Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's AI strategy is driving sustained increases in vehicle deliveries, leading to an upward revision of revenue forecasts for 2025 and 2026 to 99 billion and 167.8 billion RMB respectively, with year-on-year growth of 142% and 70% [3] - The company is expected to achieve a turnaround in net profit in 2025, with a projected net profit of 1.07 billion RMB in 2026, reflecting a year-on-year increase of 608% [3] - The company plans to launch significant new models in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance Summary - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 33.2% for the full year, totaling 40.87 billion RMB [9] - The gross margin for Q4 2024 was 14.4%, showing improvement due to reduced vehicle costs [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Revenue and Profit Forecasts - Revenue forecasts for 2025 and 2026 have been adjusted to 99 billion and 167.8 billion RMB, respectively, with a new forecast for 2027 at 249.3 billion RMB [3] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.56, 3.99, and 6.30 RMB, respectively [3] - The company is expected to maintain a price-to-earnings (P/E) ratio of 154.62 in 2025, decreasing to 21.85 in 2026 and 13.84 in 2027 [3]
小鹏汽车-W（09868）：2024Q4季报点评：Q4量利齐升，新车周期+智驾迭代行稳致远