机构：国投证券 研究员：徐慧雄/者斯琪 毛利率提升显著，经营效率持续改善。 1）25Q2 汽车销售毛利率14.3%，同比+8.0pct，环比+3.9pct，同环比提升显著。公司汽车销售毛利率环 比大幅提升一方面由于产品销售结构的变化；另一方面公司持续推进技术降本及供应链降本；此外公司 Q2 销量环比提升，带来规模效应提升。 2）公司经营效率持续改善，费用率环比下降。25Q2 公司研发/销售、一般及管理费用率分别为 12.1%/11.9% ， 同比-6.01/-7.54pct，环比-0.45/-0.45pct。 展望：AI 能力强大，增程系列开启产品大周期。 1）24 年以来公司经营能力持续改善，管理能力、组织效率、供应链能力以及产品打造能力均大幅提 升。 2）新车周期强势：新款P7 即将上市；Q4 增程新车上市；25 年2款Mona SUV 及多款增程。 事件：小鹏汽车发布2025Q2 业绩：2025Q2 实现营业收入182.7亿元，同比+125.3%，环比+15.6%；净亏 损4.8 亿元，同环比亏损收窄；Non-GAAP 净亏损3.9 亿元，同环比亏损收窄。 强势产品周期销量驱动营收高速增长： 1）25Q ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 102.6 for the next six months [7]. Core Views - The company reported significant revenue growth in Q2 2025, achieving revenue of CNY 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [1]. - The automotive sales revenue reached CNY 16.9 billion in Q2 2025, up 148% year-on-year and 17% quarter-on-quarter, with vehicle deliveries of 103,000 units, representing a year-on-year increase of 241.6% [2]. - The gross margin for automotive sales improved significantly to 14.3%, an increase of 8.0 percentage points year-on-year and 3.9 percentage points quarter-on-quarter, driven by changes in product sales structure and cost reduction efforts [3]. - The company is expected to continue its strong product cycle with new models launching, including the new P7 and two new Mona SUVs in 2025 [4]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are CNY 90 billion, CNY 138.9 billion, and CNY 173.6 billion respectively, with corresponding price-to-sales ratios of 1.7, 1.1, and 0.88 [4]. - The net loss for 2025 is estimated at CNY 3.16 billion, improving from a loss of CNY 5.38 billion in 2024 [5]. - The company’s gross margin is projected to reach 16.0% in 2026 and 20.0% in 2027, indicating a positive trend in profitability [10].