Investment Rating - The report maintains a "Buy" rating for XPeng Motors (9868.HK) [1] Core Insights - XPeng Motors aims to become a global AI automotive company, with significant growth expected from new product launches and international expansion. The company plans to release seven new or updated models in 2025, potentially doubling its delivery volume to over 380,000 units [7][13] - The company is focusing on the European market, projecting that overseas sales could account for over 50% of total sales in the next decade. By 2030, XPeng's revenue from Europe could reach between 398 billion to 520 billion RMB, depending on the export strategy [8] - XPeng's autonomous driving technology is among the top tier in the industry, with plans to achieve a takeover every 100 kilometers by 2025. The company has established a significant computing power center and has extensive testing mileage [9][10] - The report suggests that the Robotaxi market may not replace private car ownership, and XPeng will focus on manufacturing Robotaxi vehicles rather than operating them. Estimated cumulative revenue from Robotaxi could reach 19.7 billion RMB from 2025 to 2030 [11] - The global humanoid robot market is projected to reach 109.5 billion RMB by 2030, and XPeng is expected to capture a significant market share due to its experience in automotive manufacturing [12] Summary by Sections Basic Information - XPeng Motors is positioned to become a leader in AI-integrated smart vehicles, with a focus on electric vehicle (EV) sales and technology development [19][30] Automotive Business - The company anticipates a new product cycle in 2025, with a focus on high-value models like the G6 and MONA M03. The delivery volume is expected to increase significantly, with a target of over 380,000 units [7][35] - XPeng's new vehicle architecture, SEPA2.0, is designed to reduce development time and costs, enhancing production efficiency [38] Intelligent Driving - XPeng's autonomous driving capabilities are leading in the industry, with a focus on high-level autonomous features and significant data collection for model training [9][16] Robotaxi Business - The report indicates that the Robotaxi market will not replace private vehicle ownership, and XPeng will concentrate on the production of Robotaxi vehicles [11][17] Humanoid Robots - The humanoid robot market is expected to grow significantly, and XPeng is leveraging its automotive expertise to enter this space [12] Financial Analysis - Revenue projections for XPeng Motors are optimistic, with expected revenues of 789.13 billion RMB in 2025, reflecting a 93% year-on-year growth [13][14]
小鹏汽车-W（09868）：公司深度报告：新车大周期开启，智驾助力出海塑造成长新动力