Investment Rating - The report assigns a "Hold" rating for the company, with a current price of HKD 32.35 and a target price not specified [7]. Core Insights - The company reported a significant improvement in sales, with May 2024 deliveries reaching 10,146 units, a year-on-year increase of 35% and a month-on-month increase of 8% [1][2]. - Cumulative deliveries for the first five months of 2024 totaled 41,360 units, reflecting a 26% year-on-year growth [1][2]. - The launch of new models, particularly the X9, has contributed positively to sales, with the X9 delivering 1,625 units in May and leading the pure electric MPV market [2]. - The company is expanding its overseas market presence, particularly in Australia and France, with key models like the G9 and G6 set to be introduced [2]. - The upcoming launch of the Mona brand's first model in June is expected to enhance the company's market position in the compact electric sedan segment [3]. - The penetration rate of the XNGP urban intelligent driving system reached 84%, with coverage expanding to 283 cities [4]. - Financial forecasts indicate a potential sales turning point, with projected sales of 220,000, 610,000, and 750,000 units for 2024, 2025, and 2026, respectively, leading to significant revenue growth [5]. Financial Data Summary - Revenue projections for 2024, 2025, and 2026 are estimated at CNY 50.57 billion, CNY 98.05 billion, and CNY 109.27 billion, with year-on-year growth rates of 64.8%, 93.9%, and 11.4% respectively [6]. - The company is expected to report net losses of CNY 5.69 billion in 2024, narrowing to CNY 717 million in 2025, and achieving a profit of CNY 2.93 billion in 2026 [6]. - The EBITDA for the same years is projected to be -CNY 5.77 billion, -CNY 386 million, and CNY 3.01 billion, indicating a significant turnaround in profitability [6].
小鹏汽车-W：小鹏汽车2024年5月销量点评：销量改善智能加速，新车上市和海外拓展贡献增长