Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - In May 2024, the company delivered 10,146 vehicles, a year-on-year increase of 35% and a month-on-month increase of 8%, aligning with expectations [3] - The company is accelerating its smart driving technology and expanding its product and market reach, with the X9 model leading the pure electric MPV market [3] - The upcoming launch of the new model, Mona, is expected to enhance brand competitiveness in the A-class sedan market [3] Financial Forecasts - The projected total revenue for 2024, 2025, and 2026 is 44.454 billion, 82.700 billion, and 114.640 billion CNY respectively, with a year-on-year growth of 44.91%, 86.04%, and 38.62% [2][4] - The forecasted net profit attributable to the parent company for 2024, 2025, and 2026 is -5.775 billion, -3.166 billion, and 1.250 billion CNY respectively [2][4] - The expected EPS for 2026 is 0.66 CNY, with a corresponding P/E ratio of 45 times [4] Market Data - The closing price is 32.30 HKD, with a one-year low of 25.70 HKD and a high of 96.30 HKD [6] - The market capitalization is approximately 49.77 billion HKD [6] Basic Data - The company's net asset value per share is 18.59 CNY, with a debt-to-asset ratio of 56.04% [7]
小鹏汽车-W：5月销量同比高增，6月MONA首发，爆款可期