Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 6.548 billion yuan in Q1 2024, representing a year-on-year increase of 62.35%. The net loss was 1.368 billion yuan, significantly narrowing compared to previous periods. The Non-GAAP net loss was 1.41 billion yuan, a reduction of 800 million yuan year-on-year. The gross margin reached 12.89%, exceeding expectations [6][7]. Summary by Sections Financial Performance - In Q1 2024, the automotive business generated revenue of 5.54 billion yuan, up 57.8% year-on-year, with a delivery volume of 21,800 units, an increase of 19.7% year-on-year. The average revenue per vehicle was 254,000 yuan, reflecting a year-on-year increase of 31.8% and a quarter-on-quarter increase of 25% [6][7]. - The gross margin for the automotive business was 5.5%, an increase of 7.9 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The overall gross margin was impacted by inventory impairment and procurement commitments, which negatively affected the automotive gross margin by 3.2 percentage points [6][7]. Service Revenue - The service revenue for Q1 2024 was 1.003 billion yuan, showing a year-on-year increase of 93.1% and a quarter-on-quarter increase of 22.1%. The service business gross margin was 53.9%, up 24.3 percentage points year-on-year and 15.7 percentage points quarter-on-quarter [6][7]. Future Outlook - The company anticipates Q2 2024 delivery volumes between 29,000 and 32,000 units, with expected revenue of 7.5 billion to 8.3 billion yuan, representing a year-on-year increase of 48.1% to 63.9%. The launch of new models is expected to drive significant sales growth in Q4 2024 [7]. - The total expected sales volume for 2024 is 195,000 units, corresponding to a revenue of 46.3 billion yuan. The software revenue from the partnership with Volkswagen is expected to significantly improve financial performance, marking a potential turning point for new vehicle cycles [7].
小鹏汽车-W：2024年一季报点评：毛利率大超预期，汽车+软件双轮驱动开创新模式