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]
小鹏汽车-W(09868.HK)：1Q业绩超市场预期；新车逐季上市带动增长