Ge Long Hui·2025-06-05 01:59Core Viewpoint - The company reported a revenue of 25Q1 at 25.9 billion yuan, with a year-on-year increase of 1%, and a net profit attributable to shareholders of 0.65 billion yuan, up 9% year-on-year. The company is optimistic about its AI capabilities and the new electric vehicle cycle, maintaining a "buy" rating [1][2]. Financial Performance - In 25Q1, the company delivered 93,000 new vehicles, a year-on-year increase of 16% but a quarter-on-quarter decrease of 41% [2]. - The revenue for 25Q1 was 25.9 billion yuan, reflecting a year-on-year growth of 1% and a quarter-on-quarter decline of 41% [2]. - The net profit for 25Q1 was 0.65 billion yuan, showing a year-on-year increase of 9% but a significant quarter-on-quarter drop of 82% [2]. - The estimated revenue per vehicle in 25Q1 was approximately 266,000 yuan, down 3.6 thousand yuan year-on-year and 0.3 thousand yuan quarter-on-quarter [2]. - The estimated net profit per vehicle was about 7,000 yuan, remaining flat year-on-year and down 1.5 thousand yuan quarter-on-quarter [2]. Future Outlook - For 25Q2, the company expects vehicle deliveries to be between 123,000 and 128,000 units, representing a year-on-year increase of 13.3% to 17.9% [2]. - The total revenue for 25Q2 is projected to reach between 32.5 billion and 33.8 billion yuan, indicating a year-on-year growth of 2.5% to 6.7% [2]. Profitability Metrics - The net profit margin for 25Q1 was 2.5%, an increase of 0.2 percentage points year-on-year [2]. - The vehicle gross margin for 25Q1 was 19.8%, up 0.4 percentage points year-on-year, attributed to cost reductions and pricing strategy changes, although partially offset by product mix changes [2]. - The SG&A expense ratio decreased by 1.9 percentage points year-on-year, mainly due to reduced employee compensation, improved operational efficiency, and decreased marketing activities [2]. - The R&D expense ratio decreased by 2.2 percentage points year-on-year, related to reduced employee compensation and the pacing of new model projects [2]. Product Development and Innovation - The company is optimistic about AI integration, particularly with the upcoming launch of the pure electric i8 model, which will feature the new VLA model for advanced driver assistance [3]. - The VLA model integrates spatial intelligence, language intelligence, and behavioral intelligence, enabling seamless interaction between vehicles and users [3]. - The i8, positioned as a mid-to-large SUV, is scheduled for official release in July 2025, with plans to establish over 2,500 charging stations nationwide by the time of launch [3].