Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company reported a revenue of 40.87 billion RMB for the year 2024, representing a year-on-year increase of 33.2%. The revenue for Q4 2024 was 16.11 billion RMB, with year-on-year and quarter-on-quarter growth of 23.4% and 59.4%, respectively [3][4]. - The automotive business gross margin for Q4 2024 was 10.0%, an increase of 6.0 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [4]. - The company expects Q1 2025 automotive sales to be between 91,000 and 93,000 units, with a year-on-year growth range of 317.0% to 326.2% [5]. Revenue and Profitability - The automotive business revenue for Q4 2024 was 14.67 billion RMB, showing a year-on-year increase of 20.0% and a quarter-on-quarter increase of 66.8% [4]. - The total gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, reflecting an increase of 8.2 percentage points year-on-year [4]. - The company reported a non-GAAP net profit of -5.35 billion RMB for the year 2024, indicating a reduction in losses compared to the previous year [3]. Cost Management and Future Outlook - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year, with an R&D expense ratio of 12.5% [5]. - The company had cash and cash equivalents totaling 41.96 billion RMB as of Q4 2024, indicating a strong short-term liquidity position [5]. - The company anticipates significant revenue growth in the coming years, projecting revenues of 95.23 billion RMB in 2025, 148.09 billion RMB in 2026, and 162.90 billion RMB in 2027 [9].
小鹏汽车-W：系列点评六：2024经营周期拐点2025智驾平权加速-20250320