Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company delivered 47,000 vehicles in Q3 2024, representing a year-on-year increase of 16.3%. Total revenue reached 10.1 billion yuan, up 18.4% year-on-year and 24.5% quarter-on-quarter. The company expects sales of 190,000, 420,000, and 640,000 vehicles for 2024, 2025, and 2026, respectively, with corresponding revenues of 43.4 billion, 92.3 billion, and 138.3 billion yuan, indicating growth rates of 41.5%, 112.6%, and 49.8% [2][11] - The launch of high-quality models is expected to drive a turning point in sales, with improvements in smart driving technology and model release schedules likely to support a reversal in financial performance. Collaboration with Volkswagen may further enhance revenue and technical capabilities [2][11] Financial Performance Summary - In Q3 2024, the company achieved a gross margin of 15.3%, an increase of 1.3 percentage points from the previous quarter. The automotive gross margin was 8.6%, and the service and other business gross margin was 60.1%, reflecting improvements driven by scale effects [11] - The company anticipates Q4 2024 deliveries of 87,000 to 91,000 vehicles, with total revenue projected between 15.3 billion and 16.2 billion yuan. The increase in high-quality model sales is expected to ensure continued revenue growth [11] - The company’s R&D expenses and SG&A for Q4 2024 are projected at 1.63 billion yuan each, with R&D expense ratio and SG&A ratio both decreasing by 1.9 percentage points and 3.2 percentage points, respectively, indicating stable operating expenses [11] Market Expansion and Ecosystem Development - The company has established a domestic ecosystem with 639 stores and 1,557 self-operated charging stations as of September 30, 2024. Internationally, it has entered 30 countries and regions, with plans to expand to over 60, aiming for overseas markets to account for half of its sales [11]
小鹏汽车-Ｗ：Q3财务数据点评：毛利率改善，盈亏平衡有望兑现