Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 2024 performance of the company exceeded expectations, with a significant reduction in net losses and a strong gross margin [3] - The company is experiencing a positive financial contribution from self-developed technology and is accelerating the development of smart driving through AI models [3] - The delivery of new vehicles is expected to increase in Q2 2024, with projected revenues showing substantial growth [4] Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 6.55 billion yuan, with a year-on-year increase of 62.3% and a quarter-on-quarter decrease of 49.8% [3] - The net loss attributable to the parent company was 1.37 billion yuan, a significant reduction of 970 million yuan year-on-year, but a slight increase of 20 million yuan quarter-on-quarter [3] - The gross margin for Q1 was 12.9%, with the automotive sales business gross margin at 5.5% [3] Revenue and Profit Forecast - Revenue projections for 2024 to 2026 have been adjusted downwards due to increased competition and high R&D investments, with expected revenues of 44.5 billion yuan in 2024, 82.7 billion yuan in 2025, and 114.6 billion yuan in 2026 [4] - The net profit forecast for 2024 to 2026 has also been revised, with expected losses of 5.8 billion yuan in 2024 and 3.2 billion yuan in 2025, before turning profitable in 2026 with a net profit of 1.25 billion yuan [4] Market Position and Future Outlook - The company is expected to deliver between 29,000 to 32,000 vehicles in Q2 2024, representing a year-on-year increase of 25.0% to 37.9% [4] - The collaboration with Volkswagen is deepening, which is anticipated to enhance future revenue from technology-enabled services [4] - The company maintains a strong cash position of 41.4 billion yuan, supporting ongoing investments in technology and product development [3]
小鹏汽车-W：2024年一季报点评：Q1毛利率表现靓丽，技术收入落地强化向上周期