Core Viewpoint - Xiaopeng Motors reported significant growth in Q1 2025, with a notable increase in vehicle deliveries and revenue, despite a slight decline in average selling price (ASP) [1][2]. Financial Performance - Q1 vehicle deliveries reached 94,008 units, representing a year-on-year increase of 330.8% and a quarter-on-quarter increase of 2.7% [1]. - Q1 revenue was 15.81 billion yuan, showing a year-on-year growth of 141.4% but a slight quarter-on-quarter decline of 1.9% [1]. - The average selling price (ASP) per vehicle was 153,000 yuan, down 39.8% year-on-year and 4.7% quarter-on-quarter [1]. - R&D and SG&A expenses for Q1 were 1.98 billion yuan and 1.95 billion yuan, respectively, with R&D and SG&A expense ratios at 12.5% and 12.3% [1]. - Q1 gross margin was 15.6%, with automotive gross margin at 10.5%, both showing improvements compared to previous periods [1][2]. - The net loss attributable to shareholders was 660 million yuan, with a calculated loss of 7,000 yuan per vehicle [1]. Operational Analysis and Outlook - The reduction in losses was attributed to strong sales of popular models M03 and P7, which maintained robust order reserves [1][2]. - The automotive gross margin improved despite a higher proportion of M03 sales, as the company benefited from the redesign of G6 and G9 models, enhancing profitability [2]. - Q2 may face some pressure due to increased market competition, but the company expects stable sales driven by rising export volumes and new vehicle deliveries [2]. - The company is focused on optimizing its vehicle structure, with expectations for improved profitability in Q2 due to the full delivery cycle of redesigned models [2]. - For the full year, the market's focus will be on new vehicle launches, with the company’s strong product development capabilities and technology positioning being key factors [2]. Profit Forecast, Valuation, and Rating - Xiaopeng Motors is recognized as a leading player in the domestic smart driving sector, with significant improvements in fundamentals and a strong new vehicle cycle [3]. - Revenue projections for 2025, 2026, and 2027 are estimated at 94.62 billion yuan, 153.27 billion yuan, and 175.70 billion yuan, respectively [3]. - The company maintains a "buy" rating based on its growth potential and market positioning [3].
小鹏汽车-W(09868.HK)：爆款周期延续、政府补助融入 盈利略超预期