Investment Rating - The report maintains a "Neutral" rating for the company with a target price of HKD 30.53, indicating a potential upside of 10.8% from the current price of HKD 27.55 [2][7]. Core Insights - The second quarter performance of the company met expectations, with revenue slightly below forecasts but better-than-expected gross margin and net loss figures. Revenue for Q2 was RMB 8.1 billion, a 23.9% increase quarter-on-quarter, but 5% lower than market expectations. Vehicle sales reached 30,207 units, up 38.4% quarter-on-quarter [1][2]. - The company expects Q3 revenue to be between RMB 9.1 billion and RMB 9.8 billion, representing a year-on-year increase of approximately 6.7-14.9% and a quarter-on-quarter rise of 12.3-21.0%. Vehicle deliveries are projected to be between 41,000 and 45,000 units, indicating a potential delivery of 20,000 units in September [1][2]. - The pricing strategy for the new M03 model will significantly influence sales momentum in the second half of the year. The expected delivery of 10,000 units in the first month aligns with the company's pricing strategy, which is crucial for maintaining stable sales [1][2]. Financial Overview - For the fiscal year ending December 31, 2024, the company is projected to generate revenue of RMB 40.35 billion, reflecting a year-on-year growth of 31.5%. The net loss is expected to decrease to RMB 6.58 billion [4][8]. - The gross margin for Q2 was reported at 14%, which is an increase of 1.1 percentage points from the previous quarter, outperforming market expectations of 11-12%. The automotive gross margin was 6.4%, up 0.9 percentage points quarter-on-quarter [1][5]. - The company has maintained effective cost control, with R&D and sales expenses increasing slightly but as a percentage of revenue decreasing quarter-on-quarter [1][5].
小鹏汽车-W：2季度业绩整体符合预期，M03定价决定下半年销量节奏，维持中性