Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In July 2025, the company delivered 36,717 new vehicles, representing a year-on-year increase of 229.4% and a month-on-month increase of 6.1%. Cumulatively, from January to July 2025, the company delivered 234,000 vehicles, a year-on-year increase of 270.3% [2][4][8]. - The company is expected to see steady sales growth due to a strong new car cycle, with the MONA M03 and P7+ models contributing significantly. The company is also benefiting from cost reductions in platforms and technology, as well as an expanding software revenue model and continued growth in international markets [2][8]. Summary by Sections Sales Performance - July 2025 saw a record monthly delivery of 36,717 vehicles, with a year-on-year growth of 229.4% and a month-on-month growth of 6.1%. The total deliveries from January to July 2025 reached 234,000 vehicles, marking a year-on-year increase of 270.3% [2][4][8]. - The cumulative delivery of vehicles has surpassed 800,000 units as of July 2025. The MONA M03 model delivered over 15,000 units in July, maintaining strong sales momentum [8]. New Product Launches - The company is entering a strong new car cycle with the recent launches of the MONA M03 and P7+. The G7 model was launched on July 3, 2025, and has already seen significant pre-orders. Upcoming models, including the new generation P7 and the Kunpeng super electric vehicle, are expected to further enhance sales in the latter half of the year [8]. Financial Outlook - The company is projected to achieve a revenue of 99.1 billion yuan in 2025, with a price-to-sales ratio of 1.2X. The software revenue is expected to show significant improvement, contributing to a positive financial outlook as the company enters a new car cycle [8].
小鹏汽车-W（09868）：2025年7月销量点评：月销再创新高，下半年密集新车有望持续抬升销量