Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's Q3 2024 results met expectations, with a steady improvement in gross margin [4]. - Total sales for the first three quarters reached 99,000 units, a year-on-year increase of 21.0%, while total revenue was CNY 24.76 billion, up 40.5% year-on-year [4]. - The gross margin improved to 14.2%, an increase of 16.3 percentage points year-on-year, and the net profit attributable to shareholders was a loss of CNY 4.46 billion, reducing losses by CNY 4.57 billion year-on-year [4]. Summary by Sections Sales and Revenue - In Q3 2024, total sales were 47,000 units, with a quarter-on-quarter increase of 16.3% and a year-on-year increase of 54.0% [4]. - Total revenue for Q3 was CNY 10.1 billion, reflecting an 18.4% increase year-on-year and a 24.5% increase quarter-on-quarter [4]. Gross Margin and Profitability - The gross margin for Q3 was 15.3%, showing a quarter-on-quarter increase of 1.3 percentage points [4]. - The company continues to improve profitability through cost reduction initiatives, with the gross margin for automotive sales rising from 6.4% in Q2 to 8.6% in Q3 [5]. New Product Launches - The launch of the new model MONA M03 significantly boosted sales, achieving over 30,000 pre-orders within 48 hours of its release [5]. - The company also introduced the P7+ model, which saw over 10,000 pre-orders within 12 minutes of its launch [5]. International Expansion - The company has accelerated its international expansion, with significant sales growth in overseas markets, contributing to 15% of total sales in Q3 [5]. Financial Forecasts - Revenue forecasts for 2024-2026 have been revised upwards, with expected revenues of CNY 40.83 billion, CNY 78.92 billion, and CNY 101.35 billion respectively [6]. - The net profit forecast for 2024-2026 has also been adjusted, with expected losses narrowing to CNY 5.91 billion in 2024 and a projected profit of CNY 1.48 billion by 2026 [6].
小鹏汽车-W：三季报符合预期，毛利率稳步改善