Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In October 2025, the company delivered 42,013 new vehicles, representing a year-on-year increase of 75.7% and a month-on-month increase of 1.0% [2][4]. - Cumulatively, from January to October 2025, the company delivered 355,000 new vehicles, marking a year-on-year increase of 190.0% [2][4]. - The company is expected to see steady sales growth driven by strong new vehicle cycles, enhanced marketing systems, and ongoing improvements in smart driving technology [2][9]. - The new models MONA M03 and P7+ are expected to initiate a new vehicle cycle for the company [9]. Summary by Sections Sales Performance - October 2025 saw a record monthly delivery of over 40,000 vehicles, with significant contributions from the new P7 model and strong sales of the SUV family [9]. - The MONA M03 model alone delivered over 15,000 units in October, with total deliveries exceeding 200,000 since its launch [9]. Future Outlook - For Q3 2025, the company anticipates deliveries between 113,000 and 118,000 units, representing a year-on-year growth of 142.8% to 153.6% [9]. - Expected revenue for Q3 2025 is projected to be between 19.6 billion and 21 billion CNY, reflecting a year-on-year increase of 94.0% to 107.9% [9]. Strategic Developments - The company is expanding its international presence, having entered seven new markets in Europe, Asia, and Africa, transitioning from rapid expansion to solid operations [9]. - The upcoming launch of the next-generation extended-range product, the X9, is anticipated to enhance the company's competitive edge with its unique features [9].
小鹏汽车-W（09868）：2025年10月销量点评：同环比持续增长，月销再破4万辆