金吾财讯 | 国信证券研报指，小鹏汽车(09868)Q1实现营业收入158亿元，同比增长141%。净利润为-6.6亿元，去年同期为-13.7亿元，2024Q4为-13.3亿元。小鹏汽车的毛利率/净利率分别为15.6%/-4.2%，分别同比变动+2.7/+16.7pct，分别环比变动+1.1/+4.1pct，拆分来看，1）2025Q1汽车业务毛利率10.5%，同比+5.0pct，环比+0.5pct，汽车毛利率增长主要由于销量增长带动的持续的整车成本降低及规模经济效益所致；2）2025Q1服务及其他利润率为66.4%，同比+12.5pct，环比+6.8pct，同比增长主要由于来自技术研发服务的收入的毛利率较高，环比增长主要是由于保养及维修服务的毛利率增加所致。该机构指，公司新车型走量，公司纯视觉方案的落地，将高阶智驾车型渗透至20万以内的市场，加速实现高阶智驾平权，叠加后续更多新车型的推出，公司经营周期持续向上。该机构维持盈利预测，预计25/26/27年营收885/1181/1303亿元，预计25/26/27年归母净利润-16/27/47亿元，维持“优于大市”评级。
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