Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 102.6 for the next six months [7]. Core Views - The company reported significant revenue growth in Q2 2025, achieving revenue of CNY 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [1]. - The automotive sales revenue reached CNY 16.9 billion in Q2 2025, up 148% year-on-year and 17% quarter-on-quarter, with vehicle deliveries of 103,000 units, representing a year-on-year increase of 241.6% [2]. - The gross margin for automotive sales improved significantly to 14.3%, an increase of 8.0 percentage points year-on-year and 3.9 percentage points quarter-on-quarter, driven by changes in product sales structure and cost reduction efforts [3]. - The company is expected to continue its strong product cycle with new models launching, including the new P7 and two new Mona SUVs in 2025 [4]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are CNY 90 billion, CNY 138.9 billion, and CNY 173.6 billion respectively, with corresponding price-to-sales ratios of 1.7, 1.1, and 0.88 [4]. - The net loss for 2025 is estimated at CNY 3.16 billion, improving from a loss of CNY 5.38 billion in 2024 [5]. - The company’s gross margin is projected to reach 16.0% in 2026 and 20.0% in 2027, indicating a positive trend in profitability [10].
小鹏汽车-W（09868）：25Q2毛利率显著提升，期待增程产品周期