Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company achieved revenue of 10.1 billion yuan in Q3 2024, representing a year-on-year increase of 18.4% and a quarter-on-quarter increase of 24.5%. The net loss narrowed to 1.81 billion yuan, down from a loss of 2.08 billion yuan year-on-year. The Non-GAAP net loss was 1.53 billion yuan, a reduction of 1.26 billion yuan year-on-year [6][9]. - The strong new car cycle has led to a significant increase in delivery volumes, contributing to revenue exceeding 10 billion yuan and a record high gross margin of 15.3%. The automotive business revenue reached 8.8 billion yuan, up 12.1% year-on-year, with a delivery volume of 46,500 vehicles, a year-on-year increase of 16.3% [6][9]. - The company is expected to deliver between 87,000 and 91,000 vehicles in Q4 2024, representing a year-on-year growth of 44.6% to 51.3%, with projected revenue of 15.3 billion to 16.2 billion yuan, a year-on-year increase of 17.2% to 24.1% [8][9]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 10.1 billion yuan, a year-on-year increase of 18.4% and a quarter-on-quarter increase of 24.5%. The net loss was 1.81 billion yuan, a reduction from the previous year's loss of 2.08 billion yuan. The Non-GAAP net loss was 1.53 billion yuan, down from 2.79 billion yuan year-on-year [6][9]. - The automotive business generated revenue of 8.8 billion yuan, with a gross margin of 8.6%, an increase of 14.7 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [7][9]. Product and Market Developments - The new car cycle has significantly boosted delivery volumes, with the G9, G6, and MONA M03 models seeing substantial increases in deliveries. The delivery structure shows that G6, MONA, G9, and X9 accounted for 37.8%, 22.7%, 17.8%, and 9.2% of total deliveries, respectively [6][9]. - The company is expanding its overseas strategy, achieving record high overseas sales, with a 70% quarter-on-quarter increase in Q3, accounting for 15% of total sales [8][9]. Future Outlook - The company anticipates a strong continuation of the new car cycle, with the MONA and P7+ models expected to significantly boost sales. The P7+ model has already received over 31,000 pre-orders as of November 7, 2024 [8][9]. - The financial outlook remains positive, with expectations of continued improvement driven by scale effects, cost reductions, and the expansion of software profitability models [9].
小鹏汽车-W：2024年三季报点评：强势新车周期带动销量高增，毛利率再创新高