Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q1 2025, the company achieved revenue of 15.81 billion, representing a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8%. The gross margin reached 15.6%, up 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]. Summary by Sections Financial Performance - In Q1 2025, the automotive business generated revenue of 14.37 billion, a year-on-year increase of 159.2%, with a delivery volume of 94,000 vehicles, up 330.8% year-on-year. The average revenue per vehicle was 168,000. The delivery volume structure showed significant contributions from models MONA M03, P7+, G6, and G9, with respective deliveries of 47,000, 24,000, 13,000, and 5,600 vehicles, accounting for 50.1%, 25.4%, 14.0%, and 6.0% of total deliveries. The automotive gross margin was 10.5%, up 5.0 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [4][9]. Service Revenue - The service business revenue for Q1 2025 was 1.44 billion, reflecting a year-on-year increase of 43.6% and a quarter-on-quarter increase of 0.5%. The service gross margin was 66.4%, up 12.4 percentage points year-on-year and 6.8 percentage points quarter-on-quarter. The high gross margin from the service business significantly enhanced the overall service gross margin [9]. Cost and Expenses - The company experienced a significant increase in sales volume, which diluted the expense ratio. In Q1 2025, R&D expenses were 1.98 billion, up 46.7% year-on-year, with an R&D expense ratio of 12.5%. Selling and general expenses were 1.95 billion, up 40.2% year-on-year, with a selling and general expense ratio of 12.3% [9]. Future Outlook - For Q2 2025, the expected delivery volume is between 102,000 and 108,000 vehicles, representing a year-on-year increase of 237.7% to 257.5%. Expected revenue is projected to be between 17.5 billion and 18.7 billion, a year-on-year increase of 115.7% to 130.5%. The strong new vehicle cycle and continuous monthly sales growth, along with the successful launch of new models like G6 and G9, are anticipated to sustain sales momentum [9].
小鹏汽车-W（09868）：2025年Q1业绩点评：汽车毛利率创新高，减亏幅度超预期