Investment Rating - The report maintains a "Recommended" investment rating for the company [2][10]. Core Views - The company achieved a revenue of 10.1 billion yuan in Q3 2024, with a quarter-on-quarter growth of 18.4% and a year-on-year growth of 24.5%. The loss for the quarter was 1.81 billion yuan, which narrowed by 53.5% year-on-year but expanded by 40.7% quarter-on-quarter [5]. - The sales volume of the M03 model increased, leading to a decline in average revenue per vehicle, but the gross margin improved. The company delivered 46,533 vehicles in Q3, exceeding previous delivery guidance [5][6]. - The gross margin for the automotive sales business was 8.6%, an increase of 14.7% year-on-year and 2.2 percentage points quarter-on-quarter, attributed to cost reduction efforts and a higher proportion of overseas model sales [5][6]. - The company expects Q4 2024 deliveries to be between 87,000 and 91,000 units, representing a year-on-year growth of 44.6% to 51.3%, with total revenue projected to be between 15.3 billion and 16.2 billion yuan [5][10]. Financial Performance Summary - Q3 service and other business revenue reached 1.31 billion yuan, with a gross margin of 60.1%, contributing positively to the overall gross margin of 15.3% for the quarter [6]. - The company plans to enter a strong product cycle in 2025, with at least four new models expected to be launched, including an extended-range vehicle with a pure electric range exceeding 400 kilometers [10]. - Revenue forecasts for 2024 to 2026 are set at 41.4 billion, 78.1 billion, and 102.9 billion yuan, respectively, with net profit projections of -6.1 billion, -1.7 billion, and +1.4 billion yuan [10].
小鹏汽车-W：新品周期开启，智能化逻辑延续