Core Viewpoint - Xpeng Motors (09868, XPEV.US) reported a record high gross margin of 20.1% in Q3 this year, benefiting from an increase in service and technology revenue share and economies of scale [1] Group 1: Financial Performance - The company maintained a target price of HKD 134.69 and a "Buy" investment rating [1] - The anticipated high growth in sales is supported by new vehicle upgrades, mass production of the dual-energy platform, and the widespread adoption of intelligent driving features [1] - The company is expected to achieve profitability in Q4, with improvements in average selling price and gross margin projected to outperform peers over the next two years [1] Group 2: Strategic Initiatives - Xpeng Motors is actively investing in AI chips, autonomous driving, low-altitude economy, RoboTaxi, and humanoid robots to enhance its valuation and long-term growth potential [1]

随着新车换代、一车双能平台量产以及智驾功能的全面普及，该行预计集团销量有望维持高位增长，第 四季盈利具可实现性。该行同时预计，小鹏汽车今明两年平均单价及毛利的改善弹性将优于同业。集团 亦在AI晶片、自主智驾、低空经济、RoboTaxi及人形机器人方向持续布局，提升估值中枢与长期增长 性。 交银国际发布研报称，小鹏汽车-W(09868,XPEV.US)今年第三季受惠于服务及技术收入占比提升与规模 效应，集团综合毛利率录得20.1%，创历史新高。该行维持对小鹏汽车目标价134.69港元及"买入"的投 资评级。 ...

ASP、综合毛利率仍具边际向上弹性，关注新平台(鲲鹏体系)与图灵芯片放量带来的结构改善 公司预计25Q4交付12.5–13.2万辆、营收215–230亿元，指引体现订单与产能节奏保持稳健。同时，自研 图灵芯片将在Q3–Q4进一步放量，提升高阶智驾渗透率；而"鲲鹏超级电动体系"(一车双能：纯电/增程) 预计在25Q4进入量产节奏，对ASP、整车毛利及成本结构的改善均更具边际贡献。短期结构仍由中高 阶车型占比主导，中期毛利改善更依赖新平台规模化后摊薄成本与智驾功能渗透提升。新车规划方面， 明年计划推出7款增程车型，海外推出3款新车。 交银国际主要观点如下： 小鹏汽车综合毛利率20.1%创历史新高 25Q3营收203.8亿元(人民币，下同)，环比增11.5%，基本符合市场和该行预期。汽车销量11.6万辆，环 比增12.4%。受车型结构影响，单车ASP 15.6万元，环比降0.8万元，基本符合预期。受益于服务及技术 收入占比提升与规模效应，公司综合毛利率20.1%，创历史新高；但受新平台爬坡及车型结构轻微变化 影响，汽车毛利率13.1%，较2Q25小幅回落。研发/销售费用仍保持在可控区间，研发/销售费用环比增 12. ...

Core Insights - Tesla is at a critical inflection point, having achieved significant milestones in both automotive and energy sectors, with the Model Y being the best-selling vehicle worldwide in 2024 and energy deployment reaching 31 gigawatt hours, more than double that of 2023 [2][3] - The company emphasizes its commitment to sustainability, reporting that its products helped avoid nearly 32 million metric tons of greenhouse gas emissions in 2024, a 70% increase year over year [2][3] - Safety remains a top priority, with Tesla's vehicles achieving a crash rate that is ten times better than the average US driver, and improvements in autopilot technology expected to enhance safety further [3][4] Business Performance - The Model Y continues to dominate global sales, reinforcing Tesla's leadership in the automotive industry [2] - The energy business is expanding rapidly, with a deployment of 31 gigawatt hours in 2024, indicating strong growth potential [2] - Tesla's installed base serves as a foundation for future value creation through services like RoboTaxi and virtual power plants [2] Sustainability Efforts - Tesla's products have significantly reduced greenhouse gas emissions, showcasing the company's commitment to environmental sustainability [2] - The company is focused on improving safety standards and reducing resource impact throughout the product lifecycle, from raw material extraction to end-of-life [3][4] Shareholder Engagement - The annual shareholder meeting included discussions on various proposals, with the board encouraging shareholder participation and feedback [5][6] - Several shareholder proposals were presented, including those related to sustainability metrics in executive compensation and governance reforms [7][8][9] Future Outlook - Elon Musk highlighted the potential of the Optimus robot, suggesting it could revolutionize industries and significantly impact the global economy [20][21][22] - The company plans to ramp up production of the CyberCab, designed for autonomous operation, with ambitious production targets [27][29] - Tesla aims to enhance its AI capabilities with the development of specialized chips, which are expected to improve performance and efficiency [30][31]

RT Amy (@_SFTahoe)FLEET ECONOMICSThe CyberCab is not designed as a personal car but to be a fleet vehicle.Just a few of the metrics matter to a fleet manager:1) Weight (effects energy efficiency)2) Dispatch Reliability (more parts more to break)3) Flexible Usage4) Annual CyberCab Utilization5) Turn around time - easy to clean etc.So it isn’t just throwing a steering wheel and pedals on the CyberCab - it is damaging each of the above metrics.When adding Pedals and Steering Wheel You are adding weight, price, ...

Core Viewpoint - Xiaopeng Motors (XPEV.US) experienced a nearly 9% increase in stock price, closing at $22.19, following the announcement of founder He Xiaopeng's acquisition of 3.1 million shares, reflecting management's confidence in the company's future development [1] Financial Performance - In Q2 2025, Xiaopeng Motors reported a gross margin of 14.3%, a significant improvement of 3.9 percentage points quarter-over-quarter, exceeding market expectations [1] - The company recorded a net loss of 480 million yuan and a non-GAAP net loss of 380 million yuan, with losses narrowing further compared to the previous quarter [1] Future Outlook - The research report from CMB International maintains profit forecasts, anticipating continued sales growth with the launch of new and updated models, particularly the dual-energy vehicle expected in Q4 and next year [1] - The company is expected to achieve positive quarterly earnings due to the proliferation of intelligent driving and increased new vehicle sales, alongside its strategic investments in artificial intelligence, low-altitude economy, RoboTaxi, and humanoid robots, which may positively impact stock prices and elevate valuation levels [1]

Core Viewpoint - Xiaopeng Motors (XPEV.US) experienced a nearly 9% increase in stock price, reaching $22.19, following the announcement of founder He Xiaopeng's acquisition of 3.1 million shares, indicating management's confidence in the company's future [1] Financial Performance - In Q2 2025, Xiaopeng Motors reported a gross margin of 14.3%, a significant improvement of 3.9 percentage points quarter-over-quarter, exceeding market expectations [1] - The company recorded a net loss of 480 million yuan and a non-GAAP net loss of 380 million yuan, with losses narrowing further compared to the previous quarter [1] Future Outlook - The brokerage firm maintains its profit forecast, anticipating continued sales growth with the launch of new and updated models, particularly the dual-energy vehicle expected in Q4 and next year [1] - The company is expected to achieve positive quarterly earnings due to the proliferation of intelligent driving and increased new vehicle sales, alongside its investments in artificial intelligence, low-altitude economy, RoboTaxi, and humanoid robots, which may positively impact stock prices and elevate valuation levels [1]

Core Viewpoint - Xiaopeng Motors reported better-than-expected automotive gross margins in Q2 2025, with revenue of 18.27 billion RMB, a 15.6% increase quarter-on-quarter, and vehicle sales of 103,000 units, a 9.8% increase quarter-on-quarter [1] Group 1: Financial Performance - Q2 2025 automotive gross margin reached 14.3%, a significant improvement of 3.9 percentage points quarter-on-quarter, exceeding market expectations [1] - R&D and sales expenses increased by 11.4% quarter-on-quarter, but were lower than revenue growth, leading to a slight decrease in expense ratio [1] - The company reported a net loss of 480 million RMB and a non-GAAP net loss of 380 million RMB, with losses narrowing further quarter-on-quarter [1] Group 2: Future Guidance - For Q3 2025, the company expects revenue between 19.6 billion and 21 billion RMB, indicating a quarter-on-quarter growth of approximately 11.9% [2] - Expected delivery volume for Q3 2025 is between 113,000 and 118,000 units, reflecting a quarter-on-quarter growth of about 11.1% [2] - The anticipated average selling price (ASP) for Q3 2025 is around 170,000 RMB, a slight increase of 6,000 RMB quarter-on-quarter, suggesting potential improvements in vehicle mix and gross margin [2] Group 3: Strategic Developments - The company maintains its guidance for profitability in Q4 2025, with expectations for continued upward trends in ASP and gross margin [2] - The new generation P7 has been unveiled and is set for delivery in Q3 2025 to Q4 2025, while the "Kunpeng Super Electric System" is expected to enter mass production in Q4 2025 [2] - The self-developed Turing chip is set to be deployed in Q3 2025, with plans to extend its application to robotics and other product lines by 2026 [2] Group 4: Investment Outlook - The company is viewed as a high-certainty investment among new energy vehicle manufacturers, with expectations for continued sales growth driven by new and updated models [3] - The potential for quarterly profitability is anticipated due to the proliferation of intelligent driving and new vehicle launches [3] - The company's strategic positioning in artificial intelligence, low-altitude economy, RoboTaxi, and humanoid robots is expected to positively impact stock prices and elevate valuation [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 134.69, indicating a potential upside of 74.8% from the current price of HKD 77.05 [3][11]. Core Insights - The automotive gross margin exceeded expectations, with Q2 2025 revenue reaching RMB 18.27 billion, a quarter-on-quarter increase of 15.6%. Vehicle sales were 103,181 units, up 9.8% quarter-on-quarter. The average selling price (ASP) was RMB 164,000, reflecting a slight increase of RMB 1,100 [2][8]. - The company expects Q3 2025 revenue to be between RMB 19.6 billion and RMB 21 billion, with a median quarter-on-quarter growth of approximately 11.9%. The expected delivery volume is between 113,000 and 118,000 units, indicating a median quarter-on-quarter growth of about 11.1% [2][8]. - The company maintains its guidance for profitability in Q4 2025, supported by the launch of new models and improvements in vehicle structure [2][8]. Financial Overview - Revenue projections for the company are as follows: RMB 30.68 billion in 2023, RMB 40.87 billion in 2024, RMB 86.17 billion in 2025, RMB 113.34 billion in 2026, and RMB 125.49 billion in 2027, with significant growth rates expected [7][13]. - The company anticipates a net loss of RMB 10.38 billion in 2023, narrowing to RMB 5.79 billion in 2024, and expects to achieve a profit of RMB 1.5 billion by 2026 [7][13]. - The gross margin is projected to improve significantly, with expectations of 14.3% in 2025 and further increases in subsequent years [15]. Market Position and Future Outlook - The company is optimistic about the upcoming "Kunpeng Super Electric System" and the first range-extended/pure electric platform, which are expected to enter mass production in Q4 2025, contributing positively to gross margins [2][8]. - The introduction of the new generation P7 and the gradual rollout of self-developed Turing chips are expected to support short-term ASP and gross margin improvements [2][8]. - The company is positioned as a high-certainty investment among new energy vehicle manufacturers, with anticipated sales growth driven by the introduction of new models and advancements in autonomous driving technology [2][8].

RT Amy (@_SFTahoe)TECH DEBT VS TECH LEADTesla has an overwhelming tech lead; Waymo has an overwhelming tech debt. But yet, most of WS thinks Waymo and Tesla’s FSD stacks will magically “converge”.SPOILER ALERT: They won’t. All the appendages (ie unnecessary extra sensors) on Waymo dramatically increase the complexity of training neural nets.IMO, TSLA won’t rerate until WS gets tech savvy-or (more likely) when RoboTaxi is in multiple cities. WS needs to see RoboTaxi in action because they don’t “get” AI. ...