Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In September 2024, the company delivered a record high of 21,352 vehicles, representing a year-on-year increase of 39% and a quarter-on-quarter increase of 52% [2][3] - Cumulative deliveries from January to September 2024 reached 98,561 vehicles, up 21% from 81,443 vehicles in the same period last year [3] - The company is set to launch its first AI vehicle, the P7+, on October 10, 2024, which features significant advancements in AI technology [3] - The company is expanding its presence in overseas markets, with recent launches in Spain and Portugal [3] Financial Projections - The company’s projected total revenue for 2024, 2025, and 2026 is expected to be 38.69 billion, 74.24 billion, and 109.03 billion RMB respectively, with net profits projected at -5.69 billion, -2.42 billion, and 2.72 billion RMB [2][3] - The report forecasts an EPS of 1.43 RMB for 2026, indicating a potential turnaround in profitability [3] - Key financial ratios include a projected gross margin of 13.77% in 2024 and a net profit margin of -14.70% [9]
小鹏汽车-W：9月交付创新高，首款AI汽车P7+上市在即