Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is enhancing its comprehensive strength in vehicle manufacturing and sales through ADAS technology [1] - The sales outlook is optimistic due to the successful launch of models M03 and P7+, which have exceeded pre-order expectations, indicating improved product definition and marketing capabilities [2][3] - Revenue forecasts for 2024-2026 have been revised upwards to 417.6 billion, 840.5 billion, and 1,040.3 billion CNY respectively, reflecting a strong growth trajectory [2] - Non-GAAP net profit estimates for the same period have been adjusted to -54.6 million, -28.1 million, and 2.07 million CNY, with corresponding EPS of -2.9, -1.5, and -0.1 CNY [2] - The company is expected to achieve better relative performance, with a recommendation to actively consider opportunities in Q1 2025 [2] Financial Summary and Valuation Metrics - Revenue (in million CNY) for the years 2022A to 2026E is projected as follows: 26,855, 30,676, 41,759, 84,047, and 104,031 respectively, with year-on-year growth rates of 28.0%, 14.2%, 36.1%, 101.3%, and 23.8% [3] - Net profit (in million CNY) is forecasted to be -8,428, -9,444, -5,462, -2,810, and 207 for the same years, with a consistent year-on-year change of 0% [3] - Gross margin is expected to improve from 11.5% in 2022 to 15.6% in 2026, while net margin is projected to shift from -31.4% to 0.2% over the same period [3] - The price-to-sales (P/S) ratio is anticipated to decrease from 3.5 in 2022 to 1.0 in 2026, indicating a more favorable valuation as revenue grows [3]
小鹏汽车-W：港股公司信息更新报告：以ADAS技术立身，造车卖车综合实力提升