Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - In October 2024, the company delivered a total of 23,917 vehicles, representing a year-on-year increase of 19.6% and a month-on-month increase of 12.0%. Cumulatively, from January to October 2024, the total deliveries reached 122,478 vehicles, up 20.7% year-on-year [2][6][7]. - The launch of the MONA M03 model has been successful, contributing to a significant increase in orders and deliveries. The company is expected to continue to see steady sales growth due to channel transformation and enhanced marketing strategies [7][8]. - The company is expanding its international presence, having entered the UAE market and other regions in the Middle East and North Africa, which is anticipated to contribute to sales and revenue growth [7][8]. - The company is expected to achieve a revenue of 42.7 billion yuan in 2024, with a price-to-sales ratio of 2.2X, indicating a significant improvement in financial performance driven by software revenue and new vehicle cycles [8].
小鹏汽车-W：2024年10月销量点评：单月交付再创新高，10月交付2.4万辆