小鹏汽车-W：小鹏汽车25Q1财报点评：爆款周期延续、政府补助融入，盈利略超预期-20250522

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. The focus should be on the status of new vehicle launches [3]. - The company delivered 94,008 vehicles in Q1, representing a year-on-year increase of 330.8% and a quarter-on-quarter increase of 2.7%. Revenue for Q1 reached 15.81 billion yuan, with a year-on-year increase of 141.4% but a slight quarter-on-quarter decrease of 1.9% [1][2]. - The gross margin for Q1 was 15.6%, with the automotive business gross margin at 10.5%, showing improvements compared to previous periods [1][2]. Summary by Sections Financial Performance - Q1 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]. - The company recorded a net loss of 660 million yuan in Q1, with a calculated loss of 7,000 yuan per vehicle sold [1][2]. Sales and Market Outlook - The reduction in losses is attributed to strong sales of popular models and an increase in gross margin despite a higher proportion of lower-margin models [2]. - The company anticipates some pressure in Q2 due to increased market competition but expects stable sales driven by export growth and new vehicle deliveries [2]. Revenue Projections - Revenue forecasts for the company are 94.62 billion yuan for 2025, 153.27 billion yuan for 2026, and 175.70 billion yuan for 2027, indicating substantial growth [3][7].