小鹏汽车-W：小鹏汽车 2025 年 Q1 业绩点评：汽车毛利率创新高，减亏幅度超预期-20250524

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q1 2025, the company achieved a revenue of 15.81 billion, representing a year-on-year increase of 141.5% but a slight quarter-on-quarter decrease of 1.8%. The gross margin reached 15.6%, up by 2.7 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net loss was 660 million, narrowing by 700 million year-on-year, while the Non-GAAP net loss was 430 million, a reduction of 980 million year-on-year. The company's smart driving capabilities remain leading, and with a strong new vehicle cycle, combined with channel reforms and enhanced marketing systems, sales are expected to accelerate [2][4][8]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 15.81 billion, a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8%. The gross margin was 15.6%, reflecting a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.1 percentage points. The net loss was 660 million, a year-on-year reduction of 700 million, while the Non-GAAP net loss was 430 million, narrowing by 980 million year-on-year [2][4]. Automotive Business - The automotive business generated a revenue of 14.37 billion in Q1 2025, with a year-on-year increase of 159.2%. The delivery volume reached 94,000 units, a year-on-year increase of 330.8%, with an average revenue per vehicle of 168,000. The gross margin for the automotive business was 10.5%, up by 5.0 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [8]. Service Revenue - The service business revenue was 1.44 billion in Q1 2025, showing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 0.5%. The service business gross margin was 66.4%, up by 12.4 percentage points year-on-year and 6.8 percentage points quarter-on-quarter [8]. Future Outlook - For Q2 2025, the expected delivery volume is between 102,000 and 108,000 units, representing a year-on-year increase of 237.7% to 257.5%. The anticipated revenue is between 17.5 billion and 18.7 billion, a year-on-year growth of 115.7% to 130.5%. The company is entering a strong new vehicle cycle, with new models expected to enhance sales further [8].