Xiaopeng lost 1.8 billion in the first quarter, and its market value increased by 15.6 billion Hong Kong dollars?

Deliveries, down 33%. Revenue, down 17%. The net loss in the first quarter was 1.8 billion yuan. However, Xiaopeng's Hong Kong stock price actually rose 13% in 3 days, and its market value rose 15.6 billion Hong Kong dollars. It rose 6.2% on June 1. Source: wind June 2, up 5.2%. Source: What did wind, the capital market, see in Xiaopeng's earnings report? Against the backdrop of the seemingly bearish earnings report, the share price actually accelerated its rise? What happened to the financial report? Let's talk first about why Xiaopeng's financial report is poor? Xpeng delivered 63,000 vehicles in the first quarter, down 33% from 94,000 in the same period last year. Data source: Xiaopeng Group reported revenue of 13 billion, down 17% year-on-year. Looking at the net profit again, the loss in the first quarter was 1.78 billion yuan. Compared to the first quarter of last year, the amount of losses has nearly doubled. You know, just in the fourth quarter of last year, Xiaopeng had just completed a historic single-quarter profit. Why the loss? What happened in that quarter that caused Xiaopeng to lose so much? This is mainly due to two factors. On the one hand, it is the main model of Xiaopeng, and sales have fallen sharply. However, with the listing of the Xiaopeng GX (parameter | inquiry) in May, nearly 25,000 units were sold in 12 hours. At the same time, Xiaopeng's sales guidance for the second quarter was about 100,000 units, which was slightly higher than the 92,000 units sold in the second quarter of last year. Looking at the overall gross profit margin, it still remains above 20%, and there is not much fluctuation. Therefore, from the perspective of the investment bank, revenue is expected to recover in the next quarter, and the product profit margin has not fluctuated significantly. Although the short-term sales volume has fallen, the overall risk is controllable. Data source: wind Many people have asked, the gross profit margin is so high, why did Xiaopeng still lose money in the first quarter? The answer is that R&D is too expensive. In the first quarter of this year, Xiaopeng's R&D expenses reached a new high, and the R&D expenses in the single quarter have reached 2.9 billion. You need to know that the expenses in the same period last year were less than 2 billion, up 47% year-on-year. Source: If wind cuts R&D in half, there is still a possibility of profitability this quarter. Why are capital markets bullish? Then why is Xiaopeng so crazy about overweight research and development? Because in addition to increasing the research and development of intelligent driving, Xiaopeng is still betting on being smart. In an interview with Luo Yonghao, Li Xiang said, "Autopilot is the first half with intelligence, and humanoid robots are the second half with intelligence." Xiaopeng significantly increased R&D expenses, mainly aimed at the two blue ocean markets mentioned above by Li Xiang. In summary, it is Robotaxi and humanoid robots. First of all, Robotaxi. On May 18, Xiaopeng's first full-stack self-developed Robotaxi was rolled off the production line in Guangzhou, which is the first L4-level Robotaxi self-developed by a domestic car company. In the future, we still need to follow up on policies and regulations, and we still need to give Xiaopeng more time. Then there are the robots. The Xiaopeng Humanoid Robot Mass Production Base has begun construction in Guangzhou. The company plans to launch a new generation of iron humanoid robots in the third quarter, and start mass production in the fourth quarter. In the first quarter of next year, you can see the robot shopping guide when you go to Xiaopeng's offline store. Betting on the two blue ocean markets in the future also allows investors to see the hope of landing, which is the main reason for the sharp rise in stock prices. Are you optimistic about Xiaopeng's future development? You can leave a comment in the comments section.