本报告导读： 小鹏汽车 25Q2 毛利率创历史新高，净亏损同环比收窄。考虑到公司产品迭代加速， "一车双能"新车周期开启，智能化属性突出，维持"增持"评级。 25Q2 毛利率创历史新高，经营质量持续优化 ——小鹏汽车 2025 年二季度业绩点评 票 研 究 请务必阅读正文之后的免责条款部分 股 海 外 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 30676 | 40866 | 90863 | 130327 | 152663 | | (+/-)% | 14% | 33% | 122% | 43% | 17% | | 毛利润 | 451 | 5846 | 14992 | 22807 | 28395 | | 净利润 | -10376 | -5790 | -1001 | 3281 | 6758 | | (+/-)% | -14% | 44% | 83% | 428% | 106% | | PE | -8.75 | -14.03 | -140.9 ...

Core Viewpoint - Xiaopeng Motors achieved a record high gross margin in Q2 2025, with a narrowed net loss compared to previous periods, driven by accelerated product iterations and enhanced intelligent features, maintaining a "Buy" rating [1][2]. Financial Performance - In Q2 2025, the company reported revenue of 18.27 billion yuan, a year-on-year increase of 125% and a quarter-on-quarter increase of 16% [1]. - The net loss for Q2 2025 was 480 million yuan, showing a reduction compared to previous quarters [1][2]. - The delivery volume reached 103,000 units, marking a historical high with a year-on-year increase of 242% and a quarter-on-quarter increase of 10% [1]. Product and Market Development - The product mix improved, with the G6 and G9 models selling 24,000 and 10,000 units respectively, accounting for 24% and 10% of total sales, with quarter-on-quarter increases of 9.7 percentage points and 4.1 percentage points [1][2]. - The company plans to launch the Kunpeng super electric vehicle in Q4 2025 and aims to support L4 models for mass production by 2026, along with trials for Robotaxi operations [2]. Strategic Partnerships - The company announced an expanded collaboration with Volkswagen, extending their partnership from pure electric vehicle platforms to include fuel and plug-in hybrid vehicle platforms, which is expected to enhance service revenue [2]. Future Outlook - For Q3 2025, the company anticipates vehicle deliveries between 113,000 and 118,000 units, representing a year-on-year increase of 143% to 154%, with total revenue projected to reach between 19.6 billion and 21 billion yuan, a year-on-year increase of 94% to 108% [2].

2025 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 詹广鹏 S0350524030005 zhangp03@ghzq.com.cn ——小鹏汽车-W（09868）点评报告 最近一年走势 | 相对恒生指数表现 | | 2025/08/21 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 小鹏汽车-W | 12.1% | 4.3% | 200.2% | | 恒生指数 | 0.4% | 5.4% | 44.4% | | 市场数据 | | | 2025/08/21 | | 当前价格（港元） | | | 80.90 | | 周价格区间（港元） 52 | 26.85-106.00 | | --- | --- | | 总市值（百万港元） | 154,234.41 | | 流通市值（百万港元） | 154,234.41 | | 总股本（万股） | 190,648.22 | | 流通股本（万股） | 190,648.22 | | 日均成交额（ ...

点击注册小程序 查看完整报告 风险提示： 新车订单/销量不及预期；毛利率爬坡不及预期；市场竞争加剧等。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2Q25毛利率表现亮眼，ASP与毛利率有望逐季改善 1）2Q25小鹏汽车业务收入同比+147.6%/环比+17.5%至168.8亿元（ASP同环比-27.5%/+7.1%至16.4万元，交付 量同环比+241.6%/+9.8%至10.3万辆），汽车业务毛利率同比+7.9pcts/环比+3.8pcts至14.3%。2）2Q25 R&D费 用率同比-6.0pcts/环比-0.5pcts至12.1%，SG&A费用率同环比-7.5pcts/-0.4pcts至11.9%。3）截至2Q25，在手现金 等价物合计约475.7亿元。我们判断，2Q25公司毛利率表现亮眼，主要受益于Mona M ...