Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of strong performance relative to the market over the next six months [1][5][7]. Core Insights - The company reported a revenue of 6.54 billion yuan for Q1 2024, with a year-over-year growth of 62.3% but a quarter-over-quarter decline of 49.8%. The net loss for the quarter was 1.37 billion yuan, which is a 41.5% improvement year-over-year but a 1.5% increase quarter-over-quarter [2][5]. - The gross margin for the automotive sales business improved to 5.5% in Q1 2024, up 7.9 percentage points year-over-year and 1.4 percentage points quarter-over-quarter, primarily due to cost reductions and improved product mix [2][5]. - The company delivered 21,821 vehicles in Q1 2024, representing a 19.7% increase year-over-year but a 63.7% decrease quarter-over-quarter. The average revenue per vehicle was 254,000 yuan, boosted by the launch of the X9 model [2][5]. - The company has a cash reserve of 41.4 billion yuan as of the end of Q1 2024, providing a solid financial cushion [2][5]. - The company expects to deliver between 29,000 and 32,000 vehicles in Q2 2024, which would represent a year-over-year growth of 25% to 37.9%, with projected total revenue of 7.5 billion to 8.3 billion yuan, a year-over-year increase of 48.1% to 63.9% [2][5]. Summary by Sections Financial Performance - Q1 2024 revenue: 6.54 billion yuan, YOY growth: 62.3%, QOQ decline: 49.8% [2][5] - Q1 2024 net loss: 1.37 billion yuan, YOY improvement: 41.5% [2][5] - Q1 2024 gross margin: 5.5%, improved by 7.9 percentage points YOY [2][5] Vehicle Deliveries - Q1 2024 vehicle deliveries: 21,821 units, YOY increase: 19.7%, QOQ decrease: 63.7% [2][5] - Average revenue per vehicle: 254,000 yuan [2][5] Future Outlook - Q2 2024 delivery guidance: 29,000 to 32,000 units, YOY growth: 25% to 37.9% [2][5] - Projected Q2 2024 revenue: 7.5 billion to 8.3 billion yuan, YOY increase: 48.1% to 63.9% [2][5]
小鹏汽车-W：一季度毛利率改善显著，智能化技术加速输出