Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company is expected to benefit from improved product structure, cost reduction effects, and revenue contributions from collaboration with Volkswagen technology. In Q1 2024, the company delivered 21,820 new vehicles, a year-on-year increase of 19.7%, and achieved revenue of 6.55 billion yuan, a year-on-year increase of 62.3% [6][7] - The company anticipates a strong product cycle with 30 new models planned over the next three years, which is expected to drive sales growth and market share [6][7] Summary by Sections Market Data - Closing price (HKD): 34.65 - Total shares (million): 1,890 - Net assets (billion): 35.1 - Total assets (billion): 79.9 - Net asset per share (CNY): 18.6 [3] Financial Performance - In Q1 2024, the company reported a gross margin of 5.5%, an improvement of 8 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The net loss attributable to ordinary shareholders was 1.37 billion yuan, remaining stable quarter-on-quarter [6][8] - Revenue projections for Q2 2024 are between 7.5 billion to 8.3 billion yuan, representing a year-on-year growth of 48.1% to 63.9% [6] Sales Network Expansion - As of March 31, 2024, the company had 574 physical retail stores, an increase of 74 stores from the previous quarter. The self-operated charging network reached 1,171 charging stations, with 63 new stations added [6][7] Future Outlook - The company is set to launch its first ultra-intelligent seven-seat MPV model, X9, in January 2024, with deliveries starting the same month. A new A-class electric sedan, MONA, is expected to launch in Q3 2024, which will enhance the company's presence in the high-end intelligent vehicle market [6][7]
小鹏汽车-W：盈利能力显著改善，期待全新一轮强产品周期