Investment Rating - The report maintains a "Recommended" investment rating for the company [3][7]. Core Insights - The company reported a significant improvement in gross margin due to growth in technical research and development service revenue [4][5]. - In Q2 2024, the company achieved a revenue of 8.11 billion yuan, with a year-on-year growth of 60.2% and a quarter-on-quarter growth of 23.9% [4]. - The company delivered 30,207 vehicles in Q2 2024, marking a year-on-year increase of 30.2% and a quarter-on-quarter increase of 38.4% [4]. - The gross margin for the automotive sales business improved to 6.4%, a year-on-year increase of 15 percentage points, attributed to cost reduction and product mix improvement [4][5]. - The company has set a delivery guidance of 41,000 to 45,000 vehicles for Q3 2024, representing a year-on-year growth of 2.5% to 12.5% [4][7]. Financial Summary - As of Q2 2024, the company's cash and cash equivalents reached 37.33 billion yuan [4]. - The total market capitalization of the company is approximately 47.88 billion yuan [3]. - The company reported a net loss of 1.28 billion yuan in Q2 2024, which is a year-on-year reduction of 54.2% [4][7]. - The overall gross margin for Q2 2024 was 14.0%, an increase of 17.9 percentage points year-on-year [5][7]. - Revenue projections for 2024 to 2026 have been adjusted to 41.1 billion, 62 billion, and 94.4 billion yuan respectively [7].
小鹏汽车-W：技术研发服务收入增长致毛利率改善