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小鹏汽车-W(09868.HK):2Q毛利率改善超预期;9月目标月销破4万辆
Ge Long Hui· 2025-08-21 10:48
Core Viewpoint - The company's Q2 2025 performance exceeded market expectations, driven by scale effects and improved gross margins [1][2] Financial Performance - Q2 revenue reached 18.274 billion yuan, with a Non-GAAP loss of 385 million yuan, showing significant improvement compared to Q2 2024's loss of 1.22 billion yuan [1] - The gross margin for Q2 was 17.3%, an increase of 3.3 percentage points year-on-year and 1.8 percentage points quarter-on-quarter, with the automotive business gross margin at 14.3% [1] - The company delivered 103,181 vehicles in Q2, marking a new quarterly sales record [1] Development Trends - The company anticipates Q3 deliveries between 113,000 and 118,000 vehicles, representing a year-on-year increase of 142.8% to 153.6% [1] - The launch of the new P7 Next model, equipped with self-developed AI chips and advanced charging technology, has received positive market feedback [1] - The company is entering a new super electric product cycle, with plans to start mass production of the Kunpeng super extended-range electric series in Q4 [1] Strategic Initiatives - The company aims to support L4 vehicle planning for mass production by 2026 and plans to pilot Robotaxi operations in select regions [2] - The overseas delivery volume exceeded 18,000 units in the first half of the year, with a year-on-year growth of over 200% [2] - The company has initiated local production in Indonesia with the delivery of the first locally produced Xiaopeng X9 model [2] Profitability Outlook - The pricing of new models like P7 Next is expected to be above 200,000 yuan, which may lead to sustained improvement in profitability [2] - Current stock prices correspond to a 2025 P/S ratio of 1.6x, with target prices set at 108 HKD and 28 USD, indicating potential upside of 40% and 35% respectively [2]