Core Viewpoint - The company reported a strong Q1 performance with revenue of 15.8 billion yuan, a year-on-year increase of 141%, and a narrowing net loss of 660 million yuan, aligning with expectations [1][2] Financial Performance - Q1 gross margin reached a record high of 15.6%, with significant cost reduction and efficiency improvements [1][2] - The company sold 94,000 new vehicles in Q1, a year-on-year increase of 331%, contributing to the highest quarterly revenue [1][2] - The average selling price (ASP) and gross profit per vehicle were 15,300 yuan and 1,600 yuan, respectively, showing a year-on-year decrease of 40% and an increase of 15% [2] Sales and Delivery Outlook - The company has delivered over 30,000 vehicles for six consecutive months, with April deliveries reaching 35,000 units [3] - The company plans to launch three new models from May to August, which are expected to significantly boost sales [3] - The company anticipates Q2 deliveries of 102,000 to 108,000 vehicles, setting a new delivery guidance record [2] Market Expansion and Growth Potential - The company has exported 11,000 vehicles from January to April, a year-on-year increase of 330%, with exports accounting for 9% of total sales [3] - The company is pursuing multiple growth avenues, including a range-extended SUV and flying cars, indicating a positive long-term growth outlook [3] Profit Forecast and Valuation - The company maintains revenue forecasts of 85.6 billion, 97.7 billion, and 124.7 billion yuan for 2025-2027 [3] - The target price has been raised to 119.99 HKD, maintaining a "buy" rating based on the company's new vehicle cycle and technological advantages [3]

证券研究报告 小鹏汽车-W (9868 HK) 港股通 毛利率持续改善，看好新车周期 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 22 日│中国香港 | 乘用车 | 公司公布一季度业绩：收入 158 亿元，同环比+141%/-2%；归母净利润-6.6 亿元，亏损同环比收窄 7.0/6.7 亿元，符合我们预期（Q1 前瞻中预计亏损 5-10 亿元）。我们继续看好 M03 MAX、G7 等新车热销，有望带动 7~8 月 公司总月销超 4 万辆，规模效应提升下盈利继续改善，维持"买入"评级。 25Q1 毛利率 15.6%再创新高，内部降本增效成果显著 公司 25Q1 销售新车 9.4 万辆，同环比+331%/3%，带动季度营收创新高。 M03、P7+等热销下规模效应增强，25Q1 公司毛利率为 15.6%，同环比 +2.7/1.1pct，其中汽车毛利率 10.5%，同环比+5.0/0.5pct，连续七个季度改 善。单车 ASP/毛利分别为 15.3/1.6 万元，同比-40%/+15%，环比-5%/-0.5%， 环比下滑主要系产品结构 ...

公开信息显示，港股通汽车ETF（159323）标的指数高度聚焦港股整车板块，乘用车含量在同类指数中 领先，且拥有相对A股稀缺的造车新势力，当前成分股中小鹏汽车、比亚迪股份、理想汽车、吉利汽 车、长城汽车等龙头车企。此外，港股通汽车ETF（159323）覆盖汽车零部件板块和汽车智能化领域， 有望深度受益于机器人科技浪潮。 （文章来源：每日经济新闻） 5月22日早盘，港股三大指数集体低开，恒生指数跌0.33%，报23748.58点，恒生科指跌0.11%，国企指 数跌0.23%。盘面上，科网股普跌，黄金股集体上涨，汽车股活跃，小鹏汽车绩后大涨。开盘后，整车 含量领先的港股通汽车ETF（159323）震荡走高，一度涨超2%，持仓股中，小鹏汽车、知行科技、德 昌电机控股、吉利汽车、比亚迪股份等涨幅居前，其中小鹏汽车一度涨超9%。 消息面上，小鹏汽车近日发布2025年第一季度业绩。一季度营收为158.1亿元，同比增长141.5%；总交 付量达9.4万台，创下单季度交付量历史新高，同比增长330.8%；毛利率达15.6%，同比提升2.7个百分 点，创下单季度历史新高；汽车毛利率达10.5%，同比提升5个百分点，实现连续七个 ...