Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a record high in monthly sales for four consecutive months, with December deliveries reaching 36,695 units, representing a year-on-year increase of 82.4% and a month-on-month increase of 18.8% [2][4]. - Cumulative deliveries for the year 2024 reached 190,000 units, marking a year-on-year growth of 34.2% [2][4]. - The company is expected to see steady sales growth driven by strong new vehicle cycles, enhanced marketing systems, and channel transformations [2][6]. - The introduction of models like MONA M03 and P7+ is expected to further boost sales [2][6]. - The company is projected to generate revenue of 41.5 billion in 2024, with a price-to-sales ratio of 2.0X, indicating significant financial improvement [6]. Summary by Sections Sales Performance - December 2024 saw a total of 36,695 vehicles delivered, with Q4 deliveries exceeding guidance limits, totaling 91,500 units, a year-on-year increase of 52.1% [4][6]. - The MONA M03 model achieved a delivery of 15,000 units in December, with total deliveries surpassing 50,000 units, setting a record for new energy vehicle production speed [6]. Market Expansion - The company has made significant strides in international markets, completing its 10,000th vehicle delivery in Europe and opening its first flagship store in Australia [6]. Technological Advancements - The monthly active user penetration rate for the XNGP urban intelligent driving system reached 85% in December [6]. - The company launched a significant OTA update for the P7+, enhancing its software capabilities [6].
小鹏汽车-W：2024年12月销量点评：销量连续4个月创历史新高，Q4交付超过指引上限