Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company has shown significant improvement in its fundamentals, with a strong technological layout and a low-cost strategy, indicating robust momentum under the current circumstances [3]. - The first quarter of 2025 saw the company deliver 94,008 vehicles, with revenue reaching 15.81 billion yuan, reflecting a year-on-year increase of 330.8% and 141.4% respectively [1]. - The gross margin for the automotive business improved to 10.5%, driven by a favorable sales structure and cost management [2]. Financial Performance Summary - Revenue and Deliveries: In Q1 2025, the company delivered 94,008 vehicles, with revenue of 15.81 billion yuan, marking a year-on-year growth of 141.4% [1]. - Cost Structure: R&D and SG&A expenses were 1.98 billion yuan and 1.95 billion yuan respectively, with R&D and SG&A expense ratios at 12.5% and 12.3% [1]. - Profitability: The gross margin was 15.6%, with a net loss of 660 million yuan in Q1 [1]. The company expects to improve profitability through enhanced vehicle delivery and cost management [2]. - Future Projections: Revenue forecasts for 2025, 2026, and 2027 are 94.62 billion yuan, 153.27 billion yuan, and 175.70 billion yuan respectively, with significant growth rates anticipated [7][8].
小鹏汽车-W（09868）：25Q1财报点评：爆款周期延续、政府补助融入，盈利略超预期