> 数据图表怎样理解小鹏汽车：同比高增，毛利率表现亮眼2025-9-2小鹏汽车：同比高增，毛利率表现亮眼 Q2点评：Q2销量约10.3万辆，同比+241.6%，营收达182.7亿元，同比+125.3%。此外非MONA车型销量占比提升，带动ASP及毛利率回升。后续随P7等更多新车上市，公司量利有望持续上行。图表：小鹏汽车核心财务数据2023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q2总营收（亿元）40.350.685.3130.565.581.1101.0161.1158.1182.7YOY25.00% 153.88% 62.35% 60.22% 18.43% 23.41% 141.45% 125.29%销量（辆）18,23023,20540,00860,15821,82130,20746,53391,50794,008103,181YOY35.30% 170.93% 19.70% 30.17% 16.31% 52.11% 330.81% 241.58%单车ASP（万元/车）22.121.821.321.730.026.921.717.616.817.7毛利率1.66% -3.90% -2.67%6.20% 12.89% 14.00% 15.26% 14.44% 15.56% 17.33%归母净利润（亿元）单车盈利(万元/车）-23.4-12.8-28.0-12.1-38.9-13.5-13.7-12.8-18.1-13.3-9.7-2.2-6.3-4.3-3.9-1.5-6.6-0.7-4.8-0.5来源：WIND、中泰证券研究所18中泰证券综合其他
