证券研究报告 | 2025年11月24日 小鹏汽车-W（09868.HK） 优于大市 单三季度销量同比增长 149%，打造物理 AI 未来出行全新范式 2025Q3 小鹏汽车实现营业收入 204 亿元，同比增长 102%。2025Q3，小 鹏汽车的销量为 11.6 万辆，同比增长 149.3%，环比增长 12.4%；总收 入为 203.8 亿元，同比增长 101.8%，环比增长 11.5%；净利润为-3.8 亿 元，去年同期为-18.1 亿元，2025Q2 为-4.8 亿元。拆分来看，1）2025Q3 汽车销售收入为 180.5 亿元，同比+105.3%，环比+6.9%，按年增长乃主 要由于新推出的车型交付量增加所致。2）2025Q3 服务及其他收入为人 民币 23.3 亿元，同比+78.1%，环比+67.3%，同环比增长主要由于售后 服务收入增长以及向汽车制造商提供的技术研发服务收入增长。 研发与经营活动降本增效，毛利率与净利率同环比均提升。2025Q3，小 鹏汽车的毛利率/净利率 20.1%/-1.9%，分别同比+4.9/+16.0pct，分别 环比 +2.8/+0.7pct；研 发费 用率/销售 、行 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly focusing on technology-driven companies like Tesla and Xiaopeng [3][4]. Core Insights - The report emphasizes the growing importance of AI applications in the automotive industry, highlighting breakthroughs from Xiaopeng in areas such as Robotaxi, intelligent driving, and flying cars [4][5]. - It suggests that while technology leaders like Tesla and Xiaopeng should be prioritized for investment, attention should also be given to companies with strong performance support and relatively low valuations, such as KBD, Xingyu, Jifeng, and Songyuan [4]. - The report notes a potential tightening of liquidity in the market towards the end of the year, advising caution [4]. Industry Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the last week of October reached 155,000 units, a year-on-year increase of 47% [4]. - The report indicates a decline in traditional and new energy raw material price indices over the past week [4]. - The total transaction value of the automotive industry for the week was 595.4 billion, with a week-on-week decrease of 2.01% [4][16]. Market Situation - The automotive industry index closed at 7850.78 points, down 1.24% for the week, underperforming compared to the Shanghai Composite Index, which rose by 0.82% [4][16]. - A total of 132 stocks in the automotive sector rose, while 138 fell, with Haima Automobile, Weichai Power, and Meichen Technology showing the largest gains [4][20]. Investment Analysis Recommendations - The report recommends focusing on domestic leading manufacturers such as NIO, Xiaomi, Xiaopeng, and Li Auto, as well as companies involved in the trend of intelligentization [4]. - It suggests monitoring state-owned enterprise reforms, particularly with SAIC and Dongfeng [4]. - The report highlights component manufacturers with strong growth potential and overseas expansion capabilities, recommending companies like Xingyu, Fuyao Glass, and New Spring [4].

以技术立足的小鹏汽车，过去六届科技日活动都成色十足。但2025小鹏科技日上满满的干货，还是 再一次让业界对小鹏汽车的未来创新大呼惊艳。 11月5日，以"涌现 Emergence"为主题的2025小鹏科技日在小鹏汽车的"新主场"广州小鹏科技园拉开 大幕。小鹏汽车围绕"物理AI"发布了四项重要应用，包括小鹏第二代VLA、小鹏Robotaxi、全新一代 IRON，以及汇天两套飞行体系，勾勒出物理AI未来出行的清晰图景。并且这四项AI应用都已有明确的 量产计划，并得到多家行业巨头的鼎力支持，或将很快改变未来出行、生活方式。 科技日现场，小鹏汽车董事长 CEO何小鹏宣布："小鹏汽车的定位升级为'物理AI世界的出行探索 者，面向全球的具身智能公司'"。何小鹏认为："AI浪潮兴起，掀起了数字世界的全新革命。而在物理 世界，电力取代石油成为主力燃料，新能源正在颠覆汽车百年工业。当数字世界和物理世界融合，将催 生'物理AI'"。 基于此，小鹏汽车一口气带来四大"物理AI"应用。 基于第二代VLA，小鹏汽车即将发布"小路NGP"功能，显著提升复杂小路与混行环境下的智驾表 现，复杂小路的平均接管里程(MPI)提升了13倍。2025 ...