p><p><b>Therefore, XPeng is exactly the smart electric vehicle target that the Hong Kong Stock Exchange needs in the automotive field that can live up to the title of \"AI\".</b></p><p>The price comparison also demonstrates the strength of XPeng' return to Hong Kong this time.</p><p>The IPO price in Hong Kong has reached HK$180, while the IPO price in XPeng was only US$15 when it was listed on the US stock market last year. By the close of trading on June 25, the price was US$42.16.</p><p><b>03 Full-stack autonomous driving: significant revenue growth and accelerated revenue generation.</b></p><p>As one of the leading intelligent electric vehicle manufacturers in China, XPeng is the only car company in China that has developed its own full-stack autonomous driving software. It focuses on software, data and hardware technologies as its core to bring innovation to autonomous driving, intelligent connectivity and core vehicle systems.</p><p>Compared with traditional cars, XPeng integrates hardware and software, and has become one of the top five best-selling brands in China's mid-to-high-end electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/1f94ea92d2e1ee5ac28ad4c5112990c5\" tg-width=\"554\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>From the perspective of vehicle delivery</b>XPeng delivered 29, 12,728, and 27,041 vehicles in 2018, 2019, and 2020 respectively. In the first quarter of 2021, it had already delivered 13,340 vehicles, which is nearly half of the total number delivered for the whole of last year.</p><p><img src=\"https://static.tigerbbs.com/84fbe34a2ccca4e21e9d00dbc0924313\" tg-width=\"483\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>As of March 31, 2021, XPeng had delivered 30,102 G3 models and 23,036 P7 vehicles to customers, and launched its third intelligent electric vehicle network, the P5, in May 2021. According to IHS Markit data, this model is expected to become the first mass-produced intelligent electric vehicle equipped with LiDAR upon delivery.</p><p><b>From an income perspective,</b>XPeng Automobile's total revenue in 2018, 2019, and 2020 was RMB 9.7 million, RMB 2.312 billion, and RMB 5.744 billion, respectively. In the first quarter of 2021, revenue was 2.951 billion yuan, more than half of last year's total revenue.</p><p><img src=\"https://static.tigerbbs.com/1997d350c6943f37311165c86abe7cf0\" tg-width=\"482\" tg-height=\"292\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>Meanwhile, XPeng Motors' gross profit margin has been rising steadily, reaching 11.2% in the first quarter of 2021, and is expected to catch up with Li Auto and even Nio.</p><p>In addition, XPeng disclosed in its prospectus that revenue from its XPILOT software, an autonomous driver assistance service, accounted for 2.5% of its revenue in the first quarter.</p><p><b>If it can continue to increase the proportion of software services, XPeng is expected to forge a development direction that is very different from other companies and realize its revenue-generating function as soon as possible.</b></p><p><b>Ending</b></p><p>Currently, in addition to the three major car manufacturers and traditional automakers, the trend of internet-based car manufacturing is also gaining momentum.</p><p>Among them, Huawei and 360 specialize in intelligent connected services; Baidu, Didi, and ByteDance are entering the niche autonomous driving field, while Xiaomi aims to become a vehicle manufacturer.</p><p>However, with the advancement of the intelligent trend of new energy vehicles, XPeng, as an internet car company with independently developed integrated software and hardware, still has conceivable potential in this broad track in the future.</p><p><b>However, faced with a situation where there are wolves in front and tigers behind, the ability to acquire the \"first smart electric vehicle stock\" in Hong Kong is self-evident in its support for XPeng vehicles.</b></p><p>XPeng has pledged to break even by the end of 2023 or 2024, but achieving this goal will undoubtedly require more deliveries, higher R&D investment, and a broader product portfolio, all of which will require more funding.</p><p>Before the army moves, provisions must be made first.</p><p>XPeng is prepared for the tough battles that may continue in the future.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIn the battle for ammunition, XPeng won this round back in Hong Kong!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻  </strong><span class=\"h-time small\">2021-06-28 17:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In recent years, the intelligent electric vehicle industry has been booming and fiercely competitive, becoming a microcosm of the Spring and Autumn and Warring States periods.</p><p>The fierce competitive landscape naturally means the importance of strong capital reserves. Nio, XPeng, and Li Auto have all embarked on the path of capital competition from US stocks to Hong Kong stocks.</p><p>It is understood that Nio and Li Auto have secretly submitted relevant documents for their Hong Kong listing.</p><p><b>However, in this round of competition for the title of \"first smart electric vehicle stock in Hong Kong\", XPeng Motor Company came out on top and was the first to obtain ammunition.</b></p><p>On June 23, XPeng Motor Company passed the hearing of the Hong Kong Stock Exchange.</p><p>On June 24, the latest prospectus showed that the company had officially launched its Hong Kong stock listing plan, which will include 4.25 million shares offered publicly in Hong Kong and 80.75 million new Class A ordinary shares offered internationally, with a maximum price of HK$180 per share. At the same time, an over-allotment option of 12.75 million shares was granted to international underwriters.</p><p><b>Based on its offering price of HK$180, XPeng Motors is expected to raise HK$15.3-17.595 billion.</b></p><p>Currently, Alibaba firmly holds the position of the second largest shareholder.</p><p>According to the prospectus, He Xiaopeng, chairman of XPeng Motor Company, is the largest shareholder with 21.75% of the shares, Taobao China holds 11.9%, IDG Capital holds 4.8%, Xia Heng, co-founder and president of XPeng Motor Company, holds 3.8%, Wuyuan Capital holds 3.2%, and GGN Capital holds 2.8%.</p><p><img src=\"https://static.tigerbbs.com/2f9e962775d657ebd2a3f75285b59138\" tg-width=\"554\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>01</b></p><p><b>The first dual major listing in three years is of great significance</b></p><p>XPeng Automobile's Hong Kong listing comes less than a year after the US stock market rang on August 27 last year.</p><p>Generally speaking, there are three ways for Chinese concept stocks to return to the A-share or Hong Kong stock market: one is to delist from the US stock market and relist on the A-share or Hong Kong stock market; the other is to retain the US stock market and list on the Hong Kong stock market for the second time; and the third is to retain the US stock listing status and list on the US stock market and the Hong Kong stock market separately, which is a dual main listing.</p><p><b>Dual major listings face stricter regulations and require joint oversight from the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).</b></p><p><b>XPeng Automobile's return to Hong Kong for listing is a third route, meaning that the company is listed on two stock exchanges simultaneously and meets the various regulatory requirements for listed companies in both places.</b></p><p>Many companies listed in the US have already chosen to list on the Hong Kong stock exchange for a secondary listing. On March 23, Baidu was listed on the Hong Kong Stock Exchange; On March 29, Bilibili (also known as Bilibili) was officially listed on the Hong Kong Stock Exchange; Previously, Autohome also announced the start of trading on the main board of the Hong Kong Stock Exchange.</p><p><b>However, XPeng is the first company to be dually listed in Hong Kong and the United States since BeiGene was dually listed on the Hong Kong Stock Exchange three years ago.</b></p><p>The Hong Kong Stock Exchange attaches great importance to the return of XPeng to Hong Kong for listing. It is said that the Hong Kong Stock Exchange, which has been implementing online bell ringing for more than a year due to the pandemic, may also make an exception for XPeng Motors and resume the offline bell ringing ceremony.</p><p>According to the regulations of the Hong Kong Stock Connect, after XPeng Automobile is listed on the Hong Kong Main Board, it can meet the access conditions of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, which will directly open up channels for A-share investors. In addition, XPeng shares can still be freely transferred and traded between the Hong Kong and New York stock exchanges.</p><p>For XPeng, raising funds in Hong Kong can directly connect to the RMB market, further extending the reach of capital. For A-share investors, smart electric vehicles are no longer out of reach.</p><p><b>02</b></p><p><b>Why is XPeng the \"first stock\"?</b></p><p>He Xiaopeng, founder of XPeng Motor Company, once said after successfully ringing the bell on the US stock market: \"It is very important to have more ammunition in order to win the long race.\"</p><p>Behind the rapid acquisition of ammunition is the intelligent technology that XPeng has always been proud of and has invested heavily in.</p><p><b>This is exactly what the Hong Kong Stock Exchange is scarce and craving.</b></p><p>This is evident from Baidu's previous secondary listing in Hong Kong, which is highly regarded by capital as the \"first AI stock\".</p><p>Since its establishment in 2015, XPeng Motors has focused on intelligent technology and began building a full-stack self-developed system in 2017. According to data from HIS Markit, XPeng is the only Chinese automaker that has developed its own full-stack autonomous driving software.</p><p><b>Therefore, XPeng is exactly the smart electric vehicle target that the Hong Kong Stock Exchange needs in the automotive field that can live up to the title of \"AI\".</b></p><p>The price comparison also demonstrates the strength of XPeng' return to Hong Kong this time.</p><p>The IPO price in Hong Kong has reached HK$180, while the IPO price in XPeng was only US$15 when it was listed on the US stock market last year. By the close of trading on June 25, the price was US$42.16.</p><p><b>03 Full-stack autonomous driving: significant revenue growth and accelerated revenue generation.</b></p><p>As one of the leading intelligent electric vehicle manufacturers in China, XPeng is the only car company in China that has developed its own full-stack autonomous driving software. It focuses on software, data and hardware technologies as its core to bring innovation to autonomous driving, intelligent connectivity and core vehicle systems.</p><p>Compared with traditional cars, XPeng integrates hardware and software, and has become one of the top five best-selling brands in China's mid-to-high-end electric vehicle market.</p><p><img src=\"https://static.tigerbbs.com/1f94ea92d2e1ee5ac28ad4c5112990c5\" tg-width=\"554\" tg-height=\"238\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p><b>From the perspective of vehicle delivery</b>XPeng delivered 29, 12,728, and 27,041 vehicles in 2018, 2019, and 2020 respectively. In the first quarter of 2021, it had already delivered 13,340 vehicles, which is nearly half of the total number delivered for the whole of last year.</p><p><img src=\"https://static.tigerbbs.com/84fbe34a2ccca4e21e9d00dbc0924313\" tg-width=\"483\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>As of March 31, 2021, XPeng had delivered 30,102 G3 models and 23,036 P7 vehicles to customers, and launched its third intelligent electric vehicle network, the P5, in May 2021. According to IHS Markit data, this model is expected to become the first mass-produced intelligent electric vehicle equipped with LiDAR upon delivery.</p><p><b>From an income perspective,</b>XPeng Automobile's total revenue in 2018, 2019, and 2020 was RMB 9.7 million, RMB 2.312 billion, and RMB 5.744 billion, respectively. In the first quarter of 2021, revenue was 2.951 billion yuan, more than half of last year's total revenue.</p><p><img src=\"https://static.tigerbbs.com/1997d350c6943f37311165c86abe7cf0\" tg-width=\"482\" tg-height=\"292\" referrerpolicy=\"no-referrer\"></p><p><i>Source: Prospectus</i></p><p>Meanwhile, XPeng Motors' gross profit margin has been rising steadily, reaching 11.2% in the first quarter of 2021, and is expected to catch up with Li Auto and even Nio.</p><p>In addition, XPeng disclosed in its prospectus that revenue from its XPILOT software, an autonomous driver assistance service, accounted for 2.5% of its revenue in the first quarter.</p><p><b>If it can continue to increase the proportion of software services, XPeng is expected to forge a development direction that is very different from other companies and realize its revenue-generating function as soon as possible.</b></p><p><b>Ending</b></p><p>Currently, in addition to the three major car manufacturers and traditional automakers, the trend of internet-based car manufacturing is also gaining momentum.</p><p>Among them, Huawei and 360 specialize in intelligent connected services; Baidu, Didi, and ByteDance are entering the niche autonomous driving field, while Xiaomi aims to become a vehicle manufacturer.</p><p>However, with the advancement of the intelligent trend of new energy vehicles, XPeng, as an internet car company with independently developed integrated software and hardware, still has conceivable potential in this broad track in the future.</p><p><b>However, faced with a situation where there are wolves in front and tigers behind, the ability to acquire the \"first smart electric vehicle stock\" in Hong Kong is self-evident in its support for XPeng vehicles.</b></p><p>XPeng has pledged to break even by the end of 2023 or 2024, but achieving this goal will undoubtedly require more deliveries, higher R&D investment, and a broader product portfolio, all of which will require more funding.</p><p>Before the army moves, provisions must be made first.</p><p>XPeng is prepared for the tough battles that may continue in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/AcBEeM2yeqBpOLRWdPvThA\">华尔街见闻  </a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4aa4c2246df411f68e16a21f6d365311","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"source_url":"https://mp.weixin.qq.com/s/AcBEeM2yeqBpOLRWdPvThA","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198246953","content_text":"近几年来，智能电动车行业景象一片繁荣、征伐激烈，俨然成为了春秋战国的缩影。\n激烈的竞争格局自然意味着雄厚资本储备的重要性，蔚来、小鹏和理想纷纷开启了从美股到港股的资本争夺之路。\n据悉，蔚来和理想汽车已经秘交了香港上市相关文件。\n不过在此轮“港股智能电动车第一股”的争战中，小鹏汽车拔得头筹，率先取得弹药。\n6月23日，小鹏汽车通过港交所聆讯。\n6月24日，最新招股文件显示公司已正式启动港股上市计划，将发售包括香港公开发售的425万股及国际发售的8075万股新A类普通股，每股最高定价在180港元。同时，向国际承销商授出1275万股超额配售权。\n按照180港元的发行价，小鹏汽车此次募资额预计为153-175.95亿港元。\n目前阿里系牢牢占据第二大股东的位置。\n招股书显示，小鹏汽车董事长何小鹏持股21.75%为最大股东，淘宝中国持股11.9%，IDG资本持股4.8%，小鹏汽车联合创始人、总裁夏珩持股3.8%，五源资本持股3.2%，纪源资本持股2.8%。\n\n来源：招股书\n01\n三年来的双重主要上市第一股，意义重大\n本次小鹏汽车赴港上市距去年8月27日美股敲钟时隔不足1年。\n一般来说，中概股回归A股或港股有三种途径：其一是从美股退市重新在A股或港股上市，其二是保留美股同时在港股第二次上市，其三是保留美股上市地位在美股和港股分别上市，也就是双重主要上市。\n其中双重主要上市所面对的监管更加严格，需要受到美国证券交易委员会（SEC）和香港证券及期货事务监察委员会（SFC）的共同监管。\n小鹏汽车此次回港上市走的即是第三条路，意味着公司在两个证券交易所同时挂牌，且同时满足两地对上市公司的各项监管要求。\n当前已有不少在美上市企业选择港股二次上市。3月23日，百度在港股上市；3月29日，哔哩哔哩（即B站）正式在港交所挂牌；此前，汽车之家也宣布在香港联交所主板开始交易。\n但小鹏是继3年前百济神州在港交所双重主要上市以来的第一家港美双重主要上市公司。\n港交所对此次小鹏回港上市十分重视，据称，因疫情施行线上敲钟一年多的港交所，也有希望为小鹏汽车破例，恢复线下敲钟仪式。\n根据港股通的规定，小鹏汽车在香港主板上市之后，可以满足沪港通与深港通的接入条件，将直接打通A股投资者渠道。此外，小鹏汽车股票在香港和纽约两个交易所间仍可以自由转移和交易。\n对于小鹏来说，港股募资后能够直接打通人民币市场，将资本触角进一步延伸；而对于A股投资者来说，智能电动车也不再遥不可及。\n02\n为什么“第一股”是小鹏？\n小鹏汽车的创始人何小鹏曾经在美股成功敲钟之后说：“多拿弹药非常重要，才能赢得长跑。”\n快速取得弹药的背后是小鹏汽车一直以来引以为傲并重点投入的智能技术。\n而这正是港交所稀缺和渴望的。\n从此前在港二次上市的百度即可见一斑，资本推崇的正是其的“AI第一股”光环。\n而小鹏汽车从2015年成立起，就主打智能技术，并在2017年开始搭建全栈自研体系。根据HIS Markit的数据，小鹏是中国唯一一家自行开发全栈自动驾驶软件的汽车公司。\n因此，小鹏汽车正是港交所需要的在汽车领域能够顶得起“AI”头衔的智能电动车标的。\n从价格对比也可见此次小鹏回港之强势。\n港股此番招股价格已经高达180港元，而去年在美股挂牌时，小鹏的招股价仅15美元，直到6月25日美股收盘，价格为42.16美元。\n03全栈自动驾驶，收入大幅增长，造血加速\n作为国内领先的智能电动汽车厂商之一，小鹏是国内唯一一家自行开发全栈自动驾驶软件的汽车公司，专注于以软件、数据和硬件技术为核心，为自动驾驶、智能互联和核心汽车系统带来创新。\n与传统汽车相比，小鹏汽车集软硬件为一体，已经成为中国中高端电动汽车市场排名前五的畅销品牌。\n\n来源：招股书\n从车辆交付层面来看，小鹏汽车2018、2019、2020年分别交付29辆、12728辆与27041辆，2021年一季度已经交付13340辆，接近去年全年交付数量的一半。\n\n来源：招股书\n截至2021年3月31日，小鹏已经向客户交付30102辆G3车型，交付23036辆P7，并已经于2021年5月推出第三款智能电动汽车网P5。根据IHS Markit数据，该车型预计在交付后将成为首款配备激光雷达的量产智能电动汽车。\n从收入层面，小鹏汽车2018、2019、2020年的总收入分别为人民币970万元、23.12亿元和57.44亿元；2021年一季度，收入为29.51亿元，超过去年总收入的一半。\n\n来源：招股书\n与此同时小鹏汽车的毛利率一路上行，已经在2021年一季度已经提升至11.2%，有望追上理想甚至蔚来。\n此外，小鹏在招股书中披露，其自动辅助驾驶服务XPILOT软件收入占第一季度营收的2.5%。\n如能继续提升软件服务的占比，小鹏将有望走出一条迥异于其他企业的发展方向，早日实现造血功能。\n尾声\n目前，除造车三杰和传统车企外，互联网造车之风也越刮越大。\n其中，华为、360专攻智能网联服务；百度、滴滴、字节切入细分自动驾驶领域，而小米想要做整车一族。\n不过，随着新能源汽车智能化趋势的推进，作为拥有自主研发软硬件一体化的互联网车企，未来小鹏在这个宽广的赛道上还是具备可想象的空间。\n但面对前有狼后是虎的局面，能够拿下港股“智能电动车第一股”对于小鹏汽车的支撑能力不言而喻。\n小鹏汽车承诺，到2023年底或2024年实现收支平衡，但要实现这一目标无疑需要更多的交付量、更高的研发投入以及广泛的产品布局，而这一切都需要更多的资金。\n兵马未动，粮草先行。\n面对未来可能继续的艰苦战役，小鹏已经做好了准备。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":3587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}