GWMOTOR(601633) 新浪财经·2025-04-26 14:26Core Viewpoint - The company reported a decline in both revenue and net profit for Q1 2025, attributed to internal and external factors impacting performance [1][2] Financial Performance - Q1 2025 revenue reached 40.019 billion yuan, a year-on-year decrease of 6.63% - Net profit attributable to shareholders was 1.751 billion yuan, down 45.60% year-on-year - Non-recurring net profit was 1.469 billion yuan, a decline of 27.43% year-on-year [1] - The company sold 256,800 vehicles in Q1 2025, a decrease of 6.7% year-on-year, leading to a revenue drop of 6.6% [1] Cost and Expenses - Sales expenses for Q1 2025 were 2.296 billion yuan, an increase of 34.6% year-on-year and 44.6% quarter-on-quarter - The sales expense ratio was 5.7%, up 1.8 percentage points year-on-year [2] - The company experienced a significant increase in sales expenses due to accelerated construction of the direct sales system [2] Profitability Metrics - Gross margin for Q1 2025 was 17.8%, a decrease of 2.2 percentage points year-on-year - Net profit margin was 4.4%, down 3.2 percentage points year-on-year [2] - The company’s financial expense ratio improved to -2.6%, driven by increased foreign exchange gains [2] Product Development and Market Response - The company launched the second-generation Xiaolong MAX and the new Gaoshan, with pre-sale orders reaching 16,368 and 7,848 units respectively within 24 hours - The pricing for Xiaolong MAX ranged from 116,800 to 154,800 yuan, exceeding expectations [2] - The introduction of advanced driving technologies is expected to enhance product competitiveness and drive sales growth [2] Future Projections - Revenue forecasts for 2025-2027 are 251.052 billion, 294.832 billion, and 313.987 billion yuan respectively - Projected net profits for the same period are 14.957 billion, 17.184 billion, and 19.010 billion yuan respectively [3]