Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - On April 28, 2025, the company launched the "Smart Assisted Driving Assurance Service" priced at 239 HKD per year, offering up to 1 million HKD in compensation, highlighting four key advantages: comprehensive coverage, wide insurance company participation, unlimited claims, and availability across all vehicle models [2][8]. - The company is expected to see steady sales growth due to the launch of new models such as MONA M03 and P7+, alongside improvements in its marketing system and channel transformation [2][8]. - The company anticipates a revenue of 150-157 billion HKD for Q1 2025, representing a year-on-year growth of 129.1%-139.8%, with Q4 2024 revenue reaching 161.1 billion HKD, marking its best quarterly performance [8]. - The company has a robust cash reserve of 419.6 billion HKD as of Q4 2024, reflecting a quarter-on-quarter increase of 17.4% [8]. - The company is positioned for a strong sales cycle in 2025, with multiple new models expected to launch, enhancing its revenue potential [8]. Summary by Sections Company Overview - The company has launched a unique service that allows users to enjoy benefits even 5 seconds after exiting the NGP, which is expected to significantly enhance user trust in its smart driving systems [2][8]. Financial Performance - The company reported a gross margin of 10.0% in Q4 2024, an increase of 5.9 percentage points year-on-year, achieving six consecutive quarters of growth [8]. - The projected revenue for the company in 2025 is 991 billion HKD, corresponding to a price-to-sales ratio of 1.4X [8]. Market Position - The company is leveraging its AI capabilities to maintain a competitive edge in the smart driving sector, with a monthly active user penetration rate of 86% for its XNGP urban driving feature as of March 2025 [8].

Core Viewpoint - XPeng and Li Auto are prominent players in China's new-energy vehicle (NEV) market, each with distinct strategies and growth trajectories, making them worthy of comparison for investment prospects [1][2]. Group 1: XPeng Overview - XPeng delivered a record 94,008 vehicles in Q1 2025, marking a 331% year-over-year increase, driven by the success of the Mona M03 [3]. - Revenue for XPeng is projected to increase by 92% in 2025, with earnings expected to rise by 65% [3][4]. - Vehicle margins improved to 10% in Q4 2024 from 4.1% a year ago, with gross profit soaring to RMB 5.8 billion in 2024 from RMB 451 million in 2023 [5]. - XPeng's innovations in AI and autonomous driving, including the AI Hawkeye Visual Solution and smart driving tech, differentiate it from competitors [6]. - XPeng trades at a forward sales multiple of 1.52, which is higher than Li Auto's 0.92, raising concerns about valuation after a 148% stock rally [7]. Group 2: Li Auto Overview - Li Auto delivered over 500,000 vehicles in 2024, a 33% increase from 2023, and achieved a net income of $1.5 billion [10]. - Total revenues for Li Auto in 2024 reached $19.8 billion, with a vehicle margin of 19.8%, indicating stronger pricing power compared to XPeng [11]. - Li Auto has $9 billion in cash and manageable debt, allowing for aggressive R&D and international expansion [11]. - The company plans to launch several battery electric vehicle (BEV) models in the next 12-18 months, including the Li MEGA minivan and new SUVs [12]. - Li Auto's gross margins decreased from 23.5% to 20.3% year-over-year due to pricing pressures [13]. Group 3: Comparative Analysis - XPeng is noted for its rapid growth and technological innovations, while Li Auto excels in profitability and cash flow strength [16]. - Both companies currently hold a Zacks Rank 3 (Hold), indicating a cautious investment stance [17]. - If investors prioritize growth and technological leadership, XPeng may be the preferred choice at this stage [17].

Investment Rating - The report does not explicitly state an investment rating for XPeng [1]. Core Views - XPeng has launched the "Intelligent Driving Insurance" priced at RMB 239 per year, offering a maximum coverage of RMB 1 million, which covers incidents occurring within five seconds after exiting smart driving mode [10][11]. - This insurance is a supplementary protection for intelligent driving features, not a replacement for mandatory or commercial auto insurance, and it reflects XPeng's confidence in its technology and commitment to user safety [12][13]. - The introduction of this insurance product is seen as a significant enhancement to current L2+ products, aimed at boosting consumer confidence and supporting sales conversion amid growing market demand for advanced assisted driving technologies [13]. Summary by Sections Event - On April 28, 2025, XPeng officially launched the "Intelligent Driving Insurance," which is available for all XPeng vehicle owners and covers both new and existing customers [10]. Commentary - The insurance service is jointly offered with five insurers, including PICC, and is available exclusively through XPeng's official partner channels [11]. - The coverage period for driving functions extends from activation until five seconds after deactivation, while for parking functions, it ends immediately upon deactivation [11]. Positioning - The insurance is positioned as a supplement to traditional auto insurance, specifically designed to cover scenarios that occur within five seconds after the system exits, marking an industry innovation [12]. - This initiative is expected to create a competitive advantage for XPeng in the intelligent driving market, similar to extended warranties for battery packs [13].

(以下为采访实录，有删节) 曹宇：就整个电智化发展趋势，我想说一个数据。去年新能源乘用车整体渗透率已经超过了50%，首次 超过油车，整个新能源的快速发展，在电智化上已经迈出了很大一步。同时，在今年年初，我们可以看 到各大车厂在陆续发布智能辅助驾驶的一些战略规划，智能辅助驾驶也逐渐被越来越多的用户所青睐和 选择。所以，我相信电动化会进一步发展，同时智能化会作为里面重要的一个角色，让用户有更多的选 择。 《21世纪经济报道》(以下简称《21世纪》)：本届上海车展，宝骏展台有哪些亮点？ 曹宇：整个车展最大的亮点一定是看我们新产品。我们今天发布了宝骏享境2.5米大溜背的轿车，这也 是宝骏今年给大家带来的最新产品。此外，对于用户比较喜欢的宝骏悦也、宝骏悦也plus、宝骏云海等 系列车型，也做了一些小的更新。 除了看产品之外，还有很多其他亮点。今天，我们同步也公布了宝骏全球品牌代言人龚俊先生，以及为 大家精心准备了龚俊先生的系列周边。 另外，还有一些小的互动环节，希望可以传递宝骏品牌智能、愉悦、可靠的体验。我们还为大家准备了 智能机器人、裸眼3D体验、Cosplay秀，以及整体技术实力的展示。 《21世纪》：您如何看待目 ...

点 击 蓝 字 关 注 我 们 国内新闻 1.十部门:2035年纯电动汽车成为新销售车辆主流 国外新闻 商用车 本文全文共 4547 字，阅读全文约需 15 分钟 目录 1. 比亚迪获2025年一季度新能源客车出口销量冠军 2. 江淮新能源ES9登陆大湾区 3. 长征氢能重卡亮相GWM全球经销商大会 4. 远程新能源商用车与九识智能达成战略合作 十部门:2035年纯电动汽车成为新销售车辆主流 时间:2025.4.28 来源:财经网 作者: 贾子健 国内新闻 1 2.深圳以旧换新带动汽车销售金额97.7亿元 3.全面聚焦新能源四驱技术研发 未来哈弗新能源只做四驱 4.小鹏智能辅助驾驶安心服务正式上线 5.宝马中国宣布接入DeepSeek 6.奇瑞将在欧洲推出Lepas品牌 7.零跑将向一汽红旗提供电动车平台 8.华为联合11家车企发布智能辅助驾驶安全倡议 1.美国2月纯电动汽车注册量同比增14% 2.特斯拉6月在美国将推自动驾驶出租车 3.丰田3月全球销量同比增长11% 4.奥托立夫与电动方程式合作 提升汽车安全 近日，交通运输部等十部门发布关于推动交通运输与能源融合发展的指导意见。其中指出，到2035年， 推 ...

Core Viewpoint - Xiaopeng Motors has launched its intelligent driving assistance service, providing "Smart Driving Insurance" for users of its AI-assisted driving system, which includes coverage even after the NGP exits for 5 seconds [1] Group 1: Product Launch - The "Smart Driving Insurance" is now available for Xiaopeng car owners, enhancing the safety and security of using the AI driving feature [1] - The insurance is offered in collaboration with five major insurance companies in China, including PICC, Ping An, Pacific Insurance, China United Insurance, and Sunshine Insurance [1] Group 2: Pricing and Accessibility - The annual cost for the "Smart Driving Insurance" is set at 239 yuan, making it accessible for a wide range of customers [1] - The insurance is available for all models of Xiaopeng vehicles, catering to both new and existing car owners [1]

这场技术革命已超越单一性能的比拼，转向全场景体验的整合。长安汽车的"天衡底盘"与奔驰的"驾控 超级大脑"将机械性能与数字算法深度融合，实现毫秒级动力响应与复杂路况预判。值得关注的是，中 国品牌以"全栈自研"重塑产业话语权：华为乾崑智驾ADS4系统与鸿蒙座舱HarmonySpace5的落地，标 志着"人—车—家"生态闭环的成熟；而商汤绝影的R-UniAD技术方案则通过世界模型与强化学习，推动 智驾系统从"被动应对"向"主动思考"进化。 汽车产业的边界正在消融。华为、地平线等科技企业与车企的深度耦合，使汽车演变为移动智能终端。 用户价值体系的重构更具深意。蔚来以"油电同质同价"策略打破能源形式藩篱；沃尔沃XC90的透明车 身展示硼钢闭环结构，将安全从技术参数强化为品牌基因。 ■刘钊 参展面积从1.5万平方米到36万平方米、参展商从73家到近1000家，历经40年的发展，上海车展目前已 成为全球规模最大的汽车行业展会。日前开幕的第二十一届上海国际汽车工业展览会（以下简称"2025 上海车展"）汇聚了来自26个国家和地区的近千家企业。中国汽车产业正以技术创新为引擎、以生态重 构为路径，向世界展示着从"市场跟随者"到" ...

■ Transformer架构为高阶智驾商业化落地注入革命性动力。 目前，中国在汽车电动化发展中获得领先，而被 公认为汽车革命下半场的智能化成为全球各大车企竞争的焦点。近两年，以Transformer为代表的大模型较 CNN在数据训练的优势更为突出，在自然语言处理领域几乎取代了RNN，并被引入计算机视觉领域，成为高 阶智驾发展的核心引擎。 我们认为AI驱动的智能化正为中国汽车产业塑造新的竞争优势，或将促使我国汽车 产业从市场追随者向行业规则制定者转变。 ■ 驱动高阶智驾加速渗透的因素是什么？ 从政策端看， 工信部联合其他三部门敲定了首批九家获得智能网联 汽车准入及L3级别上路通行试点资格的企业名单，这标志着高阶智驾的商业化落地正渐行渐近。 从需求端 看， 智能驾驶凭借显著降低人为因素引发事故、提升道路交通安全水平的优势，已成为影响用户购车决策的 关键因素。 从供给端看， 特斯拉FSD的迅猛发展以及硬件成本的持续降低，正促使中国车企与科技企业加速 高阶智驾领域的产业布局。 ■ AI如何赋能高阶智驾持续升级？ 从算法端看， AI大模型的发展与智能驾驶技术的演进之间已形成深度共生 关系，从技术底层、系统能力到生态体 ...

Group 1 - The core viewpoint emphasizes the importance of boosting consumption to expand domestic demand and strengthen the domestic circulation, with AI technology playing a crucial role in enhancing consumer engagement through customization and personalization [2][5] - The introduction of emotional companion robots like "Peipei" in elderly care facilities is highlighted as a means to address loneliness and provide emotional support, thereby improving the well-being of elderly residents [3][4] - The integration of AI with sound direction technology is reshaping acoustic experiences in various sectors, with a projected revenue increase of approximately 5 billion yuan over the next three years for companies adopting this innovation [4][5] Group 2 - The automotive industry is witnessing significant advancements in smart vehicles, with a focus on intelligent driving and AI systems, as showcased at the 21st Shanghai International Auto Show [7][9] - In the first quarter of this year, China's new energy vehicle production and sales reached 3.182 million and 3.075 million units, respectively, marking year-on-year growth of 50.4% and 47.1% [9] - The rise of smart home products is evident, with companies like Henan Xingruyu Technology Co., Ltd. experiencing a doubling of orders compared to the previous year, driven by consumer acceptance of AI-enhanced home solutions [10][11]

插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、意法半导体、Wolfspeed、三安半导体、天科合达、元山电子、大族半导 体、香港大学、长飞先进、宏微科技、利普思、国基南方、芯长征、合盛新材料、 国瓷功能材 料等将出席本次会议，点击文章底部 "阅读原文" 即可报名参会。 4月23日至5月 2日， 第二十一届上海国际汽车工业展览会在上海如约举行， 吸引了来自26个国家和地区的近1000家中外知名企业参展。据 上海国展集团等统计， 展会首日展出车辆近1300辆，其中新能源汽车 约占7成 ，且 首发新车超100款。 据不完全统计，去年同期举行的北京车展共有碳化硅车型约70多款，而今年上海车展又新增了 超过30款 碳化硅新车型，将近本次车展新车数量的三分之一。 | 车变 | 纯电SiC新车型 | 混动SiC车型(包含新车型) | | --- | --- | --- | | 比亚迪 | 仰望U8L、腾势Z | 方程豹5、方程豹8 | | 吉利汽车 | 领克900 | 银河星耀8新车型、雷达皮卡PHEV、极氪9X | | 上汽通用 | 别克" 世家"、凯迪拉克LYRI ...