Investment Rating - The investment rating for the company is "Buy" [2][5]. Core Insights - In October 2024, the company delivered 23,917 new vehicles, representing a year-on-year growth of 20% and a month-on-month growth of 12%. Cumulatively, from January to October 2024, the total deliveries reached 122,478 vehicles, with a year-on-year increase of 21% [2][7]. - The company expects sales for 2024, 2025, and 2026 to be 180,000, 450,000, and 670,000 vehicles respectively, with corresponding revenues of 43.6 billion, 79.3 billion, and 104.6 billion yuan, reflecting growth rates of 42%, 82%, and 32% [2][7]. - The net profit attributable to the parent company is projected to be -5.05 billion yuan in 2024, -0.5 billion yuan in 2025, and 2.3 billion yuan in 2026 [2][7]. Summary by Sections Delivery Performance - The company achieved a record high in deliveries for October 2024, with 23,917 vehicles delivered, marking a 20% increase year-on-year and a 12% increase month-on-month [2][7]. - The MONA M03 model has been well-received, with over 10,000 units delivered in its first two months [7]. Product Development - The P7+ model was launched in October 2024, with a pre-sale order exceeding 30,000 units within 1 hour and 48 minutes [7]. - The P7+ features a new pure vision solution and is equipped with end-to-end AI driving capabilities, enhancing user experience and customer retention [7]. Global Expansion - The company is accelerating its global strategy, with recent market entries in the Middle East, including the UAE, Israel, Egypt, Jordan, and Lebanon [7]. - Future plans include further expansion into Europe, ASEAN, Latin America, and Oceania [7]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 43.6 billion, 79.3 billion, and 104.6 billion yuan, with growth rates of 42%, 82%, and 32% respectively [8]. - The company anticipates a turnaround in financial performance with the launch of new models and advancements in smart driving technology [7][8].
小鹏汽车-W：2024年10月销量点评：Mona热销P7+或延续，智能全球助成长