Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company delivered a total of 37,508 vehicles in December 2025, representing a year-on-year increase of 2.2% and a month-on-month increase of 2.1% [2][4]. - For the entire year of 2025, the company achieved cumulative deliveries of 429,000 vehicles, marking a significant year-on-year growth of 125.9% [2][4]. - The launch of the new X9 model has been particularly strong, with 5,424 units delivered in December, achieving a month-on-month increase of 68% and a year-on-year increase of 289% [6]. - The company is expected to continue its growth trajectory with new models like the P7+ and G7 set to be released, enhancing its sales cycle [6]. - The overseas market has also shown promising growth, with 45,000 vehicles delivered internationally in 2025, reflecting a year-on-year increase of 96% [6]. - The company anticipates Q4 2025 deliveries to be between 125,000 and 132,000 units, which would represent a year-on-year growth of 36.6% to 44.3% [6]. Summary by Relevant Sections Sales Performance - December 2025 deliveries totaled 37,508 vehicles, with a year-on-year growth of 2.2% and a month-on-month growth of 2.1% [2][4]. - Cumulative deliveries for 2025 reached 429,000 vehicles, up 125.9% year-on-year [2][4]. New Product Launches - The X9 model has seen strong performance, with December deliveries reaching 5,424 units, marking a record for the model [6]. - Upcoming releases of the P7+ and G7 models are expected to further boost sales [6]. International Expansion - The company delivered 45,000 vehicles in international markets in 2025, a 96% increase year-on-year [6]. - The company has established a presence in 60 countries and regions globally, with local production in Malaysia starting in December 2025 [6]. Future Outlook - The company is positioned for significant revenue growth, with projected revenues of approximately 75.1 billion and 112.1 billion for 2025 and 2026, respectively [6]. - The anticipated price-to-sales ratios for 2025 and 2026 are 1.8 and 1.2, respectively, supporting the "Buy" rating [6].
小鹏汽车-W（09868）：港股研究|公司点评|小鹏汽车-W（09868.HK）：小鹏汽车2025年12月销量点评：总交付3.75万辆，同环比增长，X9交付强势