小鹏汽车-Ｗ：一季度毛利率环比提升，期待智能化软件和新产品周期迭代

Investment Rating - The investment rating for the company is "Outperform the Market" [3][28][30]. Core Views - In Q1 2024, the company achieved a revenue of 6.55 billion yuan, representing a year-on-year growth of 62.4% but a quarter-on-quarter decrease of 49.8%. The net profit was -1.37 billion yuan, an improvement from -2.34 billion yuan in the same period last year [1][7][18]. - The automotive sales revenue for Q1 2024 was 5.54 billion yuan, up 57.8% year-on-year but down 54.7% quarter-on-quarter, primarily due to seasonal effects and a decrease in deliveries of certain models [1][7][18]. - The gross margin for Q1 2024 was 12.9%, an increase of 11.2 percentage points year-on-year, while the net margin was -20.9%, improving by 37.1 percentage points year-on-year [1][12][18]. - The company expects to deliver between 29,000 and 32,000 vehicles in Q2 2024, which would represent a year-on-year increase of approximately 25.0% to 37.9% [1][18]. Summary by Sections Financial Performance - Q1 2024 revenue was 6.55 billion yuan, a 62.4% increase year-on-year, while net profit was -1.37 billion yuan, improving from -2.34 billion yuan year-on-year [1][7][18]. - The gross margin for Q1 2024 was 12.9%, with a year-on-year increase of 11.2 percentage points, and the net margin was -20.9%, improving by 37.1 percentage points year-on-year [1][12][18]. Sales and Deliveries - Total vehicle sales in Q1 2024 reached 21,821 units, a year-on-year increase of 19.7% [1][18]. - The company has a sales network of 574 stores covering 178 cities and 1,171 charging stations as of March 31, 2024 [1][18]. Strategic Partnerships and Innovations - The company signed a strategic cooperation agreement with Volkswagen Group on April 17, 2023, to develop an electronic and electrical architecture for electric vehicles [1][20]. - On May 20, 2024, the company released an OTA update for its XOS 5.1.0, integrating AI-driven smart cockpit features and advanced driver-assistance systems (ADAS) [1][21]. Future Outlook - The company has adjusted its revenue and profit forecasts for 2024-2026, expecting revenues of 46.2 billion yuan, 73 billion yuan, and 92 billion yuan respectively, with net profits of -6 billion yuan, -2.9 billion yuan, and 1.1 billion yuan [1][30].