RoboTaxi

Search documents
小鹏汽车(XPEV.US)大涨近9% 何小鹏增持310万股港股股份
Zhi Tong Cai Jing· 2025-08-21 14:01
周四,小鹏汽车(XPEV.US)大涨近9%,报22.19美元。消息面上,该公司创始人何小鹏于2025年8月20日 至2025年8月21日通过全资拥有的Galaxy Dynasty Limited增持310万股港股股份,此次增持体现了管理层 对公司未来发展的信心。 交银国际研报称,小鹏汽车2Q25汽车毛利率14.3%,环比大幅改善3.9个百分点,超市场和该机构的预 期。二季度公司净亏损4.8亿元/non-GAAP净亏损3.8亿元(人民币),亏损按季进一步收窄。该机构维持盈 利预测,预计随着新车/改款车上市,特别是一车双能车型在4季度和明年上市,销量有望持续增长。受 益于智驾普及和新车上量,季度盈利有望转正,同时考虑小鹏在人工智能/低空经济/RoboTaxi/人形机器 人的布局,有望对股价产生正面影响,估值中枢上移。 ...
小鹏汽车(9868.HK):汽车毛利率超预期 看好后续一车双能平台车型对利润的正面贡献
Ge Long Hui· 2025-08-21 10:48
机构:交银国际 研究员:陈庆/李柳晓 汽车毛利率超预期。2Q25 小鹏汽车营收 182.7 亿元 (人民币,下同),环比升15.6%,略低于市场和 我们预期。汽车销量 10.3 万辆,环比增 9.8%。受车型结构影响,G6/G9/X9 占比环比上升,而低价M03 占比下降影响,单价ASP16.4 万元,环比升1.1 万元,基本符合预期。在单价和车型结构改变、及规模 效应下,汽车毛利率14.3%,环比大幅改善3.9 个百分点,超市场和我们预期。研发/销售费用环比增 11.4%,均低于收入增长,占收比环比略降。2 季度公司净亏损4.8 亿元/non-GAAP 净亏损 3.8 亿元,亏 损按季进一步收窄。 公司预计3Q25 营收为 196 亿-210 亿元,按中位数环比增长~11.9%。预计交付量为 11.3 万至 11.8 万 辆,按中位数环比增长~11.1%。收入和交付指引隐含的单价预期~17 万元,环比提升 0.6 万元,反映3 季度车型结构或进一步改善,毛利率环比亦可能进一步改善。同时小鹏维持4 季度盈利的指引。 单价、毛利率有望持续边际向上,看好后续一车双能平台车型对利润的正面贡献。全新一代 P7 已亮相 ...
小鹏汽车-W(09868):汽车毛利率超预期,看好后续一车双能平台车型对利润的正面贡献
BOCOM International· 2025-08-20 07:40
Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 134.69, indicating a potential upside of 74.8% from the current price of HKD 77.05 [3][11]. Core Insights - The automotive gross margin exceeded expectations, with Q2 2025 revenue reaching RMB 18.27 billion, a quarter-on-quarter increase of 15.6%. Vehicle sales were 103,181 units, up 9.8% quarter-on-quarter. The average selling price (ASP) was RMB 164,000, reflecting a slight increase of RMB 1,100 [2][8]. - The company expects Q3 2025 revenue to be between RMB 19.6 billion and RMB 21 billion, with a median quarter-on-quarter growth of approximately 11.9%. The expected delivery volume is between 113,000 and 118,000 units, indicating a median quarter-on-quarter growth of about 11.1% [2][8]. - The company maintains its guidance for profitability in Q4 2025, supported by the launch of new models and improvements in vehicle structure [2][8]. Financial Overview - Revenue projections for the company are as follows: RMB 30.68 billion in 2023, RMB 40.87 billion in 2024, RMB 86.17 billion in 2025, RMB 113.34 billion in 2026, and RMB 125.49 billion in 2027, with significant growth rates expected [7][13]. - The company anticipates a net loss of RMB 10.38 billion in 2023, narrowing to RMB 5.79 billion in 2024, and expects to achieve a profit of RMB 1.5 billion by 2026 [7][13]. - The gross margin is projected to improve significantly, with expectations of 14.3% in 2025 and further increases in subsequent years [15]. Market Position and Future Outlook - The company is optimistic about the upcoming "Kunpeng Super Electric System" and the first range-extended/pure electric platform, which are expected to enter mass production in Q4 2025, contributing positively to gross margins [2][8]. - The introduction of the new generation P7 and the gradual rollout of self-developed Turing chips are expected to support short-term ASP and gross margin improvements [2][8]. - The company is positioned as a high-certainty investment among new energy vehicle manufacturers, with anticipated sales growth driven by the introduction of new models and advancements in autonomous driving technology [2][8].
X @Tesla Owners Silicon Valley
Tesla Owners Silicon Valley· 2025-07-10 00:31
RT Amy (@_SFTahoe)TECH DEBT VS TECH LEADTesla has an overwhelming tech lead; Waymo has an overwhelming tech debt. But yet, most of WS thinks Waymo and Tesla’s FSD stacks will magically “converge”.SPOILER ALERT: They won’t. All the appendages (ie unnecessary extra sensors) on Waymo dramatically increase the complexity of training neural nets.IMO, TSLA won’t rerate until WS gets tech savvy-or (more likely) when RoboTaxi is in multiple cities. WS needs to see RoboTaxi in action because they don’t “get” AI. ...