Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The G7 model is expected to lead sales growth in Q2 2025, while brand enhancement will be crucial in H2 2025. The company has adjusted its revenue forecasts for 2025 and 2026, with 2025 revenue revised down to 82.01 billion yuan from 95.56 billion yuan, and 2026 revenue increased to 127.24 billion yuan from 122.06 billion yuan. A new revenue forecast for 2027 is set at 141.85 billion yuan. The Non-GAAP net profit estimates for 2025 and 2026 have been adjusted to -1.94 billion yuan and 533 million yuan, respectively, with a new forecast for 2027 at 2.23 billion yuan. The adjusted EPS for 2025-2027 is projected at -1.0, 0.3, and 1.1 yuan, respectively, corresponding to a price-to-sales ratio of 2.0, 1.3, and 1.2 times [5][6]. Financial Summary and Valuation Metrics - For 2023, the company reported a revenue of 30.68 billion yuan, with a year-over-year growth of 14.2%. The projected revenues for 2024, 2025, 2026, and 2027 are 40.87 billion yuan, 82.01 billion yuan, 127.24 billion yuan, and 141.85 billion yuan, respectively, with corresponding year-over-year growth rates of 33.2%, 100.7%, 55.2%, and 11.5%. The net profit for 2023 was -9.44 billion yuan, with projections of -5.55 billion yuan for 2024, -1.94 billion yuan for 2025, 533 million yuan for 2026, and 2.23 billion yuan for 2027. The gross margin is expected to be 14.5% in 2025, while the net margin is projected to improve to 1.6% by 2027 [7].
小鹏汽车-W：港股公司信息更新报告：2025Q2G7有望领衔上行，2025H2有赖品牌上探-20250320