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国联民生证券:维持小鹏汽车-W(09868)“买入”评级 P7上市产品矩阵完善
智通财经网·2025-09-09 04:00

Group 1 - The core viewpoint of Guolian Minsheng Securities indicates that Xpeng Motors is expected to see significant sales growth from 2025 to 2027, with projected sales of 524,000, 786,000, and 966,000 vehicles respectively, leading to total revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan, and net profits of 1.2 billion, 5.99 billion, and 9.42 billion yuan [1] - In August 2025, Xpeng Motors delivered 37,709 new vehicles, marking a year-on-year increase of 169% and a month-on-month increase of 3% [1] - The launch of the new P7 model and the introduction of various configurations have contributed to an improved product matrix, which is expected to enhance sales performance [1] Group 2 - Xpeng Motors' AI technology is advancing, with the XNGP urban driving monthly active user penetration rate reaching 85% in August [2] - A strategic cooperation agreement was signed with Volkswagen Group to expand electronic and electrical architecture technology, which is expected to enhance Xpeng's competitive advantage in AI [2] - The integration of hardware and software development is anticipated to strengthen Xpeng's position in the market, with ongoing iterations of AI model capabilities [2] Group 3 - Xpeng Motors is accelerating its global market expansion, successfully entering new markets in the UK, Italy, and Ireland, covering a total of 46 countries and regions [3] - The local production in Indonesia and the launch of the new G6 model in Thailand are part of the strategy to enhance market presence in Europe and other regions [3] - The G6 model has been launched in over 30 countries, indicating a rapid global expansion [3]