Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [2][5]. Core Views - The company reported a revenue of 6.54 billion CNY for Q1 2024, with a year-on-year growth of 62.3% and a quarter-on-quarter decline of 49.8%. The net loss for the quarter was 1.37 billion CNY, which is a 41.5% improvement year-on-year but a 1.5% increase quarter-on-quarter [2][5]. - The gross margin for the automotive sales business improved to 5.5% in Q1 2024, up 7.9 percentage points year-on-year and 1.4 percentage points quarter-on-quarter, primarily due to cost reductions and product mix improvements [2][5]. - The company delivered 21,821 vehicles in Q1 2024, representing a 19.7% increase year-on-year but a 63.7% decrease quarter-on-quarter [2][5]. - The company has a cash reserve of 41.4 billion CNY as of the end of Q1 2024, providing a strong liquidity position [2][5]. Financial Summary - The company’s revenue projections for 2024 to 2026 are adjusted to 43.8 billion CNY, 68.1 billion CNY, and 101.8 billion CNY respectively, with net profit forecasts of 6.2 billion CNY, -0.7 billion CNY, and 2 billion CNY [5][6]. - The overall gross margin for Q1 2024 was reported at 12.9%, an increase of 11.2 percentage points year-on-year and 6.7 percentage points quarter-on-quarter [3][5]. - The company is expected to launch a new brand, MONA, in September 2024, targeting the A-class vehicle market with advanced intelligent driving capabilities [5][6].
小鹏汽车-Ｗ：一季度毛利率改善显著，智能化技术加速输出