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 vehicle deliveries reaching 91,507 units, representing a year-on-year growth of 52.1% and a quarter-on-quarter growth of 96.6% [1]. - The overall revenue for Q4 was 16.11 billion yuan, with automotive revenue contributing 14.67 billion yuan, reflecting a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.5% [1]. - The report anticipates a recovery in average selling price (ASP) and gross margins in 2025, driven by new model launches and improvements in vehicle delivery structure [3]. Summary by Sections Revenue and Deliveries - In Q4 2024, the company delivered 91,507 vehicles, with total revenue of 16.11 billion yuan, marking a year-on-year increase of 33.2% for the full year, totaling 40.87 billion yuan [1][2]. - The ASP for Q4 was calculated at 160,000 yuan, showing a decline of 21.1% year-on-year [1]. Costs and Expenses - R&D and SG&A expenses for Q4 were 2.01 billion yuan and 2.28 billion yuan, respectively, with R&D and SG&A expense ratios of 12.5% and 14.2% [1]. Profitability - The gross margin for Q4 was 14.4%, with automotive gross margin at 10%, reflecting a year-on-year increase of 6 percentage points [2]. - The net loss attributable to shareholders for Q4 was 1.33 billion yuan, with a net loss margin of -8.3% [2]. Future Outlook - The company is expected to launch new models in 2025, including the G7, which is anticipated to enhance ASP and gross margins [3]. - Projected sales for 2025 are estimated at 469,000 units, with revenue expected to reach 93.71 billion yuan [3].
小鹏汽车-W：小鹏汽车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-20250320