Core Viewpoint - The company reported a strong financial performance for Q4 2024, with revenue exceeding expectations and continuous improvement in operational quality [1][2][3] Revenue Performance - Q4 2024 revenue reached 16.11 billion RMB, representing a year-on-year increase of 23.4% and a quarter-on-quarter increase of 59.4% [1] - Automotive business revenue for Q4 2024 was 14.67 billion RMB, up 20.0% year-on-year and 66.8% quarter-on-quarter, driven by increased delivery volumes [1] - The average selling price (ASP) per vehicle decreased from 189,000 RMB in Q3 2024 to 160,300 RMB in Q4 2024 [1] - Other business revenue in Q4 2024 was 1.43 billion RMB, a year-on-year increase of 74.4%, attributed to increased revenue from technology development services related to partnerships with Volkswagen Group [1] Profitability - Q4 2024 automotive business gross profit was 1.47 billion RMB, with a gross margin of 10.0%, reflecting a year-on-year increase of 6.0 percentage points [2] - Total gross profit for Q4 2024 was 2.32 billion RMB, with a gross margin of 14.4%, showing a year-on-year increase of 8.2 percentage points [2] Cost Management - R&D expenses for Q4 2024 were 2.01 billion RMB, up 53.4% year-on-year, with an R&D expense ratio of 12.5% [3] - Selling and administrative expenses for Q4 2024 were 2.28 billion RMB, a year-on-year increase of 17.5%, with a selling and administrative expense ratio of 14.1% [3] Distribution Network - As of Q4 2024, the company operated 690 sales centers across 226 cities, an increase of 51 centers from the previous quarter [4] Cash Position - The company had a total of 41.96 billion RMB in cash and cash equivalents, restricted cash, short-term investments, and cash deposits as of Q4 2024, reflecting a quarter-on-quarter increase of 6.27 billion RMB, indicating low short-term liquidity risk [5] Future Outlook - The company expects Q1 2025 automotive sales to be between 91,000 and 93,000 units, representing a year-on-year increase of 317.0% to 326.2%, with projected revenue of approximately 15 billion to 15.7 billion RMB [5] - The company plans to launch significant new models quarterly in 2025, including upgraded versions of the G6 and G9, which are expected to drive sales growth [6] - The company aims to double its overseas sales in 2025, targeting over 20,000 units, and expand its global sales and service network to over 300 locations [6] Investment Recommendation - The company is expected to experience dual improvements in performance and valuation driven by model cycles, organizational innovation, and advancements in intelligent technology, with projected revenues of 95.23 billion RMB in 2025 and a net profit of 6.42 billion RMB by 2026 [8]
小鹏汽车 | 2024经营周期拐点 2025智驾平权加速【民生汽车 崔琰团队】
汽车琰究·2025-03-20 12:00