Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total delivery of 30,453 vehicles in February 2025, representing a year-on-year increase of 570.0% and a month-on-month increase of 0.3% [3][5]. - Cumulative deliveries for January and February 2025 reached 61,000 vehicles, showing a year-on-year growth of 375.2% [3][5]. - The company is expected to see steady sales growth driven by strong new vehicle launches, including the MONA M03 and P7+, alongside improvements in marketing and channel strategies [5]. - The company anticipates a revenue of 85.7 billion yuan in 2025, corresponding to a price-to-sales ratio of 1.8X, indicating a significant improvement in financial performance [5]. Summary by Sections Sales Performance - February 2025 saw the company achieve over 30,000 deliveries for the fourth consecutive month, with MONA M03 and P7+ maintaining strong delivery numbers [5]. - The MONA M03 delivered over 15,000 units in February alone, setting a record for new energy vehicle deliveries [5]. - The P7+ has achieved over 30,000 cumulative deliveries within three months of its launch, breaking the record for the fastest delivery in its class [5]. Strategic Developments - The company is enhancing its marketing and channel strategies, which are expected to contribute to sustained sales growth [5]. - The launch of the first right-hand drive model, the G6, in the UK is set to begin deliveries in March 2025, indicating the company's commitment to expanding its international presence [5]. - The establishment of a fast-charging network in Southeast Asia is planned for 2025, further supporting the company's global energy system layout [5]. Technological Advancements - The company reported a monthly active user penetration rate of 86% for its XNGP urban intelligent driving system in February 2025 [5]. - The total mileage and duration of intelligent driving increased by 98.2% and 103.5% year-on-year, respectively, with a user penetration rate of 93.3% [5]. - The 2025 model of the G6 was officially unveiled, featuring advanced capabilities and design improvements [5].
小鹏汽车-W：小鹏汽车2025年2月销量点评：单月销量再破3万辆，同环比持续增长-20250311