Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company has shown continuous revenue growth with a narrowing loss, achieving revenue of 8.11 billion yuan in Q2 2024, a year-on-year increase of 60.2% and a quarter-on-quarter increase of 23.9% [2][5]. - The gross margin is expected to improve due to deepening cooperation with Volkswagen, with Q2 2024 gross margin at 14.0%, up 17.9% year-on-year [2][5]. - The company is entering a strong product cycle with new models launching, including MONA M03 and P7+, and plans to expand its overseas sales network to over 20 countries [2][5]. Summary by Sections Revenue and Loss - In Q2 2024, the company reported a revenue of 8.11 billion yuan, with automotive sales revenue at 6.82 billion yuan, reflecting a year-on-year growth of 54.1% [2][5]. - The net loss for Q2 2024 was 1.28 billion yuan, a significant reduction from 2.8 billion yuan in Q2 2023 and 1.37 billion yuan in Q1 2024 [2][5]. Gross Margin and Cost Management - The gross margin for Q2 2024 was 14.0%, with automotive gross margin at 6.4%, benefiting from cost reductions and improved product mix [2][5]. - The company signed a strategic cooperation agreement with Volkswagen in July 2024, which is expected to enhance technology service revenue and improve gross margins further [2][5]. Product Development and Market Expansion - The company is set to launch several new models over the next three years, starting with MONA M03 in August and P7+ in Q4 2024 [2][5]. - Overseas sales contributed over 10% of total sales for the first time, with plans to expand sales networks significantly [2][5]. Financial Projections - Revenue projections for 2024-2026 are 50.23 billion yuan, 73.70 billion yuan, and 99.43 billion yuan, respectively, with expected net losses narrowing over the same period [5][6].
小鹏汽车-W：2024年中报点评：经营持续改善，新品周期驱动公司成长