Core Viewpoint - Xiaopeng Motors reported a significant increase in revenue and a reduction in net loss for Q1 2025, indicating a positive trend in its financial performance and operational efficiency [1][2]. Financial Performance - In Q1 2025, Xiaopeng Motors achieved revenue of 15.81 billion yuan, a year-on-year increase of 141.5% [1]. - The net profit for Q1 2025 was -660 million yuan, showing a reduction in loss by 710 million yuan compared to the previous quarter [2]. - The gross margin improved to 15.6%, with the automotive sales gross margin at 10.5%, reflecting a year-on-year increase of 5.0 percentage points [2]. Vehicle Delivery and Sales - Xiaopeng Motors delivered 94,000 vehicles in Q1 2025, marking a year-on-year growth of 330.8% [2]. - The automotive business revenue reached 14.37 billion yuan, up 159.2% year-on-year, with an average selling price (ASP) of 153,000 yuan per vehicle [2]. - The company anticipates delivering between 102,000 and 108,000 vehicles in Q2 2025, projecting total revenue of 17.5 billion to 18.7 billion yuan [2]. Product Development and Market Expansion - Xiaopeng Motors plans to launch several new models, including the G6, G9 facelift, and the all-new X9, which are expected to drive sales growth [2]. - The company is expanding its sales network, with a total of 690 stores covering 223 cities and 2,115 self-operated charging stations [3]. - The upcoming Mona M03 Max will introduce advanced driving features at a lower price point, targeting a broader market [3]. Future Projections - The company forecasts vehicle sales of 524,000, 786,000, and 966,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan [3]. - The expected growth rates for revenue are 139.2%, 61.7%, and 24.6% for the years 2025 to 2027 [3].
小鹏汽车-W(09868.HK)：新车周期加持 毛利率稳步向上