EBSCN·2025-05-25 13:58Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its sales and gross margin growth prospects for 2025 [4]. Core Insights - The company's Q1 2025 performance met expectations, with total revenue of 15.81 billion yuan, a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8%. The gross margin improved to 15.6%, and the Non-GAAP net loss narrowed significantly [1][4]. - The company is expected to see improvements in average selling price (ASP) and gross margin on a quarterly basis, driven by scale effects and cost reductions from technology and supply chain optimizations [2][4]. - New product launches and advancements in AI technology are anticipated to enhance brand positioning and profitability, with expected delivery volumes for Q2 2025 ranging from 102,000 to 108,000 units [3][4]. Summary by Sections Financial Performance - Q1 2025 total revenue was 15.81 billion yuan, with a gross margin of 15.6% and a Non-GAAP net loss of 430 million yuan [1]. - The company reported a year-on-year revenue growth of 141.5% and a gross margin increase of 2.7 percentage points [1]. Future Outlook - The company expects ASP and gross margin to improve gradually from Q2 2025 onwards, supported by new model launches and ongoing cost reduction efforts [2][4]. - Key upcoming models include the Mona M03 Max and G7, which are expected to enhance the product lineup and drive sales [3]. Profitability Forecast - The report projects a Non-GAAP net loss of 270 million yuan for 2025, with a return to profitability expected in 2026 and 2027, with net profits of approximately 7.05 billion yuan and 10.77 billion yuan, respectively [4][5].