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汽车：小鹏汽车1月交付表现亮眼，智界R71月交付破万
Xinda Securities·2025-02-03 07:17

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - In January 2025, several automotive companies reported their sales figures, with notable performances from various brands. For instance, Hongmeng Zhixing delivered 34,987 vehicles, a month-on-month decrease of 29%. Meanwhile, Xiaopeng Motors achieved a delivery of 30,350 vehicles, marking a year-on-year increase of 268% but a month-on-month decrease of 17% [1] - Xiaopeng Motors has maintained a delivery volume exceeding 30,000 units for three consecutive months, with the MONA M03 model achieving a monthly production capacity of 20,000 units before the Spring Festival [1] - The report highlights the acceleration of smart technology adoption among new automotive companies, with Xiaopeng's XNGP urban intelligent driving achieving a user penetration rate of 87% in January [3] - The overseas expansion of new automotive companies is progressing steadily, with Zero Run showcasing its REEV technology at the Brussels Motor Show and Xiaopeng entering multiple European markets [3] Summary by Sections Sales Performance - In January 2025, the delivery figures for various automotive brands were as follows: - Hongmeng Zhixing: 34,987 units (MoM -29%) - Xiaopeng Motors: 30,350 units (YoY +268%, MoM -17%) - Ideal Auto: 29,927 units (YoY -4%, MoM -49%) - Leap Motor: 25,170 units (YoY +105%, MoM -41%) - NIO: 13,863 units (YoY +38%, MoM -55%) - GAC Aion: 14,393 units (YoY -42%, MoM -69%) [1] Technological Advancements - Xiaopeng's AI technology and software updates are enhancing user experience, with the introduction of new features such as "parking to parking" and coach car recognition [3] - Ideal Auto has launched its OTA 7.0 update, featuring advanced intelligent driving capabilities [3] Investment Recommendations - The report suggests focusing on a range of companies in the passenger vehicle sector, including BYD, Great Wall Motors, and others, as well as commercial vehicle manufacturers like China National Heavy Duty Truck Group and FAW Jiefang [3]