Investment Rating - The investment rating for the company is "Buy" [7][3] Core Insights - In January 2025, the company delivered 30,350 vehicles, representing a year-on-year increase of 268%. Future sales are expected to grow rapidly, with projected sales of 442,000 and 652,000 vehicles for 2025 and 2026, respectively. Corresponding revenues for 2024-2026 are forecasted to be 43.54 billion, 94.75 billion, and 136.41 billion yuan, with year-on-year growth rates of 41.9%, 117.6%, and 44.0% [3][16] - The company is expected to achieve a turning point in sales with the launch of high-quality models and the iteration of smart driving technology, which is anticipated to help reverse financial data. Collaboration with Volkswagen is expected to leverage technological advantages to realize revenue [3][16] Summary by Sections Delivery Performance - In January 2025, the company delivered 30,350 vehicles, a 268% increase year-on-year, maintaining a leading position among new energy vehicle manufacturers. The MONA M03 model achieved over 15,000 deliveries in a single month, while the P7+ model surpassed 20,000 deliveries within two months. The order backlog is robust, with waiting times of 2-5 weeks for MONA M03 and 1-4 weeks for P7+, ensuring delivery capabilities [13][14] Smart Driving Technology - The monthly active user penetration rate for the XNGP urban smart driving feature reached 87% in January. The AI system has been upgraded to include new functionalities such as "parking to parking" and coach car recognition. The company enhances user stickiness by offering standard AI smart driving features without additional costs [15] Global Strategy and Charging Ecosystem - The company accelerated its global strategy with the launch of the right-hand drive version of the X9 at the Singapore Auto Show and entered markets in Belgium, Luxembourg, Ireland, and Finland. The charging ecosystem is expanding with new partnerships, including agreements with Volkswagen Group and bp pulse. The self-operated charging network has surpassed 2,050 stations, with plans to add over 1,000 ultra-fast charging stations in 2025 [16] Financial Projections - The company is projected to achieve revenues of 43.54 billion, 94.75 billion, and 136.41 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.9%, 117.6%, and 44.0%. The net profit attributable to the parent company is expected to be -6.20 billion, -0.59 billion, and 4.31 billion yuan for the same years [3][17]
小鹏汽车-W：2025年1月交付点评：产能爬坡进展加速，充电生态拓展