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小鹏汽车(9868.HK)：毛利率环比改善 净亏损大幅收窄 下半年迎来大产品周期
Ge Long Hui·2025-05-23 09:43

Core Viewpoint - Xiaopeng Motors reported a revenue of 15.8 billion RMB in Q1 2025, with a slight quarter-on-quarter decline of 1.8%, meeting expectations [1] - The company achieved a vehicle sales volume of 94,000 units, reflecting a quarter-on-quarter growth of 2.7% [1] - The gross margin improved to 10.5%, exceeding market expectations, driven by cost control and scale effects [1] Financial Performance - The net loss for the company was 660 million RMB, with a non-GAAP net loss of 430 million RMB, representing a significant quarter-on-quarter decrease of 50.1% and 69.4% respectively [1] - Research and sales expenses decreased by 1.3% and 14.5% quarter-on-quarter, slightly lowering their proportion of revenue [1] Future Guidance - The company expects Q2 revenue to be between 17.5 billion and 18.7 billion RMB, indicating a quarter-on-quarter growth of 10.7% to 18.3% [1] - Projected delivery volume for Q2 is between 102,000 and 108,000 units, reflecting a quarter-on-quarter growth of 8.5% to 14.9% [1] - The implied average selling price for Q2 is expected to rise to 158,000 RMB, a quarter-on-quarter increase of 5,000 RMB [1] Product Development - A major product cycle is anticipated in the second half of the year, with expectations for continued upward trends in average selling price and gross margin [1] - Key upcoming product launches include the MONA M03 MAX on May 28, the Xiaopeng G7 in June, and the next-generation P7 in Q3, with the Kunpeng super electric vehicle entering mass production in Q4 [1] - The company aims to launch humanoid robots for industrial and commercial applications by 2026, enhancing computational power with Turing chips [1] Investment Outlook - The company is viewed as a high-certainty investment within the new energy vehicle sector, with anticipated sales growth driven by new and updated models [1] - The potential for quarterly profitability is expected to improve due to the proliferation of intelligent driving and new vehicle sales [1] - The company's strategic positioning in artificial intelligence, low-altitude economy, and humanoid robotics is likely to positively impact stock prices and valuation [1]