Core Viewpoint - The company reported a strong Q1 performance with revenue of 15.8 billion yuan, a year-on-year increase of 141%, and a narrowing net loss of 660 million yuan, aligning with expectations [1][2] Financial Performance - Q1 gross margin reached a record high of 15.6%, with significant cost reduction and efficiency improvements [1][2] - The company sold 94,000 new vehicles in Q1, a year-on-year increase of 331%, contributing to the highest quarterly revenue [1][2] - The average selling price (ASP) and gross profit per vehicle were 15,300 yuan and 1,600 yuan, respectively, showing a year-on-year decrease of 40% and an increase of 15% [2] Sales and Delivery Outlook - The company has delivered over 30,000 vehicles for six consecutive months, with April deliveries reaching 35,000 units [3] - The company plans to launch three new models from May to August, which are expected to significantly boost sales [3] - The company anticipates Q2 deliveries of 102,000 to 108,000 vehicles, setting a new delivery guidance record [2] Market Expansion and Growth Potential - The company has exported 11,000 vehicles from January to April, a year-on-year increase of 330%, with exports accounting for 9% of total sales [3] - The company is pursuing multiple growth avenues, including a range-extended SUV and flying cars, indicating a positive long-term growth outlook [3] Profit Forecast and Valuation - The company maintains revenue forecasts of 85.6 billion, 97.7 billion, and 124.7 billion yuan for 2025-2027 [3] - The target price has been raised to 119.99 HKD, maintaining a "buy" rating based on the company's new vehicle cycle and technological advantages [3]
小鹏汽车-W(9868.HK)：毛利率持续改善 看好新车周期