Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][20]. Core Views - The company reported a revenue of 6.55 billion yuan in Q1 2024, representing a year-on-year increase 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][4]. - 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 increased delivery volumes, especially for the X9 model [1][4]. - The company has signed a strategic cooperation agreement with Volkswagen Group to develop an electronic and electrical architecture, which is expected to be applied to Volkswagen's electric vehicle models produced in China starting in 2026 [1][16]. - The company has released the XOS 5.1.0 update, integrating AI-driven smart cockpit features and XNGP ADAS technology, enhancing the overall driving experience [1][17]. Financial Performance Summary - In Q1 2024, the gross margin 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][9]. - The total sales volume for Q1 2024 was 21,821 units, a year-on-year increase of 19.7%. The company expects Q2 2024 deliveries to be between 29,000 and 32,000 units, representing a year-on-year increase of approximately 25.0% to 37.9% [1][15]. - The company has adjusted its revenue and profit forecasts for 2024-2026, expecting revenues of 46.2 billion, 73 billion, and 92 billion yuan respectively, with net profits of -6 billion, -2.9 billion, and 1.1 billion yuan [1][22].
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