1、营收：25Q2公司交付汽车103181辆，同/环比+241.6%/+9.8%，Q2营收182.7亿元，同/环比 +125.3%/+15.6%。其中汽车业务营收168.8亿元，同/环比+147.5%/+17.5%；服务业务营收13.9亿元，同/ 环比+7.8%/-3.5%。我们计算Q2单车ASP16.4万元，同/环比-27.5%/+7%。25年H1公司累计交付19.7万 辆，同比+279%营收340.8亿元，同比+132.5%，我们计算单车ASP15.8万元，同比-33.3% 2、费用：Q2研发/SGNA费用分别为22.1/21.7亿元，研发/SGNA费用率分别为12.1%/11.9%，环 比-0.4pct/-0.5pct。 业绩点评： 8月19日，小鹏汽车公布25Q2财报： 机构：国金证券 研究员：姚遥 3、利润：Q2毛利率17.3%，同/环比+3.3pct/-1.7pct：其中汽车业务毛利率14.3%，同/环比 +7.8pct/+3.8pct：其他及服务业务毛利率53.6%，同/环比-0.3pct/-12.9pct。Q2归母亏损4.8亿元，我们计 算公司Q2单车亏损0.5万元，同环比均大幅缩窄。25H1 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - In July 2025, the company delivered 50,129 vehicles, representing a year-on-year growth of 126.9% and a month-on-month growth of 4.4%. Cumulatively, from January to July, the total sales reached 272,000 vehicles, up 149.8% year-on-year. The company anticipates continued sales growth driven by a strong new car cycle and overseas expansion through collaboration with Stellantis [2][8]. Summary by Sections Sales Performance - The company achieved a record high in July with 50,129 vehicle deliveries, marking a 126.9% increase year-on-year and a 4.4% increase month-on-month. The total sales from January to July reached 272,000 vehicles, reflecting a 149.8% year-on-year growth [5][8]. Future Outlook - The company has set a sales target of 500,000 vehicles for 2025, expecting sustained high growth. The launch of the B01 model on July 24, priced from 89,800 yuan, received strong market interest with 10,132 orders within 72 hours. The company plans to introduce 2-3 new products globally each year over the next three years [8]. Product and Market Strategy - The company is expanding its product lineup across different price segments, with models priced between 50,000 to 200,000 yuan. The overseas strategy includes partnerships with Stellantis to leverage their global resources for a more agile market entry. The company aims to enhance profitability through exports and localized production [8]. Distribution Network - As of June 10, 2025, the company operates 942 stores in China, including 303 main stores and 492 experience centers, covering 286 cities. Internationally, it has over 600 sales and service points across more than 24 markets [8].

Group 1 - The company reported June sales of 46,100 new energy vehicles, with year-on-year and month-on-month growth of 4.44% and 15.27% respectively, while the sales of the Seres brand reached 43,500 units, with year-on-year and month-on-month growth of 4.81% and 19.21% respectively [1] - The new vehicle cycle is strong, with the launch of the new M9 and M8 models reigniting growth. The AITO M8 began pre-sales in March 2025, surpassing 120,000 orders shortly after, and has delivered over 30,000 units within 58 days of its official launch [1] - The company is positioned as a high-end luxury brand, with the AITO M9 achieving cumulative deliveries of over 200,000 units, setting a new record for luxury vehicles priced above 500,000 yuan in China, and maintaining its position as the top-selling luxury car in this price range for 15 consecutive months [1] Group 2 - The company submitted an application for an H-share listing on April 28, aiming for an IPO in Hong Kong. It has expanded its presence in Europe, the Middle East, the Americas, and Africa through various strategies, including self-built operations and strategic partnerships [2] - The company expects to achieve revenue of 191.9 billion, 228.6 billion, and 255.7 billion yuan from 2025 to 2027, with net profit attributable to shareholders projected at 9.8 billion, 12 billion, and 13.6 billion yuan respectively, maintaining a "strong buy" rating [2]

海外市场加速布局，战略合作多点开花，开辟新成长曲线2025 年为海外拓展关键年，1-4 月出口13632 辆居新势力首位，25 年目标海外渠道逾550 家，出口5-6 万台。本土化生产在即，公司预计马来西亚组 装工厂年底投产，26 年实现欧洲本土制造。公司凭借三电技术及成本优势，深化对外战略合作且25Q1 已有业绩贡献：与Stellantis 零部件合作、同标致雪铁龙签订电驱协议、与一汽集团联合开发并探讨资本 合作等。 13.3%/14.9%连创历史新高。公司25-26 年将迎密集的全球化新车投放，ABCD 四大平台协同发力，其 中A 平台定位入门级，B 平台B10/B01/B05 预计于年内上市，C 平台C10/C16/C11 焕新，D 平台定位中 高端市场。公司维持指引，预计全年50-60 万辆销量及10-12%毛利率，并力争年度盈利。 渠道扩张与精细化运营并进，全域自研平台构筑核心竞争力公司坚持"1+N"新零售模式，渠道网络加速 扩张与下沉，注重单店效率与经销商盈利（24 年渠道盈利率超80%），并强化终端营销与用户服务体 验。截至25Q1，销售门店达756 家，覆盖279 城，单店效率同比提升50%， ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported Q1 revenue of 15.8 billion RMB, with a year-on-year increase of 141% and a slight quarter-on-quarter decrease of 2%. The net profit attributable to the parent company was a loss of 660 million RMB, which is a narrowing of losses compared to the previous quarter, aligning with expectations [1] - The company is expected to continue benefiting from the sales of new models such as M03 MAX and G7, with projected monthly sales exceeding 40,000 units in July and August due to scale effects improving profitability [1][3] - The gross margin for Q1 2025 reached a record high of 15.6%, with a significant year-on-year increase of 2.7 percentage points. The automotive gross margin was 10.5%, reflecting a 5.0 percentage point increase year-on-year [2] - The company plans to deliver between 102,000 to 108,000 vehicles in Q2 2025, setting a new delivery guidance record [2] - The company has accelerated its overseas market expansion, with cumulative exports of 11,000 units from January to April, representing a year-on-year increase of 330% [4] Summary by Sections Financial Performance - Q1 2025 revenue was 15.8 billion RMB, with a year-on-year increase of 141% and a quarter-on-quarter decrease of 2%. The net loss attributable to the parent company was 660 million RMB, a reduction from previous losses [1] - The company expects to achieve revenues of 85.6 billion RMB, 97.7 billion RMB, and 124.7 billion RMB for the years 2025, 2026, and 2027 respectively [6][18] Gross Margin and Cost Management - The gross margin for Q1 2025 was 15.6%, a record high, with the automotive gross margin at 10.5%, both showing significant improvements [2] - The company has effectively controlled SG&A and R&D expenses, with rates of 12% and 13% respectively, showing year-on-year decreases [2] Sales and New Models - The company sold 94,000 new vehicles in Q1 2025, a year-on-year increase of 331% [2] - The upcoming launches of three new models are expected to replicate the success of previous models, potentially boosting sales significantly [3] Market Expansion - The company is focusing on expanding its overseas market presence, with expectations of doubling overseas sales for the year [4] - The company is also exploring multiple growth avenues, including range-extended SUVs and flying cars [4] Valuation and Price Target - The target price for the company has been raised to 119.99 HKD, reflecting an increase from the previous target of 105.27 HKD [5][12]