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 and upgrades in 2025, covering a price range of 100,000 to 500,000 RMB, which is expected to enhance long-term growth [9] Financial Performance - In Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4% [9] - The gross margin for Q4 2024 was 14.4%, showing an improvement from the previous year [9] - The company delivered 92,000 new vehicles in Q4 2024, with an average revenue per vehicle of 160,000 RMB [9] Future Outlook - For Q1 2025, the company anticipates delivering between 91,000 and 93,000 new vehicles, representing a year-on-year growth of 317% to 326% [9] - The company aims to achieve L3 level autonomous driving experience in China by the second half of 2025, with plans for L4 low-speed autonomous vehicles in 2026 [9]
小鹏汽车-W：2024Q4季报点评：Q4量利齐升，新车周期+智驾迭代行稳致远-20250319