Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company achieved a significant year-on-year sales growth of 242% in Q2 2025, with total revenue reaching 18.3 billion yuan, a 125% increase compared to the same period last year [1][7][3] - The launch of new models such as the G7 and the new P7, equipped with advanced technologies like the Turing chip, is expected to drive sales further [3][31][27] - The company maintains its profit forecast, projecting revenues of 88.5 billion yuan, 118.1 billion yuan, and 130.3 billion yuan for 2025, 2026, and 2027 respectively, while expecting net losses to decrease over the same period [4][35] Financial Performance - In Q2 2025, the company reported a net loss of 4.8 billion yuan, an improvement from a loss of 12.9 billion yuan in the same quarter last year [1][7] - The gross margin for Q2 2025 was 17.3%, reflecting a year-on-year increase of 3.3 percentage points, while the net margin improved to -2.6% [2][9] - The company’s R&D expense ratio decreased to 12.1%, down 6.0 percentage points year-on-year, indicating improved cost efficiency [2][9] Sales and Delivery - The company sold 103,000 vehicles in Q2 2025, marking a 241.6% increase year-on-year and a 9.8% increase quarter-on-quarter [3][16] - For July and August 2025, the company delivered 36,700 and 37,700 vehicles respectively, with year-on-year growth rates of 229% and 169% [3][16] - The company expects Q3 2025 vehicle deliveries to be between 113,000 and 118,000 units, representing a year-on-year increase of 143% to 154% [3][16] Model Launches and Innovations - The G7 model was officially launched on July 3, 2025, featuring advanced AI capabilities and a high-performance Turing chip [3][31] - The new P7 model was launched on August 27, 2025, also equipped with three self-developed Turing AI chips, enhancing its intelligent driving capabilities [31][27] - The company has expanded its strategic cooperation with Volkswagen Group to enhance its electronic and electrical architecture technology [27][31]
小鹏汽车-W（09868）：单二季度销量同比增长242%，小鹏G7、全新P7搭载图灵芯片上市