Last week, I wrote that Honda ( HMC ) is a legacy automaker with significant challenges to be relevant and faces slow-motion extinction. XPeng Inc. ( XPEV ) is the complete opposite: one of China’sI have more that 35 years of experience in the investment field having worked as a sell & buy side analyst and portfolio manger for debt and equity funds. I am currently managing a high yield Latam bond fund.My goal, as a Seeking Alpha contributor, is to provide a fundamental view and analysis of companies and fun ...

Chinese electric vehicle maker Xpeng has reported its first quarterly profit, supported by higher deliveries, stronger revenue and improved gross margin. For the fourth quarter of 2025, the company recorded net profit of 383.2m yuan ($55.5m), swinging from a net loss of 1.33bn yuan in the same period a year earlier. Total revenue for the quarter reached 22.25bn yuan, up 38.2% year on year. Revenue generated from vehicle sales amounted to 19.07bn yuan in the quarter, an increase of 30% compared with the ...

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 2025 年年报点评：Q4 业绩符合预期，物理 AI 转型可期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 40,866 | 76,720 | 96,180 | 126,530 | 154,595 | | 同比(%) | 33.22 | 87.73 | 25.37 | 31.56 | 22.18 | | 归母净利润（百万元） | (5,790) | (1,139) | (1,362) | 2,133 | 6,456 | | 同比(%) | 44.19 | 80.32 | (19.52) | 256.63 | 202.64 | | EPS-最新摊薄（元/股） | (3.03) | (0.60) | (0.71) | 1.12 | 3.38 | | P/E（现价&最新摊薄） | (20.80) | (105.71) | (88.44) | ...

2026 年 03 月 23 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 陈梦竹 S0350521090003 | | | chenmz@ghzq.com.cn | | 证券分析师： | 戴畅 S0350523120004 | | | daic@ghzq.com.cn | | 证券分析师： | 詹广鹏 S0350524030005 | | | zhangp03@ghzq.com.cn | [Table_Title] VLA2.0 引领产品与技术共振，估值重塑提速 小鹏汽车-W（09868）2025Q4 及 2025 全年业绩点评 最近一年走势 | 相对恒生指数表现 | | | 2026/03/20 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 小鹏汽车-W | 5.5% | -6.6% | -19.5% | | 恒生指数 | -4.3% | -1.6% | 4.4% | | 市场数据 | 2026/03/20 | | --- | --- | | 当前价格（港元） | 71.60 | | 5 ...

1.【蔚来李斌、长城魏建军为什么没来新一代小米SU7发布会？雷军回应】3月23日消息，在今日的 直播中，小米创办人、董事长兼CEO雷军谈到新一代小米 SU7发布会的细节。本次发布会请了多位 车圈大佬，引发网友热议。雷军表示：这一次我也特别感动，就是说小米作为一个后来者，其实要被 认可挺不容易的。这次来了5位汽车行业的董事长来站台，我觉得其实挺不容易的。因为开玩笑说， 他们某种程度也算友商，我觉得他们来参加真的挺不容易的。像北汽集团的董事长，像比亚迪的董事 长王传福，像阿维塔的董事长，还有李想和小鹏，他们来其实挺难的。这次发布会李斌、魏建军为什 么没来，雷军解释称：李斌总那一天正好在上海有个论坛。魏总的话，他们有个全球供应商大会。所 以在这里，我也特别感谢李斌总跟魏建军总，真的很感谢大家。小米进入汽车行业，我们还是希望跟 所有的同行共同推动产业的发展。（金融界） 2.【小鹏汽车成立Robotaxi业务部】记者获悉，小鹏汽车于3月23日成立Robotaxi业务部，统筹 Robotaxi产品定义、项目集成、研发测试及运营工作。该部门采用轻量化组织模式运作，协同和复用 公司各中心平台化资源达成业务目标。小鹏汽车董事长 ...

XPeng Inc. (NYSE:XPEV) is reportedly establishing a dedicated Robotaxi division within the company, signalling that it is ramping up efforts to execute a planned commercial Robotaxi rollout in the future.A Robotaxi DivisionXpeng didn’t immediately respond to Benzinga‘s request for comment.Xpeng EarningsMeanwhile, the company reported worse-than-expected earnings at the Q4 2025 earnings call. Xpeng stock fell around 6% last week following the earnings call as the automaker issued soft first-quarter delivery ...

2026 年 03 月 23 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 宇树科技披露招股书，小米发布新一代 SU7 ——汽车行业周报 最近一年走势 投资要点: | 行业相对表现 | | | | 2026/03/20 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | | | | 汽车 | | | -2.2% | -1.0% | -8.1% | | | | 沪深 | 300 | | -0.0% | | | -2.0% | 14.9% | 相关报告 《汽车行业周报：中欧电车价格承诺机制落地，多 地开放 2026 年汽车补贴，长城发布"归元"平台 （推荐）*汽车*戴畅，徐鸣爽》——2026-01-20 《汽车事件点评：以旧换新政策落地，看好 2026Q1 乘用车需求修复（推荐）*汽车*戴畅，胡惠民，徐 鸣爽》——2026-01-04 《商用车行业动态研究：2025 年 6 月重卡销量同 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 23 年 月 日 汽车 周观点：油价上涨强化出海逻辑，重视整车配置机会 行情回顾：本周（3.16-3.22）SW 汽车板块整体-4.40%，板块排名 16/31， 上证指数-3.38%，深证成指-2.90%，沪深 300 指数-2.19%。 乘用车：周度数据大幅改善，油价上涨预计加速新能源出海。根据乘联会 数据，3 月第一周/第二周批发日均 3.1 万辆/5.8 万辆，零售日均 3.1 万辆 /4.5 万辆，随着假期结束及新车上市，终端数据环比大幅改善。此外受中 东形势影响，海外油价上涨，对新能源车需求有望提升，车企出海有望加 速。考虑包括电池、存储等成本影响，车企盈利水平及当前销售均处在年 内低点，预计随着新车上市及行业销售节奏回暖，叠加出海贡献，3-6 月 整车板块边际改善确定性强。 零部件：宇树 IPO 受理，GTC 大会超百款机器人亮相，国内外产业有望 共振。3 月，英伟达 GTC 大会现场展示超百款机器人，几乎包括所有主流 研发企业；宇树科技 IPO 获受理，材料显示 2025 年公司实现营收和利润 高增，并募资 42 亿元加码研 ...

25Q4 首次实现单季度盈利，营收与交付量均创历史新高 小鹏汽车-W(9868) ——小鹏汽车 2025 年四季度业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | [当前价格 Table_CurPrice] (港元)： | 71.60 | | 潘若婵(分析师) | 021-23154145 | panruochan@gtht.com | S0880525110006 | | | 本报告导读： 25Q4 首次实现单季度盈利，营收与交付量均创历史新高。考虑到公司产品迭代加 速，"一车双能"新车周期开启，智能化属性突出，维持"增持"评级。 投资要点： 风险提示：新能源车销量不及预期 ...

Company Insights - China Hongqiao (1378 HK) is expected to achieve a net profit of RMB 22.6 billion in 2025, reflecting a year-on-year growth of 1%, which is 5% lower than expectations and Bloomberg consensus [2] - The company announced a final dividend of HKD 1.65 per share, with a payout ratio of approximately 66% [2] - The aluminum price is projected to rise in 2026 due to supply constraints, with a 1% increase in aluminum price expected to boost profits by approximately 2.3% [5] Market Performance - The Hang Seng Index closed at 25,277, down 0.88% for the day and down 1.38% year-to-date [2] - The S&P 500 index fell by approximately 1.5%, while the Nasdaq dropped about 2%, indicating a broader market decline [4] - The offshore RMB weakened, falling below the 6.9 mark against the USD, influenced by a strong dollar and pressure from US-China interest rate differentials [4] Sector Analysis - The automotive sector, particularly companies like XPeng Motors (XPEV US/9868 HK), is focusing on new models and exports, with a target to double exports to 90,000 units in 2026 [6] - The company is also planning to mass-produce humanoid robots by the end of 2026, which could serve as a catalyst for stock price increases [6] - Tuhu (9690 HK) is prioritizing market share over high profit growth, with a target to open 1,000 new stores in 2026, benefiting from industry consolidation [8] Financial Projections - Sany International (631 HK) expects a significant profit increase in 2025, but regular profit calculations suggest a decline of 10% [5] - Wei Shi Jia Jie (856 HK) reported a 10% increase in total revenue for FY25, with net profit rising by 29%, driven by effective cost control and high-margin self-developed products [8] - AIA Group (1299 HK) announced a share buyback plan of $1.7 billion, exceeding expectations, and raised its target price to HKD 112 [12][13]