Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The report highlights the anticipated success of the new model P7+, which is expected to continue the positive sales momentum established by the M03 model. The pricing strategy for P7+ is expected to be aggressive, with a starting price potentially below 200,000 RMB, and possibly as low as 180,000 RMB with promotional offers [1][2]. - The report projects a significant increase in sales forecasts for 2025 and 2026, raising the estimates by 35% and 27% respectively, reflecting the strong performance of M03 and the expected success of P7+ [2][6]. - The financial outlook shows a narrowing of losses due to the scale effect from increased sales and cost control measures, with revenue expected to grow significantly over the next few years [2][9]. Financial Summary - Revenue projections for the company are as follows: - 2024E: 39,627 million RMB (up 29.2% YoY) - 2025E: 61,231 million RMB (up 54.5% YoY) - 2026E: 67,665 million RMB (up 10.5% YoY) [3][9]. - Net profit forecasts indicate continued losses, but with a decreasing trend: - 2024E: (4,848) million RMB - 2025E: (2,360) million RMB - 2026E: (1,290) million RMB [3][9]. - The report also provides a detailed breakdown of the company's financial metrics, including gross profit and margins, indicating improvements in operational efficiency [6][9].
小鹏汽车-W：P7+或将接棒继续降维打击，上调销量预测和目标价，维持买入