Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company achieved a significant revenue increase of 101.8% year-on-year in Q3 2025, reaching 20.38 billion RMB, driven by higher vehicle deliveries and service income [5][6]. - The gross margin reached a record high of 20.1%, with automotive gross margin at 13.1%, reflecting ongoing cost reductions despite a slight decline due to product upgrades [6][7]. - The company is expanding its sales network with 690 stores across 242 cities and plans to deliver 125,000 to 132,000 vehicles in Q4 2025, indicating a year-on-year growth of 36.6% to 44.3% [7][8]. Financial Performance Summary - Q3 2025 revenue: 20.38 billion RMB, up 101.8% YoY; automotive revenue: 18.05 billion RMB, up 105.3% YoY [5][6]. - Q3 2025 net loss: 380 million RMB, narrowing by 78.9% YoY; Non-GAAP net loss: 150 million RMB, narrowing by 90.1% YoY [5][6]. - R&D expenses in Q3 2025 were 2.43 billion RMB, up 48.7% YoY, reflecting increased investment in product development [6][7]. Future Outlook - The company forecasts Q4 2025 revenue between 21.5 billion and 23 billion RMB, representing a year-on-year growth of 33.5% to 42.8% [7][8]. - Projected revenues for 2025-2027 are 77 billion, 121.5 billion, and 155.6 billion RMB, with expected growth rates of 88%, 58%, and 28% respectively [8][9]. - The company aims to transition into a "physical AI world" and has launched the X9 model with a comprehensive range of 1,602 km, marking the start of a new product cycle [7][8].
小鹏汽车-W（09868）：——2025Q3财报点评：小鹏汽车-W（09868）：2025Q3综合毛利率亮眼，多重增长可期