小鹏汽车-W(09868.HK)：新车交付3.7万辆 同比持续增长 环比有所下滑

Core Viewpoint - Xiaopeng Motors reported a total delivery of 36,728 vehicles in November 2025, representing a year-on-year increase of 18.9% but a month-on-month decrease of 12.6% [1] - Cumulative deliveries from January to November 2025 reached 392,000 vehicles, marking a significant year-on-year increase of 155.5% [1] Group 1: November Deliveries - In November, the delivery of approximately 37,000 vehicles continued to show year-on-year growth, while experiencing a month-on-month decline [1] - The newly launched X9 extended-range model saw rapid delivery, with November deliveries increasing by 161% month-on-month [1] - The MONA M03 model maintained over 10,000 deliveries in November, while the SUV family (G6/G7/G9) remained among the top three in the 150,000-250,000 pure electric SUV market [1] Group 2: International Expansion and Sales Network - As of January to November 2025, Xiaopeng Motors' overseas market deliveries reached 39,773 units, reflecting a year-on-year growth of 95.0% [1] - The company's sales and service network now covers 52 countries and regions globally, with the number of overseas sales service points increasing to 321 [1] Group 3: Future Outlook for Q4 2025 - For Q4 2025, the company anticipates delivery volumes between 125,000 and 132,000 vehicles, which translates to a year-on-year growth of 36.6% to 44.3% [2] - Expected revenue for Q4 is projected to be between 21.5 billion and 23 billion yuan, indicating a year-on-year increase of 33.5% to 42.8% [2] - The company is entering a strong new vehicle cycle, with multiple new models expected to enhance sales [2] Group 4: AI and Technological Advancements - The company is positioned in a strong new car year, with expectations of significant sales growth driven by new models and advancements in AI technology [2] - The ongoing development of autonomous driving technology is expected to create a core competitive advantage in the AI era, with upgrades to the smart driving VLA anticipated to accelerate the rollout of Robotaxi services [2] - The next generation of robots is set to be released soon, which may serve as a new catalyst for growth, alongside the introduction of three major AI systems, including flying cars, expected to enter mass production in 2026 [2]