Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 16.11 billion yuan in Q4 2024, representing a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4%. The gross margin was 14.4%, up 8.2 percentage points year-on-year, while the net loss was 1.33 billion yuan, narrowing by 18 million yuan year-on-year [2][4]. - The strong new vehicle cycle, coupled with enhanced marketing and channel strategies, is expected to accelerate sales growth. The company is likely to see continued financial improvement due to scale effects, cost reductions from platform and technology, and the expansion of software profitability models [2][4]. Summary by Sections Financial Performance - In Q4 2024, the automotive business generated revenue of 14.67 billion yuan, a year-on-year increase of 20.0%, with a delivery volume of 91,500 units, up 52.1% year-on-year. The average revenue per vehicle was 176,000 yuan. The gross margin for the automotive business was 10.0%, an increase of 6.0 percentage points year-on-year [7]. - Service revenue reached 1.43 billion yuan, growing 74.4% year-on-year, with a gross margin of 59.6%, up 21.4 percentage points year-on-year [7]. Cost and Expenses - R&D expenses in Q4 were 2.01 billion yuan, a year-on-year increase of 53.4%, with an R&D expense ratio of 12.5%. Selling and general expenses were 2.28 billion yuan, up 17.5% year-on-year, with a selling and general expense ratio of 14.1% [7]. Future Outlook - For Q1 2025, the expected delivery volume is between 91,000 and 93,000 units, representing a year-on-year increase of 317.0% to 326.2%. Expected revenue is between 15 billion and 15.7 billion yuan, a year-on-year increase of 129.1% to 139.8% [7]. - The company is focusing on expanding its overseas market, with significant growth in export volumes and the launch of new models in international markets [7].
小鹏汽车-W（09868）：2024年四季度业绩点评：强势新车周期带动营收创新高，汽车毛利率超10%