这篇文章不错，转发给_老虎社区_美港股上老虎 - 老虎社区

重庆小市民

这篇文章不错，转发给大家看看

@价值投资为王：小鹏一季报超预期了吗？

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":308354978828464,"tweetId":"308354978828464","gmtCreate":1716303818004,"gmtModify":1716303819377,"author":{"id":3548982422913331,"idStr":"3548982422913331","authorId":3548982422913331,"authorIdStr":"3548982422913331","name":"重庆小市民","avatar":"https://static.tigerbbs.com/03029d12634d7b5aee00d9418efd3207","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body>这篇文章不错，转发给大家看看</body></html>","htmlText":"<html><head></head><body>这篇文章不错，转发给大家看看</body></html>","text":"这篇文章不错，转发给大家看看","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/308354978828464","repostId":308285876367672,"repostType":1,"repost":{"magic":2,"id":308285876367672,"tweetId":"308285876367672","gmtCreate":1716286948810,"gmtModify":1716478802062,"author":{"id":21347731130544,"idStr":"21347731130544","authorId":21347731130544,"authorIdStr":"21347731130544","name":"价值投资为王","avatar":"https://static.tigerbbs.com/89ffffc59ff9ac9cb9cb74f596418d44","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[{"badgeId":"3f8f4b8c193b4343a88817ce07587dbd-1","templateUuid":"3f8f4b8c193b4343a88817ce07587dbd","name":"星级创作者","description":"社区优质创作者：发表过3篇及以上精华帖，且30天内发表过至少一篇精华帖并参与过评论","bigImgUrl":"https://static.tigerbbs.com/1866dcf97a73be1c330f85862546aedc","smallImgUrl":"https://static.tigerbbs.com/4f5c5fa8e2c7683bb5a7fce8753ee456","redirectLinkEnabled":1,"redirectLink":"https://www.laohu8.com/activity/market/2023/star-contributors/","hasAllocated":1,"isWearing":0,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.12.24","individualDisplayEnabled":1,"backgroundColor":{"dark":"#675a37","tint":"#f9ebc2"},"fontColor":{"dark":"#ffffff","tint":"#ab7a0e"}}],"fanSize":45417,"starInvestorFlag":false},"themes":[{"themeId":"c2316ef778f84d7fbb4144126b4b569f","categoryId":"d316d8bd4a714fab9ea15fd7157c45e7","name":"何小鹏大举增持！小鹏上涨势头能否延续？","type":0,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/detail&rndata={\"themeId\":c2316ef778f84d7fbb4144126b4b569f}&rnconfig={\"headerBarHidden\": true}","description":"小鹏汽车(XPEV.N)港交所8月26日公告，首席执行官兼控股股东何小鹏先生通知，何先生于2024年8月21日至2024年8月23日，已于公开市场购买本公司合共1,000,000股A类普通股，平均价为每股A类普通股27.13港元，CEO何小鹏告知公司计划进一步增持。【上周发布财报的小鹏，你有上车吗？当前小鹏上涨势头能否延续？】","image":"https://static.tigerbbs.com/89c8c17aea23537ad12542daa8dc25d0"}],"images":[{"img":"https://static.tigerbbs.com/93397ac75c8dea3f40fd5047df11b4e2","width":"1302","height":"894"},{"img":"https://static.tigerbbs.com/4924dfd6bf1afef036db481a7fd3b2eb","width":"1371","height":"594"},{"img":"https://static.tigerbbs.com/8dd98772930dacced7d31cd7d92a94bc","width":"1374","height":"649"},{"img":"https://static.tigerbbs.com/2bbef3634da5253449eb675fc254847f","width":"1212","height":"598"},{"img":"https://static.tigerbbs.com/26d1076cade74c228c5b33ad8d4f63e6","width":"1396","height":"610"}],"coverImages":[{"img":"https://static.tigerbbs.com/93397ac75c8dea3f40fd5047df11b4e2","width":"1302","height":"894"},{"img":"https://static.tigerbbs.com/4924dfd6bf1afef036db481a7fd3b2eb","width":"1371","height":"594"},{"img":"https://static.tigerbbs.com/8dd98772930dacced7d31cd7d92a94bc","width":"1374","height":"649"}],"title":"小鹏一季报超预期了吗？","html":"<html><head></head><body><p>刚刚，小鹏发布了一季报，盘前股价一度直线拉升，涨超10%： <a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a> </p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93397ac75c8dea3f40fd5047df11b4e2\" tg-width=\"1302\" tg-height=\"894\"></p>\n<p>强劲的走势还让人以为财报大超预期了，但看完一季报，还是让人心头一凉。</p>\n<p>具体来看，小鹏一季度营收65.5亿，同比增长62.5%：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4924dfd6bf1afef036db481a7fd3b2eb\" tg-width=\"1371\" tg-height=\"594\"></p>\n<p>看似高增的背后是去年同期销量过于拉胯，刚好处于业绩低点。</p>\n<p>而从销量上看，小鹏现在也只是恢复了平常，根据一季报指引，二季度销量在2.9-3.2万辆之间，平均下来，月销量不过1万左右，相比往年，只道是平常：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8dd98772930dacced7d31cd7d92a94bc\" tg-width=\"1374\" tg-height=\"649\"></p>\n<p>与分析师预期相比，营收和销量都略超预期，但考虑到一季度销量早就明牌，加上今年一月一日，小鹏发布了售价更高的X9车型，带动一季度单车收入达到25.4万，远超去年同期的19.3万，因此，收入端谈不上惊喜：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2bbef3634da5253449eb675fc254847f\" tg-width=\"1212\" tg-height=\"598\"></p>\n<p>最令人惊喜的可能是毛利率，一季度为12.9%，远超分析师预期的9.15%。</p>\n<p>但是，具体到造车毛利率上，一季度为5.5%，不及分析师预期的5.89%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26d1076cade74c228c5b33ad8d4f63e6\" tg-width=\"1396\" tg-height=\"610\"></p>\n<p>整体毛利率大超预期的原因是小鹏和大众之间的合作，通过技术授权，小鹏其他收入大增，一季度达到10亿，同比大增93%。该业务的毛利率为53.9%，远超去年同期的29.6%。</p>\n<p>由此来看，小鹏一季度毛利率大超预期的可持续性存疑。</p>\n<p>总的来说，小鹏一季度在销量回升的情况下，收入和利润端都较同期有所改善，但从汽车毛利率和二季度销量指引来看，小鹏的销量依然疲软，考虑到小鹏不断推出新车型，月销1万的水平，对比历史，只能说是及格。</p>\n<p>从利润来看，一季度小鹏严格控制了销售和研发投入，如一季度销售及行政开支13.9亿，同比仅增长0.2%；研发开支13.5亿，同比仅增长4.2%。</p>\n<p>降本增效之下，小鹏一季度的经营亏损为16.5亿，较去年同期大幅减亏9.4亿。</p>\n<p>这或许算得上好消息，但销量如果一直停滞在月销1万的水平，仅靠降本增效可是无法盈利的。</p>\n<p>销量，还是销量，起不来，就摆脱不了股价低迷的局面！ <a href=\"https://laohu8.com/S/09868\">$小鹏汽车-W(09868)$</a> </p></body></html>","htmlText":"<html><head></head><body><p>刚刚，小鹏发布了一季报，盘前股价一度直线拉升，涨超10%： <a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a> </p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93397ac75c8dea3f40fd5047df11b4e2\" tg-width=\"1302\" tg-height=\"894\"></p>\n<p>强劲的走势还让人以为财报大超预期了，但看完一季报，还是让人心头一凉。</p>\n<p>具体来看，小鹏一季度营收65.5亿，同比增长62.5%：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4924dfd6bf1afef036db481a7fd3b2eb\" tg-width=\"1371\" tg-height=\"594\"></p>\n<p>看似高增的背后是去年同期销量过于拉胯，刚好处于业绩低点。</p>\n<p>而从销量上看，小鹏现在也只是恢复了平常，根据一季报指引，二季度销量在2.9-3.2万辆之间，平均下来，月销量不过1万左右，相比往年，只道是平常：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8dd98772930dacced7d31cd7d92a94bc\" tg-width=\"1374\" tg-height=\"649\"></p>\n<p>与分析师预期相比，营收和销量都略超预期，但考虑到一季度销量早就明牌，加上今年一月一日，小鹏发布了售价更高的X9车型，带动一季度单车收入达到25.4万，远超去年同期的19.3万，因此，收入端谈不上惊喜：</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2bbef3634da5253449eb675fc254847f\" tg-width=\"1212\" tg-height=\"598\"></p>\n<p>最令人惊喜的可能是毛利率，一季度为12.9%，远超分析师预期的9.15%。</p>\n<p>但是，具体到造车毛利率上，一季度为5.5%，不及分析师预期的5.89%:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26d1076cade74c228c5b33ad8d4f63e6\" tg-width=\"1396\" tg-height=\"610\"></p>\n<p>整体毛利率大超预期的原因是小鹏和大众之间的合作，通过技术授权，小鹏其他收入大增，一季度达到10亿，同比大增93%。该业务的毛利率为53.9%，远超去年同期的29.6%。</p>\n<p>由此来看，小鹏一季度毛利率大超预期的可持续性存疑。</p>\n<p>总的来说，小鹏一季度在销量回升的情况下，收入和利润端都较同期有所改善，但从汽车毛利率和二季度销量指引来看，小鹏的销量依然疲软，考虑到小鹏不断推出新车型，月销1万的水平，对比历史，只能说是及格。</p>\n<p>从利润来看，一季度小鹏严格控制了销售和研发投入，如一季度销售及行政开支13.9亿，同比仅增长0.2%；研发开支13.5亿，同比仅增长4.2%。</p>\n<p>降本增效之下，小鹏一季度的经营亏损为16.5亿，较去年同期大幅减亏9.4亿。</p>\n<p>这或许算得上好消息，但销量如果一直停滞在月销1万的水平，仅靠降本增效可是无法盈利的。</p>\n<p>销量，还是销量，起不来，就摆脱不了股价低迷的局面！ <a href=\"https://laohu8.com/S/09868\">$小鹏汽车-W(09868)$</a> </p></body></html>","text":"刚刚，小鹏发布了一季报，盘前股价一度直线拉升，涨超10%： $小鹏汽车(XPEV)$ 强劲的走势还让人以为财报大超预期了，但看完一季报，还是让人心头一凉。 具体来看，小鹏一季度营收65.5亿，同比增长62.5%： 看似高增的背后是去年同期销量过于拉胯，刚好处于业绩低点。 而从销量上看，小鹏现在也只是恢复了平常，根据一季报指引，二季度销量在2.9-3.2万辆之间，平均下来，月销量不过1万左右，相比往年，只道是平常： 与分析师预期相比，营收和销量都略超预期，但考虑到一季度销量早就明牌，加上今年一月一日，小鹏发布了售价更高的X9车型，带动一季度单车收入达到25.4万，远超去年同期的19.3万，因此，收入端谈不上惊喜： 最令人惊喜的可能是毛利率，一季度为12.9%，远超分析师预期的9.15%。 但是，具体到造车毛利率上，一季度为5.5%，不及分析师预期的5.89%: 整体毛利率大超预期的原因是小鹏和大众之间的合作，通过技术授权，小鹏其他收入大增，一季度达到10亿，同比大增93%。该业务的毛利率为53.9%，远超去年同期的29.6%。 由此来看，小鹏一季度毛利率大超预期的可持续性存疑。 总的来说，小鹏一季度在销量回升的情况下，收入和利润端都较同期有所改善，但从汽车毛利率和二季度销量指引来看，小鹏的销量依然疲软，考虑到小鹏不断推出新车型，月销1万的水平，对比历史，只能说是及格。 从利润来看，一季度小鹏严格控制了销售和研发投入，如一季度销售及行政开支13.9亿，同比仅增长0.2%；研发开支13.5亿，同比仅增长4.2%。 降本增效之下，小鹏一季度的经营亏损为16.5亿，较去年同期大幅减亏9.4亿。 这或许算得上好消息，但销量如果一直停滞在月销1万的水平，仅靠降本增效可是无法盈利的。 销量，还是销量，起不来，就摆脱不了股价低迷的局面！ $小鹏汽车-W(09868)$","highlighted":2,"essential":2,"paper":2,"link":"https://laohu8.com/post/308285876367672","repostId":0,"isVote":1,"tweetType":1,"commentLimit":10,"symbols":["XPEV","09868"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1366,"xxTargetLangEnum":"ZH_CN"},"isVote":1,"tweetType":1,"viewCount":649,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":27,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/308354978828464"}