XPENG(US:XPEV) BOCOM International·2025-08-04 07:52Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and Geely Automobile (175 HK) [8]. Core Insights - The report highlights that the new energy vehicle market maintained a year-on-year growth in July, despite a slowdown in delivery growth due to the traditional off-season for passenger car sales [2][4]. - The overall delivery volume for new energy vehicles in July showed a year-on-year increase of 11.2% but a month-on-month decrease of 6.2% [6]. - The report anticipates an improvement in overall sales in August as the traditional peak sales season approaches [4]. Summary by Relevant Sections Company Performance - BYD delivered 341,030 vehicles in July, a slight year-on-year increase of 0.1% but a month-on-month decrease of 9.7% [6]. - Li Auto delivered 30,731 vehicles in July, reflecting a significant year-on-year decrease of 39.7% and a month-on-month decrease of 15.3% [6]. - XPeng Motors achieved a record delivery of 36,717 vehicles in July, marking a year-on-year increase of 229.4% and a month-on-month increase of 6.1% [6]. - NIO delivered 21,017 vehicles in July, with a year-on-year increase of 2.5% but a month-on-month decrease of 15.7% [4]. - Leap Motor delivered 50,129 vehicles in July, showing a year-on-year increase of 127% and a month-on-month increase of 4% [4]. Market Trends - The report notes that the penetration rate of new energy vehicles has remained above 50% for four consecutive months, indicating a strong market presence [2]. - The report expects that the upcoming launch of new models from various manufacturers will enhance market supply and drive sales during the peak season [4]. Future Outlook - Analysts are optimistic about the performance of BYD, XPeng Motors, and Geely following their new model launches and strategic initiatives [4].