| XPEV 小鹏汽车 | | 03 | | --- | --- | --- | | 20.580 + +0.750 +3.78% | | 收盘价 09/08 15:59 美东 | | 20.840 + 0.260 +1.26% | | 盘前价 09/09 04:08 美东 | | 一 24 24 4 5 8 8 同 0 自选 | | ● 快捷交易 | | 最高价 20.850 | 开盘价 20.430 | 成交量 1054.23万 | | 最低价 20.350 | 昨收价 19.830 | 成交额 2.18亿 | | 平均价 20.635 | 市盈率TM 亏损 | 总市值 196.18亿 … | | 振 幅 2.52% | 市盈率(静) 亏损 | 总股本 9.53亿 | | 换手率 1.57% | 市净率 4.610 | 流通值 137.85亿 | | 52周最高 27.160 | 委 比 -- | 流通股 6.7亿 | | 52周景低 8.620 量 比 1.35 | | 每 手 1股 | | 历史最高 74.490 股息ITM -- | | 换股比率 2.00 | | 历史最低 6.180 股息率TM ...

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车 2025 年 8 月销量点评：P7 上 市产品矩阵完善，研发能力充分验证 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月09日 证券研究报告 |报告要点 2025 年 9 月 1 日，小鹏汽车公布 8 月交付数据。2025 年 8 月，小鹏汽车共交付新车 37,709 台，同比增长 169%，环比增长 3%。8 月，小鹏 P7 上市，上市 7 分钟大定破万，创小鹏汽车新 车上市最快破万纪录。小鹏汽车产品矩阵逐步走向完善，销量有望提升。我们预计小鹏汽车 2025-2027 年 销 量 分 别 为 52.4/78.6/96.6 万 辆 ， 对 应 2025-2027 年 总 营 业 收 入 为 977.6/1581.0/1970.7 亿元。归母净利润分别为 1.2/59.9/94.2 亿元。维持"买入"评级。 |分析师及联系人 股价相对走势 -10% 63% 137% 210% 2024/9 2025/1 2025/5 2025/9 小鹏汽车-W 恒生指数 相关报告 请务必阅读报告末页的重要声明 1 / 5 高登 ...

The current growth of Xpang globally is faster than we would have expected. This year we have entered around 60 countries while two years ago we only entered 3 to five countries. In the next two years we'll launch a big variety of products including purely electrification, longer cruise distances, higher level of autonomous driving.I believe this is the trend and this trend will be intensified this year and in the following two years as you expand into Europe it's a really interesting time here you've got u ...

公司创始人兼首席执行官何小鹏重申，将在欧洲启动本地化生产计划，以规避欧盟委员会对中国进口电 动汽车征收的关税。 小鹏汽车表示，这一新的研发中心将是其在全球范围内的第九个研发基地，此前其已在美国硅谷和圣地 亚哥设有类似机构。何小鹏称："该中心全面展示了我们全栈自研的AI技术实力。我们不仅制造汽车， 更致力于为全球用户打造智能、可持续的出行体验。" 他还强调，"慕尼黑研发中心的成立彰显了我们与欧洲共同推动创新的坚定承诺"，并将"深化本地合 作、促进技术创新，为欧洲用户提供领先的移动出行解决方案"。 来源：环球网 【环球网科技综合报道】9月9日，据海外科技媒体electric-vehicles报道，小鹏汽车成为又一家在德国设 立欧洲研发中心的中国汽车制造商，进一步拓展其在欧洲的市场布局。 该消息于本周一在慕尼黑车展（IAA MOBILITY 2025）上正式公布。小鹏汽车在欧洲的首个研发中心 将设在慕尼黑，预计于本周内投入运营。 小鹏汽车总裁顾宏地表示："自2023年首次以新兴电动汽车品牌身份亮相IAA Mobility以来，小鹏汽车在 2025年重返这一舞台，已迅速成长为全球第六大电动汽车制造商。" 他补充道，小 ...

来源：环球网 【环球网科技综合报道】9月9日消息，在慕尼黑IAA Mobility车展期间，小鹏汽车首席执行官何小鹏在 接受CNBC采访时透露，公司计划明年将面向大众市场的MONA品牌推向海外市场。去年，小鹏汽车在 中国推出MONA，首款车型MONA M03电动轿跑凭借约合不到1.7万美元的极具竞争力起售价，迅速吸 引市场目光。此次进军海外市场，无疑是小鹏汽车全球化战略的重要一步。 何小鹏还表示，到2026年，一系列MONA产品将在中国、欧洲以及世界其他地区上市，且这些产品将 是经过市场验证的出色车辆。 2020年，小鹏汽车从挪威开启全球征程，随后陆续进入德国、法国等市场。此前设定的到2025年底在60 个国家和地区开展业务的目标，因扩张速度超出预期已提前实现。对此，何小鹏也透露，公司国际扩张 速度超过预期，并表示对收购其他电动车企持开放态度。 今年的慕尼黑IAA车展上，小鹏汽车带来了"IRON"人形机器人，还首次在欧洲展示了全新小鹏P7，向 世界展示了其强大的技术实力和创新能力。（旺旺） ...

Group 1 - Xiaopeng Motors announced the upcoming launch of its first European R&D center in Munich, marking a significant step in its global strategy and AI-driven mobility innovation [1] - The new R&D center will collaborate with existing centers in Silicon Valley and San Diego, enhancing Xiaopeng's global R&D capabilities and market responsiveness [1] - This expansion is expected to strengthen Xiaopeng's competitive edge in the smart electric vehicle sector, potentially boosting investor confidence and the overall industry's growth prospects [1] Group 2 - Uber and Momenta have selected Munich as the launch city for their Robotaxi project, with operations expected to commence in 2026, indicating a major advancement in global autonomous driving [2] - This partnership enhances Uber's competitiveness in international markets and elevates Momenta's technological influence, promoting broader application of autonomous driving technology [2] - The commercialization of autonomous driving is anticipated to invigorate related industry sectors, attracting investor interest in this emerging field [2] Group 3 - Xiaomi's Vice President apologized for the "test car" static sticker residue issue reported by users, indicating the company's commitment to improving product quality and customer experience [3] - The company has taken measures to prevent similar issues in the future, reflecting its responsiveness to consumer concerns [3] Group 4 - Changan Automobile's executive stated that at least 35% of users are expected to continue choosing fuel vehicles in the future, despite the rapid development of new energy vehicles [4] - The limited availability of private charging stations makes fuel vehicles more practical for many households, leading Changan to maintain a focus on the fuel vehicle market [4] - Changan aims to produce and sell 5 million vehicles by 2030, with over 60% being new energy vehicles, indicating a balanced approach to market demands and future transitions [4]

Core Viewpoint - Xpeng is set to launch its mass-market Mona brand in overseas markets next year, enhancing competition with both Chinese rivals and established automakers in the electric vehicle sector [1][2]. Group 1: International Expansion - Xpeng's CEO, He Xiaopeng, indicated that the company's international expansion is progressing faster than anticipated and expressed openness to acquiring other electric car manufacturers [2][3]. - The Mona brand was initially launched in China with the Mona M03 electric coupe, priced at 119,000 Chinese yuan (approximately $17,000) [2]. Group 2: Product Launch and Market Strategy - The launch of Mona-branded cars in Europe is expected next year, with a variety of products anticipated in both Chinese and European markets, as well as globally by 2026 [3]. - The upcoming Mona vehicles are expected to be more competitively priced compared to Xpeng's higher-end models like the P7 and G6 [3]. Group 3: Competitive Landscape - The expansion of Chinese automakers into Europe is occurring amidst a backdrop of declining sales for Tesla in the region, indicating a shift in market dynamics [4][5]. - The introduction of competitively priced vehicles from Xpeng and other Chinese firms is likely to intensify competition in European markets, where traditional automakers such as Mercedes, BMW, and Volkswagen are also launching their electric vehicles [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company achieved a significant year-on-year sales growth of 242% in Q2 2025, with total revenue reaching 18.3 billion yuan, a 125% increase compared to the same period last year [1][7][3] - The launch of new models such as the G7 and the new P7, equipped with advanced technologies like the Turing chip, is expected to drive sales further [3][31][27] - The company maintains its profit forecast, projecting revenues of 88.5 billion yuan, 118.1 billion yuan, and 130.3 billion yuan for 2025, 2026, and 2027 respectively, while expecting net losses to decrease over the same period [4][35] Financial Performance - In Q2 2025, the company reported a net loss of 4.8 billion yuan, an improvement from a loss of 12.9 billion yuan in the same quarter last year [1][7] - The gross margin for Q2 2025 was 17.3%, reflecting a year-on-year increase of 3.3 percentage points, while the net margin improved to -2.6% [2][9] - The company’s R&D expense ratio decreased to 12.1%, down 6.0 percentage points year-on-year, indicating improved cost efficiency [2][9] Sales and Delivery - The company sold 103,000 vehicles in Q2 2025, marking a 241.6% increase year-on-year and a 9.8% increase quarter-on-quarter [3][16] - For July and August 2025, the company delivered 36,700 and 37,700 vehicles respectively, with year-on-year growth rates of 229% and 169% [3][16] - The company expects Q3 2025 vehicle deliveries to be between 113,000 and 118,000 units, representing a year-on-year increase of 143% to 154% [3][16] Model Launches and Innovations - The G7 model was officially launched on July 3, 2025, featuring advanced AI capabilities and a high-performance Turing chip [3][31] - The new P7 model was launched on August 27, 2025, also equipped with three self-developed Turing AI chips, enhancing its intelligent driving capabilities [31][27] - The company has expanded its strategic cooperation with Volkswagen Group to enhance its electronic and electrical architecture technology [27][31]

Core Insights - Xiaopeng Motors showcased five new models at the 2025 Munich International Motor Show, including the new Xiaopeng P7, 2025 Xiaopeng G6, 2025 Xiaopeng G9, Xiaopeng X9, and Xiaopeng P7+ [2] - The company announced the opening of its first R&D center in Europe, marking a significant milestone in its global strategy, aimed at understanding local user needs and accelerating technological innovation [2][3] Group 1 - The new R&D center will enable the company to directly listen to European users and translate their needs into innovative outcomes [3] - Xiaopeng Motors displayed advanced technology products such as the humanoid robot IRON, flying cars, and land carrier models at the exhibition [3] - The humanoid robot IRON is currently in factory training and is set to launch its next-generation super humanoid robot in Q4 of this year, with a goal of mass production by 2026 [3] Group 2 - Xiaopeng Huaitian has invested approximately $600 million over 12 years in the development of flying vehicles, with the land carrier flying car set for its global debut in Dubai this October [3] - The flying car has received nearly 5,000 orders in the Chinese market and is expected to be officially delivered in the second half of 2026 [3] - The company aims to launch L4 level autonomous driving mass production models by 2026 and begin Robotaxi trial operations in China [3]

Group 1 - Xpeng Motors (XPEV.US) shares rose by 2.67% to $20.36 in pre-market trading [1] - The company unveiled its overseas strategy and global progress at the Munich International Motor Show on September 8 [1] - Xpeng announced the opening of its first R&D center in Europe, located in Munich [1] Group 2 - The company aims to launch L4 autonomous driving mass production models by 2026 [1] - Xpeng plans to initiate Robotaxi trial operations in China [1]