Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong Q2 performance with a revenue of 8.11 billion yuan, representing a year-on-year increase of 60.2% and a quarter-on-quarter increase of 23.9%. The automotive business revenue was 6.82 billion yuan, with year-on-year and quarter-on-quarter increases of 54.1% and 23.0%, respectively. The net loss attributable to shareholders was 1.28 billion yuan, showing a reduction in loss compared to previous periods [3][4] - The overall gross margin for Q2 was 14.0%, with a significant improvement in the automotive sales gross margin to 6.4%. This improvement was attributed to lower upstream costs and optimized product structure [3][4] - The company is expected to enter a new strong growth cycle, with projected deliveries of 41,000 to 45,000 units in Q3, driven by the upcoming launch of the Mona model [4] Summary by Sections Financial Performance - Q2 revenue reached 8.11 billion yuan, with automotive revenue at 6.82 billion yuan. The net loss was 1.28 billion yuan, with a non-GAAP net loss of 1.22 billion yuan [3] - The company delivered 30,000 vehicles in Q2, a year-on-year increase of 30.2%, with an average selling price of 225,700 yuan [3] - The gross margin for automotive sales improved significantly, reaching 6.4% in Q2 [3] Future Outlook - The company anticipates a strong Q3 with expected deliveries of 41,000 to 45,000 units and total revenue between 9.1 billion and 9.8 billion yuan [4] - New models are set to launch, including the P7+ and advancements in L3 autonomous driving technology, which are expected to enhance profitability [4] Profit Forecast and Valuation - The profit forecast for 2024 to 2026 has been adjusted, with net losses projected to decrease and a return to profitability expected in 2026 [4] - The EPS estimates for the next three years are projected at -0.03 yuan, -0.01 yuan, and 0.01 yuan, respectively [4]
小鹏汽车-W：2024年半年度报告点评：Q2毛利率超预期向上，强势新车周期启动