Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Insights - The company reported a significant increase in vehicle deliveries and revenue for Q4 2024, with deliveries up 52.1% year-on-year and revenue reaching 16.11 billion yuan, a 23.4% increase year-on-year [1][2]. - The gross margin for Q4 was 14.4%, showing an improvement compared to the previous quarter, while the automotive business gross margin was 10% [2]. - The company is expected to launch new models in 2025, which will positively impact average selling price (ASP) and gross margins [3]. Summary by Sections Revenue and Deliveries - In Q4 2024, the company delivered 91,507 vehicles, representing a 52.1% year-on-year increase and a 96.6% quarter-on-quarter increase. Total revenue for Q4 was 16.11 billion yuan, with automotive revenue at 14.67 billion yuan [1]. - For the full year 2024, total deliveries reached 190,000 vehicles, a 34.2% increase year-on-year, with total revenue of 40.87 billion yuan, a 33.2% increase year-on-year [1]. Costs and Expenses - Q4 R&D and SG&A expenses were 2.01 billion yuan and 2.28 billion yuan, respectively, with R&D and SG&A expense ratios at 12.5% and 14.2% [1]. - The report indicates a decrease in expense ratios compared to the previous quarter, suggesting improved cost management [1]. Profitability - The gross margin for Q4 was 14.4%, with the automotive business gross margin at 10%. The net loss attributable to shareholders was 1.33 billion yuan, with a net margin of -8.3% [2]. - For the full year 2024, the gross margin was 14.3%, and the net loss attributable to shareholders was 5.8 billion yuan, a significant reduction compared to the previous year [2]. Future Outlook - The company is expected to launch the G7 model in 2025, which will enhance the product lineup and improve ASP. The ASP is anticipated to rebound starting Q2 2025 [3]. - The report forecasts vehicle sales of 469,000, 802,000, and 961,000 units for 2025, 2026, and 2027, respectively, with revenues projected at 93.71 billion yuan, 147.28 billion yuan, and 169.72 billion yuan [3].
小鹏汽车-W（09868）：24Q4及24全年财报点评：整体符合预期，新车周期引领经营向上