Investment Rating - The report maintains a "Buy" rating for XPeng Motors (09868) [1] Core Views - The company reported strong vehicle sales in Q1 2025, achieving 94,000 units sold, with year-on-year and quarter-on-quarter growth of 330.8% and 2.7% respectively [4] - Total revenue for Q1 2025 was 15.81 billion RMB, reflecting a year-on-year increase of 141.5% but a slight quarter-on-quarter decline of 1.8% [4] - The gross margin improved to 15.6%, with a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.2 percentage points [4] - The net loss for Q1 2025 was 660 million RMB, which represents a reduction in losses compared to the previous year [4] Financial Data and Profit Forecast - Revenue projections for 2025 have been revised upwards from 87.7 billion RMB to 95.9 billion RMB, with expected growth rates of 135% [5][6] - The forecast for net profit attributable to shareholders has been adjusted from 400 million RMB to 4 billion RMB for 2025, indicating a significant turnaround [5][6] - Earnings per share (EPS) is projected to be 0.23 RMB in 2025, with a net asset return rate expected to reach 1.44% [5][6] Company Performance Insights - The launch of new models, including the Mona M03 and P7+, has significantly boosted sales, with these models accounting for 75.5% of total sales in Q1 2025 [6] - The company anticipates delivering between 102,000 and 108,000 vehicles in Q2 2025, setting a new historical high [6] - The introduction of self-developed chips is expected to enhance cost control and improve profitability [6] Market Position and Competitive Landscape - The new vehicle cycle is expected to drive significant sales growth, with total sales projected to reach 550,000 units in 2025, representing a year-on-year increase of 190% [6] - The company is also exploring advancements in robotics and flying vehicles, which may provide additional growth opportunities [6]
小鹏汽车-W（09868）：新车销量强劲，毛利率略超预期