XPENG(US:XPEV) Shanghai Aijian Securities·2025-09-01 10:41Investment Rating - The automotive industry is rated as "Outperform" compared to the market index [3][11]. Core Insights - The automotive sector saw a weekly increase of 0.35%, with the A-share automotive index closing at 7,839.3 points, ranking 14 out of 31 sectors. In comparison, the CSI 300 index rose by 2.71% to 4,496.8 points [3][4]. - The new XPeng P7 has demonstrated strong product capabilities, achieving over 10,000 pre-orders within 7 minutes of its launch. The vehicle is positioned in the mid-to-high-end electric market, featuring advanced AI technology and impressive performance metrics [3][6]. - The sales structure of XPeng is improving, with Q2 2025 revenue reaching 18.27 billion yuan, a year-on-year increase of 125.3%. The gross margin for vehicles is 14.3%, with an overall gross margin of 17.3% [3][6]. - XPeng plans to expand its presence internationally, targeting 60 countries by 2025 and aiming to become one of the top three exporters of new energy vehicles from China by 2027 [3][6]. - The potential for Robotaxi deployment is significant, with plans for mass production of L4 level autonomous vehicles by 2026 [3][6]. Summary by Sections Industry Performance - The automotive sector's weekly performance was +0.35%, with commercial vehicles leading at +1.33% and automotive services declining by -3.93% [4][6]. - The top-performing stocks in the A-share automotive sector included Tianpu Co. (+61.06%) and Haoen Electric (+58.28%) [7]. Company Insights - XPeng's new P7 model features three self-developed AI chips, achieving a computing power of 2250 TOPS, significantly surpassing industry standards [3][6]. - The company is enhancing its charging infrastructure, with a goal of over 10,000 self-operated charging stations by 2026 [3][6]. - The sales distribution indicates a shift towards higher-end models, with the G7 model achieving the highest sales in its class shortly after launch [3][6]. Market Outlook - The report suggests a focus on leading smart vehicle manufacturers that leverage AI and computing power to create user experience barriers, recommending attention to companies like Xiaomi, XPeng, and Li Auto [3][6]. - The report also highlights the potential for domestic state-owned enterprises to improve performance through reform and new product cycles, recommending companies like SAIC Motor and Dongfeng Motor [3][6].