Core Viewpoint - Guosen Securities maintains an "outperform" rating for XPeng Motors (09868), highlighting the company's new models and the implementation of pure visual solutions, which will penetrate the high-end autonomous driving market below 200,000, accelerating the democratization of advanced autonomous driving [1] Group 1: Recent Events - On November 5, XPeng Motors held the 2025 XPeng Technology Day in Guangzhou, showcasing achievements in physical AI and mass production plans, including the second-generation VLA, Robotaxi, and a new generation of IRON humanoid robots [1] Group 2: Financial Performance - In Q3 2025, XPeng Motors achieved revenue of 20.4 billion, a year-on-year increase of 102% [2] - Q3 2025 vehicle sales revenue was 18.05 billion, up 105.3% year-on-year, driven by increased delivery of new models [2] - Service and other income in Q3 2025 reached 2.33 billion, a year-on-year increase of 78.1%, mainly due to growth in after-sales service and technology development services [2] Group 3: Profitability and Cost Management - In Q3 2025, XPeng Motors' gross margin was 20.1%, up 4.9 percentage points year-on-year, and net margin was -1.9%, improving by 16.0 percentage points year-on-year [3] - The gross margin for the automotive business was 13.1%, a year-on-year increase of 4.5 percentage points, attributed to ongoing cost reductions [3] - The profit margin for services and other income was 74.6%, up 14.5 percentage points year-on-year, driven by technology development service revenue [3] Group 4: Sales Growth - In Q3 2025, XPeng Motors sold 116,000 vehicles, a year-on-year increase of 149.3% [4] - In October 2025, the company delivered 42,000 vehicles, a year-on-year increase of 76% [4] - For Q4 2025, the company expects vehicle deliveries to be between 125,000 and 132,000, representing a year-on-year increase of approximately 36.6% to 44.3% [4]