Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - On March 19, 2025, the company announced a conditional grant of 28.5068 million restricted stock units to its chairman and CEO, He Xiaopeng, as part of the 2025 equity incentive plan, which aims to align shareholder interests and reflects the company's confidence in its development [2][4]. - The company is expected to see accelerated sales growth due to its leading smart driving capabilities, a strong new vehicle cycle, channel transformation, and enhanced marketing systems. Financial performance is anticipated to improve with scale, cost reductions from platforms and technology, and the expansion of software profitability models [2][7]. Summary by Sections Event Description - The company plans to grant 28.5068 million restricted stock units to He Xiaopeng, with a purchase price of 0 HKD, contingent on achieving specific stock price targets [4][7]. Financial Projections - For Q1 2025, the expected delivery volume is between 91,000 and 93,000 units, representing a year-on-year growth of 317.0% to 326.2%. Revenue is projected to be between 15 billion and 15.7 billion HKD, reflecting a year-on-year increase of 129.1% to 139.8% [7]. - The company anticipates 2025 revenue of 99.1 billion HKD, corresponding to a price-to-sales ratio of 1.6X, with significant improvements in software revenue contributing to better financial performance [7]. Market Position and Strategy - The company is experiencing a strong new vehicle cycle, with models like MONA M03 and P7+ leading sales. The company has also made significant strides in overseas markets, with plans for rapid expansion in Southeast Asia [7]. - The smart driving technology remains a competitive advantage, and the company is expected to benefit from ongoing channel and marketing improvements [7].
小鹏汽车-W（09868）：公布2025年何小鹏股权激励计划，设定股价激励目标，和股东利益深度绑定