Core Viewpoint - Xiaopeng Motors (09868.HK) experienced a significant stock surge of nearly 18%, closing at 108.5 HKD, with a market capitalization of 202.2 billion HKD, surpassing Geely Automobile (00175.HK) at 183.3 billion HKD, driven by the optimistic market response to new product launches in artificial intelligence, robotics, and extended-range vehicles [3][4][6] Product Launches and Market Response - On November 5, Xiaopeng Motors unveiled four key applications at the 2025 Xiaopeng Technology Day, including the second-generation VLA large model, Xiaopeng Robotaxi, a new generation of IRON humanoid robots, and the Huitian flying car [5] - The pre-sale of the Xiaopeng X9 super extended-range vehicle began on November 6, marking a strategic shift from being solely an electric vehicle company [5][6] - The market's positive reaction is attributed to the optimistic outlook on robotics technology and its commercial applications, particularly the humanoid robot's advanced AI capabilities [5][6] Sales Performance and Market Position - In October 2025, Xiaopeng delivered 42,000 smart electric vehicles, a year-on-year increase of 76% and a month-on-month increase of 1%, setting a new monthly delivery record [8] - Despite the overall automotive market's sluggish performance, Xiaopeng's sales growth stands out among new energy vehicle manufacturers, indicating a relatively strong market position [6][8] Valuation and Future Prospects - Analysts from Guohai Securities and Changjiang Securities express optimism about Xiaopeng's future, highlighting the potential for new and updated models to address range anxiety in cold regions and enhance competitiveness in underdeveloped overseas markets [7] - Xiaopeng's valuation has not fully accounted for its advancements in AI-related applications, with its price-to-sales ratio (PS) currently between 1.5 and 2, compared to Tesla's PS exceeding 10, suggesting significant room for valuation growth as it transitions into a global AI automotive company [7] Upcoming Financial Reporting - Xiaopeng is set to announce its third-quarter earnings on November 17, with market attention focused on whether sales growth will lead to improved gross margins and positive net cash flow, although uncertainties remain [7][8]
小鹏市值超越吉利，估值真要对标特斯拉？