Changjiang Securities·2025-05-29 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In Q1 2025, the company achieved sales of 93,000 vehicles, a year-on-year increase of 15.5%, with revenue reaching 25.93 billion yuan, up 1.1% year-on-year. The vehicle gross margin was 19.8%, an increase of 0.5 percentage points year-on-year. The company's product advantages and brand design are well recognized, and the future vehicle planning is clear, indicating a broad sales potential [2][5]. Summary by Sections Sales and Revenue - In Q1 2025, the company sold 93,000 vehicles, with an average selling price of approximately 266,000 yuan. The sales figures for different models were as follows: L6 (44,000 units), L7 (21,000 units), L8 (13,000 units), L9 (12,000 units), and MEGA (2,000 units). The L6 model accounted for 48% of total sales, with a slight decrease of 1.3 percentage points compared to the previous quarter [7]. Financial Performance - The company reported a revenue of 25.93 billion yuan in Q1 2025, with vehicle sales contributing 24.68 billion yuan, a year-on-year increase of 1.8%. The gross margin improved to 20.5%, with vehicle gross margin at 19.8%, benefiting from cost reductions and changes in pricing strategies. The net profit attributable to shareholders was 650 million yuan, a year-on-year increase of 9.7% [5][7]. Future Outlook - For Q2 2025, the company expects to deliver between 123,000 and 128,000 vehicles, representing a year-on-year growth of 13.3% to 17.9%. Revenue is projected to be between 32.5 billion and 33.8 billion yuan, an increase of 2.5% to 6.7% year-on-year. The company has a clear product roadmap with a focus on expanding its sales channels, having established 500 retail centers across 151 cities by the end of April 2025 [5][7]. Product Strategy - The company has developed a product matrix consisting of four extended-range electric vehicle models and one high-voltage pure electric model, targeting the market above 200,000 yuan. The upcoming new vehicle launches are expected to enhance the overall sales potential, with high average selling prices and scale effects likely to sustain profitability [5][7].