Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company is expected to experience a profitability inflection point driven by a rich model matrix in 2025, cost reduction through platformization, and increased export volume [6][7] - Revenue estimates for 2024 have been slightly adjusted down to 41.03 billion yuan, while 2025 and 2026 revenue estimates have been raised to 95.56 billion yuan and 122.06 billion yuan respectively [6] - Non-GAAP net profit estimates for 2024-2026 have been adjusted to -5.38 billion yuan, -2.23 billion yuan, and 339 million yuan respectively, indicating a significant improvement in profitability [6] Financial Summary and Valuation Metrics - Revenue (in million yuan) is projected to grow from 30,676 in 2023 to 95,558 in 2025, reflecting a year-over-year growth of 132.9% [7] - Non-GAAP net profit is expected to improve from -9,444 million yuan in 2023 to -2,231 million yuan in 2025, with a return to profitability in 2026 [7] - Gross margin is projected to increase from 1.5% in 2023 to 14.3% in 2025, indicating improved cost management and operational efficiency [7] - The company is expected to achieve a quarterly breakeven point by the end of 2025, supported by new model launches and export growth [7]
小鹏汽车-Ｗ：港股公司信息更新报告：2025年车型矩阵丰富、降本及出口或驱动盈利拐点