Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company achieved a record high gross margin of 15.6% in Q1 2025, with a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.1 percentage points. The net loss narrowed to RMB 660 million, a reduction of 51% year-on-year and 50% quarter-on-quarter [9]. - The company is expected to benefit from a strong product cycle and enhanced smart features, projecting revenues of RMB 90.9 billion, RMB 130.3 billion, and RMB 152.7 billion for 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of RMB -1.1 billion, RMB 3.2 billion, and RMB 6.7 billion for the same years [9]. - The company delivered 94,000 vehicles in Q1 2025, marking a 331% increase year-on-year and a 3% increase quarter-on-quarter, with key models contributing significantly to sales [9]. Financial Summary - For the fiscal years 2022 to 2027, the company’s projected revenue shows a significant growth trajectory, with expected revenues of RMB 90.9 billion in 2025, up from RMB 40.9 billion in 2024, representing a 122% increase [3][7]. - The gross profit is projected to increase from RMB 5.8 billion in 2024 to RMB 14.9 billion in 2025, indicating a strong improvement in profitability [3][7]. - The net profit is expected to improve from a loss of RMB 5.8 billion in 2024 to a loss of RMB 1.1 billion in 2025, with a return to profitability projected in 2026 [3][7]. Market Position and Valuation - The report assigns a price-to-sales (PS) ratio of 1.9x for 2025, leading to a target price of HKD 98.58, based on peer comparisons [9]. - The company’s stock has traded within a range of HKD 26.05 to HKD 97.45 over the past 52 weeks, indicating significant volatility and potential for growth [4].
小鹏汽车-W（09868）：2025年一季度业绩点评：25Q1毛利率创历史新高，经营质量持续优化