Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In August 2024, the company delivered 14,036 new vehicles, representing a year-on-year increase of 3% and a month-on-month increase of 26%. Cumulatively, from January to August 2024, the total deliveries reached 77,209 units, up 17% year-on-year [2][3] - The launch of the MONA M03 model has enhanced the product lineup, with over 30,000 pre-orders within 48 hours of its release. The M03 is priced below 200,000 yuan, making high-level intelligent driving more accessible [3] - The company is expected to achieve revenues of 38.69 billion yuan in 2024, 74.24 billion yuan in 2025, and 109.03 billion yuan in 2026, with projected net losses narrowing to 5.69 billion yuan in 2024 and turning profitable with a net profit of 2.72 billion yuan in 2026 [2][3] Financial Summary - Total revenue for 2022 was 26.855 billion yuan, with a year-on-year growth of 27.95%. The forecast for 2023 is 30.676 billion yuan, representing a 14.23% increase, and for 2024, it is projected at 38.689 billion yuan, a 26.12% increase [2] - The company reported a net loss of 9.139 billion yuan in 2022, with expectations of a loss of 10.376 billion yuan in 2023, narrowing to 5.687 billion yuan in 2024, and achieving a profit of 2.723 billion yuan in 2026 [2][3] - The latest diluted EPS is projected to be -0.05 yuan for 2023, -0.03 yuan for 2024, -0.01 yuan for 2025, and 0.01 yuan for 2026 [2][3] Market Data - The closing price of the stock is 32.70 HKD, with a one-year low of 25.50 HKD and a high of 75.50 HKD. The price-to-book ratio is 1.82, and the market capitalization is approximately 50.634 billion HKD [5] Basic Data - The company's net asset value per share is 17.97 yuan, with a debt-to-asset ratio of 54.66% and a total share capital of 1,897.15 million shares [6]
小鹏汽车-W：8月销量稳步提升，M03助力订单提振