Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In August 2025, the company delivered 37,709 vehicles, representing a year-on-year increase of 168.7% and a month-on-month increase of 2.7%. Cumulatively, from January to August 2025, the company delivered 272,000 vehicles, a year-on-year increase of 251.8% [2][4][8]. - The launch of new models, including the MONA M03 and P7+, is expected to drive sales growth. The company is anticipated to maintain strong sales momentum due to a robust new vehicle cycle and improvements in its marketing and distribution channels [2][8]. - The company is projected to achieve a revenue of 196-210 billion CNY in Q3 2025, reflecting a year-on-year growth of 94.0%-107.9%. The anticipated delivery volume for Q3 is between 113,000 and 118,000 vehicles, which is a year-on-year increase of 142.8%-153.6% [8]. Summary by Sections Sales Performance - In August 2025, the company achieved a record monthly delivery of 37,709 vehicles, with significant contributions from the MONA M03, which delivered over 15,000 units. The new P7 model launched on August 27, 2025, saw over 10,000 pre-orders within 7 minutes, setting a new record for the company [2][8]. Future Outlook - The company expects to continue its strong sales trajectory with multiple new models set to launch in the coming quarters. The G6 and G9 models have already gained significant market traction, and the company plans to introduce a new generation P7 in Q3 2025 [8]. Financial Projections - The company anticipates achieving a revenue of 928 billion CNY for the year 2025, with a price-to-sales ratio of 1.6X. The software revenue is expected to significantly improve financial performance as the company enters a new vehicle cycle [8].
小鹏汽车-W（09868）：2025年8月销量点评：同环比持续增长，新P7上市高热度