Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company reported better-than-expected performance in Q1 2024, with total revenue of 6.55 billion RMB, a year-on-year increase of 62.3% [2]. - Gross margin improved to 12.9%, up 11.2 percentage points year-on-year, attributed to technology collaboration with Volkswagen, improved sales structure, and cost reduction [2]. - The partnership with Volkswagen is expected to provide sustainable high-quality revenue, with service revenue reaching 1 billion RMB in Q1, a 93.1% increase year-on-year [2]. - The average selling price (ASP) of vehicles increased significantly to 254,100 RMB, a 31.8% rise year-on-year, driven by the strong performance of the high-end model X9 [2]. - The company is focusing on cost reduction in autonomous driving hardware, aiming for a 50% reduction, which could further enhance gross margins [2]. - New models and international expansion are anticipated to boost profitability, with the launch of the MONA model in June and plans for significant exports to Europe and other regions [2]. Financial Data and Forecast - The company’s revenue projections for 2024 and 2025 have been adjusted downwards to 48 billion RMB and 81.8 billion RMB, respectively, while a new forecast for 2026 is set at 100.7 billion RMB [2][3]. - The net profit forecast remains unchanged for 2024 and 2025 at -5.1 billion RMB and -1.2 billion RMB, with a new projection for 2026 showing a net profit of 1.4 billion RMB [2][3]. - The earnings per share (EPS) is expected to improve from -5.50 RMB in 2023 to 0.73 RMB in 2026 [3][7].
小鹏汽车-W：向外合作+内生改革双发力，业绩超预期