Core Viewpoint - The company reported Q1 performance with revenue of 25.9 billion yuan, showing a slight increase of 1% quarter-on-quarter but a significant decrease of 41% year-on-year, while net profit attributable to shareholders was 650 million yuan, up 9% quarter-on-quarter but down 82% year-on-year, aligning with expectations [1] Financial Performance - Q1 automotive gross margin was 19.8%, reflecting a quarter-on-quarter increase in both metrics, with total vehicle sales reaching 93,000 units, up 16% quarter-on-quarter but down 41% year-on-year [1] - The company’s overall gross margin for Q1 was 20.5%, with automotive gross margin at 19.8%, showing a slight increase of 0.5% quarter-on-quarter [1][2] - The average selling price (ASP) and gross profit per vehicle were 266,000 yuan and 53,000 yuan respectively, down 11.9% and 10.0% year-on-year, and down 1.1% and 0.7% quarter-on-quarter [2] Cost Management - The company demonstrated improved cost control with SG&A and R&D expense ratios at 9.8% and 9.7%, respectively, showing a year-on-year decrease of 1.9% and 2.2% [2] - The company expects to continue enhancing quality and efficiency in Q2, with projected deliveries of 123,000 to 128,000 units and revenue between 32.5 billion and 33.8 billion yuan [2] Product Development - Recent launches of the L series and MEGA smart driving models have been smooth, with the MEGA Home version performing well, enhancing expectations for the company's electric vehicle strategy [2] - The company plans to launch the i8 and i6 models in H2 2025, with the i8 featuring a 5C battery and a range of 720 km, which is expected to alleviate range anxiety for users [2] Technological Advancements - The introduction of the Thor-U chip in the L series and MEGA models enhances computational power, and the company is accelerating its self-developed chip initiatives [3] - The existing dual-system architecture will be upgraded to the VLA driver model in July 2025, which is expected to improve generalization capabilities and enhance autonomous driving features [3] Profit Forecast and Valuation - The company maintains its profit forecasts, expecting GAAP net profits of 10.3 billion, 15.8 billion, and 17.8 billion yuan for 2025-2027, with Non-GAAP net profits of 13 billion, 18.6 billion, and 20.8 billion yuan [3] - The target price has been adjusted to 140.34 HKD, maintaining a "buy" rating based on a 21x PE for 2025 [3]

文｜王方玉 编辑｜苏建勋 王潜有一副知识分子的长相，讲话语调平和，但一旦聊起具身智能，他便流露出"杀气腾腾"的一面： "如果就奔着跟随别人的念头，技术天然就落在下风，是很没出息的。" "创业这件事是需要一些决心的，如果你从一开始就找好了退路，你的心态就不对了。" 机器人，是王潜最执着的事。他本硕毕业于清华大学，博士就读于美国南加州大学，曾在美国创立量化基金公司。但在做量化之后，他却"好一阵子整晚 睡不着，后悔没把机器人事业做下去"。 △图源：企业授权 2023年，王潜解散基金回国，在深圳创立"自变量机器人"。 自成立起不到一年半时间，自变量机器人已完成7轮融资，累计融资金额超10亿元。5月12日，智能涌现独家报道其拿到美团独投的数亿元新一轮融资。 2023年是国内具身智能赛道肇兴之年，英伟达创始人黄仁勋首次预言具身智能将是下一个科技浪潮，银河通用、智元机器人均在这一年成立。 相较于这两家，自变量机器人前期并未获得很大声量。但随着不断获得新融资，其正逐渐走向具身智能舞台的中心。 一位双币机构投资人告诉智能涌现，从融资金额看，目前国内人形机器人创业公司已经形成了鲜明的梯队。第一梯队的公司有三家：宇树科技、智元机器 ...