Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating a positive outlook for the stock performance in the next six months [1][8]. Core Insights - The company reported a significant increase in revenue for Q2 2024, achieving 81.1 billion yuan, with a quarter-on-quarter growth of 60.2% and a year-on-year growth of 23.9%. However, the net loss for the quarter was 12.8 billion yuan, which represents a narrowing of losses by 54.2% year-on-year [3][6]. - The gross margin improved to 14.0% in Q2 2024, up 17.9 percentage points year-on-year, driven by cost reductions and an improved product mix [4][6]. - 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% [3][6]. - The company has a strong cash position, with cash and cash equivalents amounting to 37.33 billion yuan as of the end of Q2 2024 [3][6]. Financial Summary - Revenue projections for 2024 to 2026 have been adjusted to 411 billion yuan, 620 billion yuan, and 944 billion yuan, respectively. Corresponding net profit forecasts are -63 billion yuan, -29 billion yuan, and +4 billion yuan [6]. - The company’s operating expenses have shown stable growth, with R&D expenses at 1.47 billion yuan and sales management expenses at 1.57 billion yuan for Q2 2024 [6]. - The company expects Q3 2024 vehicle deliveries to be between 41,000 and 45,000 units, representing a year-on-year growth of 2.5% to 12.5% [3][6].
小鹏汽车-Ｗ：技术研发服务收入增长致毛利率改善