Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - In November 2024, the company delivered 30,895 new vehicles, representing a year-on-year increase of 54.2% and a month-on-month increase of 29.2%. Cumulatively, from January to November 2024, the total deliveries reached 153,000 units, up 26.2% year-on-year [2][7]. - The company is experiencing a strong new vehicle cycle with the MONA M03 and P7+ models contributing significantly to sales growth. The sales momentum is expected to continue due to channel transformation and enhanced marketing strategies [8][9]. - The company’s revenue for Q3 2024 reached 10.1 billion, marking an 18.4% year-on-year growth, with a gross margin of 15.3%, the highest quarterly margin recorded, and strong guidance for Q4 performance [9]. Summary by Sections Sales Performance - November 2024 saw the company achieve its first monthly delivery exceeding 30,000 units, with the MONA M03 model alone delivering over 10,000 units in a month. The company’s sales are expected to continue to rise due to ongoing capacity ramp-up and new model launches [8][9]. Market Expansion - The company has made strides in international markets, officially entering Nepal and the UK in November. The G6 model has gained significant attention overseas, winning the "2024 Denmark Car of the Year Technology Leader" award [9]. Financial Outlook - The company projects a revenue of 41.5 billion for 2024, with a price-to-sales ratio of 2.0X. The software revenue is expected to show significant improvement, indicating a potential turning point in the new vehicle cycle [9].
小鹏汽车-W：2024年11月销量点评：单月销量首破3万辆，连续3个月创历史新高