小鹏汽车-W：Mona SUVs, robot production as key in FY26-20260323

23 Mar 2026 CMB International Global Markets | Equity Research | Company Update Xpeng Inc. (XPEV US/9868 HK) Maintain BUY. Xpeng's 4Q25 net profit beat on R&D service income. We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models. We also believe that its mass production of humanoid robots this year could be a positive catalyst for shares. | (YE 31 Dec) | FY23A | FY24A | FY25A | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Reven ...