Investment Rating - The investment rating for the company is "Buy" and it is maintained [3]. Core Insights - In Q2 2024, the company achieved revenue of 8.111 billion, representing a year-on-year increase of 60.22%. The net loss was 1.285 billion, which is a reduction from the previous year's loss of 1.52 billion. The Non-GAAP net loss was 1.22 billion, also a reduction from 1.45 billion year-on-year. The improvement in profitability exceeded expectations due to enhanced scale effects, improved product structure, and significant cost reduction [4][5]. Summary by Sections Revenue Performance - The company’s revenue performance continues to improve, driven by increased deliveries of the G9 and G6 models, as well as growth in service revenue. The gross margin reached 14.0%, marking four consecutive quarters of growth. The automotive business generated revenue of 6.82 billion, up 54.1% year-on-year, with a delivery volume of 30,200 units, an increase of 30.2% year-on-year. The average revenue per vehicle was 226,000, reflecting an 18.4% year-on-year increase but a 11.2% decrease quarter-on-quarter [4][5]. Automotive Business - The automotive business gross margin was 6.4%, an increase of 15.0 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The significant growth in gross margin is attributed to enhanced scale effects and cost reductions [4][5]. Service Revenue - Service revenue reached 1.293 billion, a year-on-year increase of 102.5% and a quarter-on-quarter increase of 28.8%. The service business gross margin was 54.3%, up 25.6 percentage points year-on-year and 0.3 percentage points quarter-on-quarter. The high gross margin from the service business is expected to contribute steadily in the future [4][5]. Research and Development - In Q2, R&D expenses were 1.47 billion, a year-on-year increase of 7.3% and a quarter-on-quarter increase of 8.6%. The R&D expense ratio was 18.1%, down 8.9% year-on-year and 2.5% quarter-on-quarter. Selling and general expenses were 1.57 billion, up 1.9% year-on-year and 13.3% quarter-on-quarter, with a selling and general expense ratio of 19.4%, down 11.1% year-on-year and 1.8% quarter-on-quarter [4][5]. Future Outlook - For Q3 2024, the expected delivery volume is between 41,000 and 45,000 units, representing a year-on-year growth of 2.5% to 12.5%. Expected revenue is between 9.1 billion and 9.8 billion, a year-on-year increase of 6.7% to 14.9%. The company anticipates significant sales growth in the second half of the year with the launch of new models [5].
小鹏汽车-W：2024年二季报点评：毛利率连续四个季度增长，AI赋能新车周期