Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a total sales volume of 190,000 vehicles in 2024, representing a year-on-year increase of 34.2%. Total revenue reached 40.87 billion yuan, up 33.2% year-on-year, with a gross margin of 14.3%, an increase of 12.8 percentage points year-on-year. The net loss was 5.79 billion yuan, a reduction of 4.59 billion yuan compared to the previous year [5][6] - The launch of new models, such as the Mona M03 and P7+, significantly boosted sales, with Q4 2024 sales reaching 92,000 vehicles, a 52.1% increase year-on-year and a 96.6% increase quarter-on-quarter. The new models accounted for 60.7% of total Q4 sales [6][7] - The company is entering a new model cycle, with significant sales growth potential. The updated G6 and G9 models were launched, and the company expects total sales to reach 490,000 vehicles in 2025, a year-on-year increase of 158% [6][7] - The company is accelerating its international expansion, with plans to enter markets in Southeast Asia and Europe. Local production in Indonesia is set to begin in the second half of 2025, which is expected to contribute significantly to profitability [6][7] - The company forecasts revenues of 87.72 billion yuan in 2025 and a net profit of 425 million yuan, with continued growth expected through 2027 [6][7]
小鹏汽车-W：24年业绩符合预期，新车周期下增长潜力显著-20250319