Core Viewpoint - The company reported a strong performance in Q1 2025, with significant sales growth driven by new model launches, despite a challenging industry environment [1][2][3]. Sales Performance - In Q1 2025, the company achieved sales of 94,000 vehicles, representing a year-on-year increase of 330.8% and a quarter-on-quarter increase of 2.7% [1]. - The new models, Mona M03 and P7+, contributed significantly to sales, with 47,000 and 24,000 units sold respectively, accounting for 75.5% of total sales in the quarter [2]. Financial Metrics - Total revenue for Q1 2025 was 15.81 billion yuan, showing a year-on-year increase of 141.5% but a quarter-on-quarter decrease of 1.8% [1]. - The average revenue per vehicle was 153,000 yuan, down 39.8% year-on-year and 4.7% quarter-on-quarter [1]. - The gross margin improved to 15.6%, with a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.2 percentage points [1]. Future Outlook - The company has set a delivery guidance of 102,000 to 108,000 vehicles for Q2 2025, which would be a record high [2]. - The introduction of new models such as G6 and G9, along with the upcoming M03 Max version, is expected to further enhance sales and profitability [3]. - The company anticipates total sales of 550,000 vehicles in 2025, representing a year-on-year increase of 190% [3]. Technological Advancements - The company is set to deploy its self-developed Turing chip in Q2, which is designed to optimize cost control and enhance the capabilities of its vehicles [3]. - The Turing chip boasts processing power 3-7 times that of current mainstream AI chips, specifically designed for L4 autonomous driving [3]. Profitability Forecast - The company has revised its revenue projections for 2025-2027 upwards, with expected revenues of 95.9 billion, 117.2 billion, and 135.5 billion yuan respectively [4]. - The forecast for net profit attributable to the parent company has also been increased, with estimates of 400 million, 2.8 billion, and 4.7 billion yuan for the same period [4].
小鹏汽车-W(09868.HK)：新车销量强劲 毛利率略超预期