Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company reported Q3 results with gross margin exceeding expectations, and revenue and net profit in line with forecasts. Q3 sales revenue reached 10.1 billion yuan, with a quarter-on-quarter increase of 18.4% and a year-on-year increase of 24.5%, resulting in a net loss of 1.81 billion yuan, showing year-on-year improvement [2][3] - The gross margin for Q3 reached 15.3%, with a quarter-on-quarter increase of 18.0% and a 1.3 percentage point increase year-on-year. The automotive gross margin was 8.6%, with a quarter-on-quarter increase of 14.7% and a 2.2 percentage point increase year-on-year [3] - The company achieved a delivery volume of 46,533 vehicles in Q3, a year-on-year increase of 16.3%, and accelerated its overseas expansion, with overseas sales increasing by 70% quarter-on-quarter, accounting for 15% of total sales [3] Summary by Sections Financial Performance - Q3 sales revenue was 10.1 billion yuan, with automotive sales revenue at 8.8 billion yuan, reflecting a quarter-on-quarter increase of 12.1% and a year-on-year increase of 29.0% [2] - The company’s gross margin reached a new high of 15.3% in Q3, with the automotive gross margin at 8.6% and service and other profit margins at 60.1% [3] - The report forecasts revenue for 2024 to be 40.1 billion yuan, with net profit for 2024 adjusted to a loss of 5.6 billion yuan, while maintaining profit forecasts for 2025 and 2026 at 1.3 billion yuan and 7.4 billion yuan respectively [4][13] Strategic Developments - The company is focusing on enhancing its global presence, having entered 30 countries and regions by the end of October, with a target of over 60 by the end of 2025 [3] - Collaboration with Volkswagen has contributed to revenue growth in software and electronic architecture, with high gross margin levels [3] Valuation Metrics - The report indicates a projected P/E ratio of 12x for 2026, with the current P/E ratio for 2024 estimated at 15.97 [4][15]
小鹏汽车-W：Q3毛利率超预期，继续重点推荐