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 [6][11]. Core Insights - The company's Q1 2024 financial results exceeded expectations, driven by technology collaborations and a new vehicle cycle, leading to a significant increase in gross profit [3][4]. - The company delivered 21,821 vehicles in Q1 2024, representing a year-on-year increase of 19.7% but a quarter-on-quarter decrease of 63.7% [3]. - Total revenue for Q1 2024 was 6.55 billion RMB, up 62.3% year-on-year but down 49.8% quarter-on-quarter, with automotive sales revenue at 5.54 billion RMB [3]. - The gross profit for Q1 2024 was 840 million RMB, a substantial increase of 1158.7% year-on-year, with a gross margin of 12.9% [3][4]. Summary by Sections Financial Performance - Q1 2024 vehicle deliveries were 21,821, with total revenue of 6.55 billion RMB, and automotive sales revenue of 5.54 billion RMB [3]. - The average selling price (ASP) per vehicle in Q1 was 254,000 RMB, reflecting a year-on-year increase of 31.7% [3]. - R&D and SGA expenses were 1.35 billion RMB and 1.39 billion RMB respectively, with R&D expense ratio at 20.6% [3]. Profitability - The gross profit for Q1 2024 was 840 million RMB, with a gross margin of 12.9%, driven by successful technology collaborations [3][4]. - The net loss for Q1 2024 was 1.37 billion RMB, a reduction of 41% year-on-year [3]. Future Outlook - The company is entering a new vehicle cycle in H2 2024, with plans to launch multiple new models, including the MONA sub-brand and the F57 model [5][6]. - Strategic partnerships, particularly with Volkswagen, are expected to enhance revenue stability and improve gross margins [5]. - The company is accelerating its international expansion, starting with Europe and moving into Southeast Asia and Australia, which is anticipated to boost sales and profitability [5][6].
小鹏汽车-Ｗ：Q1财报点评：技术合作拉动毛利超预期，新车周期引领公司向上