小鹏汽车 | 2025Q2：毛利率历史新高 一车双能开启新周期【民生汽车 崔琰团队】
汽车琰究·2025-08-23 01:37

Core Viewpoint - The company reported strong revenue growth and improved gross margins in Q2 2025, indicating operational quality enhancement and a positive outlook for future performance [3][4][10]. Revenue and Profitability - In Q2 2025, the company achieved a revenue of 18.27 billion yuan, representing a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [3][4]. - The automotive business revenue reached 16.88 billion yuan, with a year-on-year growth of 147.6% and a quarter-on-quarter growth of 17.5%, primarily driven by increased delivery volumes [4]. - The gross margin for the automotive business was 14.3%, up by 8.0 percentage points year-on-year and 3.8 percentage points quarter-on-quarter [4]. Cost Management - R&D expenses in Q2 2025 were 2.21 billion yuan, reflecting a year-on-year increase of 50.4% and a quarter-on-quarter increase of 11.4% [5]. - Selling and administrative expenses were 2.17 billion yuan, with a year-on-year increase of 37.7% and a quarter-on-quarter increase of 11.4%, mainly due to increased sales and marketing costs [5]. Cash Position - As of Q2 2025, the company had a total of 47.57 billion yuan in cash and cash equivalents, indicating a strong liquidity position [7]. Future Outlook - The company expects Q2 2025 automotive sales to be between 113,000 and 118,000 units, with a year-on-year growth range of 142.8% to 153.6% [8]. - The new P7 model is anticipated to become a volume model, with significant pre-orders indicating strong market interest [8]. - The company plans to launch the X9 model in Q4 2025, targeting the high-end electric vehicle market [8]. Technological Advancements - The company is set to complete a new generation technology platform upgrade in 2025, enhancing its competitive edge in smart driving technology [9]. - The introduction of the Turing AI chip and advancements in pure visual smart driving technology are expected to significantly improve the company's technological moat [9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 88.83 billion yuan, 140.64 billion yuan, and 192.51 billion yuan, respectively, with net profits expected to turn positive in 2026 [10][12].