Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company reported a revenue of 40.87 billion RMB for the year 2024, representing a year-on-year increase of 33.2%. The Q4 revenue 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 [3][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 - Q4 2024 automotive revenue was 14.67 billion RMB, with year-on-year and quarter-on-quarter increases of 20.0% and 66.8%, respectively, primarily due to increased delivery volumes [4]. - The overall gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, reflecting a year-on-year increase of 8.2 percentage points [4]. Cost Management - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year and 22.9% quarter-on-quarter, with an R&D expense ratio of 12.5% [5]. - Selling and administrative expenses for Q4 2024 were 2.28 billion RMB, with year-on-year and quarter-on-quarter increases of 17.5% and 39.3%, respectively [5]. Future Outlook - The company anticipates a strong product cycle in 2025, with significant new model launches and an expansion into overseas markets, aiming for a sales target of over 20,000 units in 2024 and doubling that in 2025 [7][8]. - Revenue projections for 2025, 2026, and 2027 are 95.23 billion RMB, 148.09 billion RMB, and 162.90 billion RMB, respectively, with expected net profits of -1.40 billion RMB, 6.43 billion RMB, and 9.14 billion RMB [9].
小鹏汽车-W（09868）：小鹏汽车（9868）系列点评六：2024经营周期拐点，2025智驾平权加速