Core Insights - The company achieved a record high in vehicle deliveries in Q3 2025, with a revenue of 20.38 billion yuan, reflecting a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The gross margin improved to 20.1%, up 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter, indicating enhanced profitability [1] - The company reported a net loss of 3.8 billion yuan, with an adjusted net loss of 1.5 billion yuan, but is expected to turn profitable in Q4 2025 [1] Revenue and Profit Forecast - Based on the guidance for Q4 2025 and continuous improvement in profitability, the revenue forecast for 2025-2027 has been adjusted to 77.536 billion yuan (down 29.02%), 129.357 billion yuan (up 2.49%), and 161.166 billion yuan (up 180.37%) respectively [1] - The Non-GAAP net profit is projected to be -3.94 billion yuan (up 6.73%), 2.51 billion yuan (up 14.60%), and 5.105 billion yuan (up 14.26%) for the same period [1] - The price-to-sales ratio is expected to be 1.9, 1.1, and 0.9 for 2025, 2026, and 2027 respectively, while the price-to-earnings ratio for 2026 and 2027 is projected to be 57.4 and 28.2 [1] Business Performance - In the automotive segment, Q3 2025 revenue reached 18.05 billion yuan, with a year-on-year increase of 105.3% and a quarter-on-quarter increase of 6.9% [1] - The company delivered 116,000 vehicles in Q3 2025, marking a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1] - The average selling price per vehicle was 156,000 yuan, down 33,400 yuan year-on-year and 8,000 yuan quarter-on-quarter, primarily due to changes in the model mix [1] International Expansion - The company has delivered over 29,000 vehicles in overseas markets from Q1 to Q3 2025, representing a year-on-year increase of 125% [1] - Local production capacity is being established in Austria and Indonesia to support ongoing international business growth [1] Cost Management - The gross margin for automotive operations was 13.1%, with a year-on-year increase of 4.5 percentage points [1] - Research and development expenses and selling, general, and administrative expenses increased by 48.7% and 52.6% year-on-year, respectively, but the growth rate was significantly lower than revenue growth, indicating scale effects supporting profit enhancement [1] Future Product Launches - The company is set to enter the "dual-energy vehicle" cycle in 2026, planning to launch three super-range and four dual-energy new vehicles [2] - The Turing chip will generate revenue from the partnership with Volkswagen, with collaborative models expected to enter mass production in early 2026 [2] - The company aims to launch three Robotaxi models and initiate trial operations in 2026, alongside the introduction of humanoid robots and flying cars by the end of 2026 [2]
小鹏汽车-W(09868.HK)：亏损进一步收窄 迈向物理世界AI领导者