丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 MONA M03 MAX 上市点评：同级领 先智能辅助驾驶，定价超预期 报告要点 [Table_Summary] 2025 年 5 月 28 日，小鹏 MONA M03 MAX 版本正式上市，包括 502 长续航 Max 和 600 超长 续航 Max 两款，售价分别为 12.98 和 13.98 万元，搭载满血版 AI 天玑系统与图灵驾驶辅助， 实现同级最强城市智能辅助驾驶功能。智驾能力持续领先，新车周期强势开启，叠加渠道变革 和营销体系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体现，叠 加软件盈利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Summ ...

小鹏汽车(09868.HK)：小鹏MONA M03新版本，潮玩上市，售价11.98万元起。 ...

机构：国联民生证券 研究员：高登/于健 事件 2025 年5 月21 日，小鹏汽车发布第一季度财报。2025Q1 实现营收158.1 亿元，同比增长141.5%，实现 净利润-6.6 亿元，同环比减亏7.1/6.7 亿元，亏损缩窄。 优质车型保证交付及应收，新车周期持续向上小鹏汽车2025Q1 交付车型9.4 万辆，同比增长330.8%， 环比提升2.7%。实现汽车业务收入143.7 亿元，同比增长159.2%，单车ASP 为15.3 万元。Mona M03、 P7+等强势新车型交付良好，销量提升是营业收入高增的关键。2025Q1 实现营业收入158.1 亿元，同比 增长141.5%。2025Q2 新车周期延续，G6、G9 改款，全新X9等车型上市后销量有望高增，同时Mona M03 Max 将在5 月发布，小鹏汽车预计2025Q2 交付10.2-10.8 万辆，对应总收入175-187 亿元。 毛利率改善费用控制良好，小鹏汽车盈利曙光或至小鹏汽车2025Q1 毛利率为15.6%，同比/环比 +2.7pct/+1.2pct，其中汽车销售业务为10.5%，同比/环比+5.0pct/0.5pct，毛利率的持续改善 ...

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车 2025Q1 财务数据点评：新车 周期加持，毛利率稳步向上 请务必阅读报告末页的重要声明 glzqdatemark1 2025年05月27日 证券研究报告 |报告要点 2025 年 5 月 21 日，小鹏汽车发布第一季报财报。2025Q1 实现营收 158.1 亿元，同比增长 141.5%，实现业绩-6.6 亿元，同环比亏损均大幅缩窄。我们预计公司 2025/2026/2027 年销量 分别为 52.4/78.6/96.6 万辆。对应 2025-2027 年营业收入分别为 977.6/1581.0/1970.7 亿 元，同比增长 139.2%/61.7%/24.6%。归母净利润分别为 1.2/59.9/94.2 亿元。优质车型上市 有望迎来销量拐点，智能驾驶迭代有望助力公司实现财务数据反转，大众合作凭借技术领先 有望兑现收入。维持"买入"评级。 |分析师及联系人 高登 于健 SAC：S0590523110004 小鹏汽车-W(09868) 小鹏汽车 2025Q1 财务数据点评：新车周期加 持，毛利率稳步向上 | 行 业： | 汽车/乘用车 ...

投资要点：公司发布2025 年一季报，2025Q1 实现销量9.4 万辆，同/环比+330.8/+2.7%；总收入158.1 亿 元，同/环比+141.5/-1.8%；单车收入为15.3 万元，同/环比-39.8/-4.7%；毛利率15.6%，同/环比 +2.7/+1.2pct；净亏损6.6 亿元，同/环比减亏7.5/7.3 亿元。 Mona M03 及P7+的推出带领公司度过行业淡季。2024 年下半年Mona M03 及P7+上市后销量表现亮眼， 2025Q1 分别实现销量4.7 万辆、2.4 万辆，两车型合计占一季度总销量75.5%（MONA M03 占50.1%， P7+占25.4%），带动一季度销量在行业淡季下仍环比提升。由于M03 定价低，2025Q1 单车收入下滑明 显，但销量大幅上升下规模效应同样显著，叠加P7+新智驾方案去除两颗激光雷达实现大幅降本， 2025Q1 公司毛利率环比提升，其中汽车业务毛利率环比提升0.5pct。公司2025 年Q2 交付指引10.2-10.8 万辆，创历史新高，同时我们预计随G6、G9 等车型完成改款，公司二季度单车收入及毛利率将进一步 上升。 机构：申万宏源研 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q1 2025, the company achieved revenue of 15.81 billion, representing a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8%. The gross margin reached 15.6%, up 2.7 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net loss was 660 million, narrowing by 700 million year-on-year, while the Non-GAAP net loss was 430 million, a reduction of 980 million year-on-year. The company's smart driving capabilities remain leading, and with a strong new vehicle cycle, combined with channel reforms and enhanced marketing systems, sales are expected to accelerate [2][4]. Summary by Sections Financial Performance - In Q1 2025, the automotive business generated revenue of 14.37 billion, a year-on-year increase of 159.2%, with a delivery volume of 94,000 vehicles, up 330.8% year-on-year. The average revenue per vehicle was 168,000. The delivery volume structure showed significant contributions from models MONA M03, P7+, G6, and G9, with respective deliveries of 47,000, 24,000, 13,000, and 5,600 vehicles, accounting for 50.1%, 25.4%, 14.0%, and 6.0% of total deliveries. The automotive gross margin was 10.5%, up 5.0 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [4][9]. Service Revenue - The service business revenue for Q1 2025 was 1.44 billion, reflecting a year-on-year increase of 43.6% and a quarter-on-quarter increase of 0.5%. The service gross margin was 66.4%, up 12.4 percentage points year-on-year and 6.8 percentage points quarter-on-quarter. The high gross margin from the service business significantly enhanced the overall service gross margin [9]. Cost and Expenses - The company experienced a significant increase in sales volume, which diluted the expense ratio. In Q1 2025, R&D expenses were 1.98 billion, up 46.7% year-on-year, with an R&D expense ratio of 12.5%. Selling and general expenses were 1.95 billion, up 40.2% year-on-year, with a selling and general expense ratio of 12.3% [9]. Future Outlook - For Q2 2025, the expected delivery volume is between 102,000 and 108,000 vehicles, representing a year-on-year increase of 237.7% to 257.5%. Expected revenue is projected to be between 17.5 billion and 18.7 billion, a year-on-year increase of 115.7% to 130.5%. The strong new vehicle cycle and continuous monthly sales growth, along with the successful launch of new models like G6 and G9, are anticipated to sustain sales momentum [9].

上 市 公 司 汽车 2025 年 05 月 24 日 小鹏汽车-W (09868) ——新车销量强劲，毛利率略超预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 23 日 | | --- | --- | | 收盘价（港币） | 82.05 | | 恒生中国企业指数 | 8557.64 | | 52 周最高/最低（港币） | 106.00/25.50 | | H 股市值（亿港币） | 1,561.86 | | 流通 H 股（百万股） | 1,554.85 | | 汇率（人民币/港币） | 1.0886 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 研究支持 邵翼 A0230524120001 shaoyi@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ...

Core Viewpoint - The company reported better-than-expected performance in Q1 2025, driven by scale effects and effective cost control, with a revenue of 15.81 billion yuan and a Non-GAAP loss of 430 million yuan [1] Group 1: Financial Performance - Q1 revenue reached 15.81 billion yuan, with a Non-GAAP loss of 430 million yuan [1] - The gross margin improved to 15.6%, an increase of 2.7 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [1] - The company delivered 94,008 vehicles in Q1, setting a new quarterly sales record [1] - Free cash flow turned positive in Q1, indicating improved financial health [1] Group 2: Product Strategy and Market Expansion - The company plans to launch several new models, including the Mona M03 Max on May 28, which features advanced smart driving capabilities [1] - Upcoming models include the G7 SUV in June and a new generation P7 luxury coupe in Q3, with plans for mass production of the Kunpeng super extended-range electric vehicle in Q4 [1] - The company aims to enhance average selling price (ASP) and profitability through competitive pricing and rich product configurations [1] Group 3: AI and Overseas Market Development - The company is developing a comprehensive AI ecosystem, with plans to launch the fifth-generation humanoid robot equipped with the Turing chip by 2026 [2] - In Q1, the company achieved over 370% year-on-year sales growth in overseas markets and opened over 40 new overseas stores [2] - The company plans to localize production for the Xiaopeng G6 and Xiaopeng X9 models in Indonesia by the second half of 2025, targeting a doubling of overseas sales for the year [2] Group 4: Profit Forecast and Valuation - Current stock prices correspond to 1.6x P/S for Hong Kong shares and 1.8x P/S for US shares in 2025 [2] - The company maintains a target price of 108 HKD for Hong Kong shares and 28 USD for US shares, indicating potential upside of 39% and 26% respectively [2]

Core Insights - Xiaopeng Motors reported a significant increase in April 2025 vehicle deliveries, with a total of 35,045 units delivered, representing a year-on-year growth of 273% and a month-on-month increase of 6% [1][2] - The company is enhancing its product lineup with the upgraded 2025 Xiaopeng X9 and P7+, which feature advanced configurations and technology, ensuring strong delivery capabilities moving forward [1][2] Delivery Performance - In April 2025, Xiaopeng Motors delivered 35,045 vehicles, marking a 273% increase year-on-year and a 6% increase month-on-month [1] - The Xiaopeng MONA M03 has achieved over 100,000 cumulative deliveries in just 8 months, while the P7+ has reached its 50,000th unit in 5 months [1] Product Development - The 2025 Xiaopeng X9 has been upgraded with new configurations, priced between 359,800 to 419,800 yuan, while the P7+ features a long-range Max flagship version equipped with advanced AI battery technology [1] - The company is set to mass-produce its Turing AI chip in Q2, enhancing its smart driving capabilities [1] Market Expansion - The 2025 Xiaopeng X9 received 6,000 orders within 7 days of its launch in mainland China, setting a record for pure electric MPVs, and over 1,500 orders in various Asia-Pacific regions [2] - Xiaopeng Motors is accelerating its global strategy, with strong product performance expected to drive sales growth [2] Financial Projections - The company forecasts vehicle sales of 524,000, 786,000, and 966,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan, reflecting year-on-year growth rates of 139.2%, 61.7%, and 24.7% [2] - Expected net profits for the same years are projected at 1.2 billion, 6 billion, and 9.42 billion yuan [2]

机构：国金证券 研究员：姚遥 业绩点评 5 月21 日，小鹏汽车公布25Q1 财报： 1、营收：Q1 小鹏交付汽车94008 辆，同/环比+330.8%/+2.7%，Q1 营收158.1 亿元，同/环比 +141.4%/-1.9%，单车ASP 15.3 万元，同/环比-39.8%/-4.7%。 经营分析与展望 1、减亏主要来自：1）销量：Q1 前半段公司爆款产品M03、P7+储备订单仍充沛，因而公司Q1 销量在 爆款新车延续的情形下是稳健的，规模效应并未下降。 2、费用：Q1 研发/SG&A 费用分别为19.8/19.5 亿元，研发/SG&A 费用率分别为12.5%/12.3%，环比 +0.0/-1.8pct。 3、利润：Q1 毛利率15.6%，同/环比+2.7/+1.2pct；其中汽车业务毛利率10.5%，同/环比+5.0%/+0.5%； 归母净利-6.6 亿元；我们计算Q1 单车亏损0.7 万元。 风险提示 行业竞争加剧，市场需求不及预期。 2）毛利率：汽车业务毛利率环比提升，虽然Q1 M03 占比提升至50.1%，车型结构上表面劣化M03 比例 提升，但是实际上大额亏损的G6/G9 在Q1 迎来改款，单 ...