Core Viewpoint - Xiaopeng Motors, traditionally focused on pure electric vehicles, will begin to develop "large battery range extension" solutions starting next year, with the introduction of the Xiaopeng X9 and G7 range-extended models [1][3]. Group 1: Product Launch and Specifications - Xiaopeng Motors has applied for the Xiaopeng X9 and G7 range-extended models as per the latest vehicle product announcement by the Ministry of Industry and Information Technology [1]. - The Xiaopeng X9 range-extended version will feature a 1.5T range extender from Dong'an Power, with a maximum power output of 110kW and a driving motor power of 210kW. It will utilize a 63.3kWh lithium iron phosphate battery from CATL [1][3]. - The Xiaopeng G7 range-extended version will also be equipped with a 1.5T range extender, delivering a maximum power of 110kW and a driving motor power of 218kW, along with a 55.8kWh lithium iron phosphate battery from Eve Energy [3][5]. Group 2: Performance and Features - The Xiaopeng X9 is expected to achieve a pure electric range of 345km under WLTC conditions and 450km under CLTC conditions, supported by an 800V high-voltage platform and 5C supercharging battery technology [2][5]. - The Xiaopeng G7 is projected to have a pure electric range of 325km under WLTC conditions and 430km under CLTC conditions, also utilizing the 800V high-voltage platform and 5C supercharging battery [5][7]. - Both models are anticipated to be launched in the fourth quarter of this year and the first quarter of 2026, respectively, marking Xiaopeng's entry into the range-extended vehicle market [3][7].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 105.74 HKD, indicating a potential upside of 44.2% from the current price of 73.35 HKD [7]. Core Insights - The company is expected to achieve significant revenue growth, with projections of 93.59 billion, 140.22 billion, and 169.58 billion CNY for the years 2025, 2026, and 2027 respectively [6]. - The management team has undergone significant restructuring to enhance operational efficiency and product delivery capabilities, which is anticipated to lead to improved performance in 2024 [3][30]. - The company is entering a strong product cycle with the launch of new models, including the MONA M03 and P7+, which have shown promising sales figures [4][49]. Summary by Sections Management Team and Performance Improvement - The management team is composed of experienced individuals from diverse backgrounds, contributing to the company's unique DNA [2][18]. - In 2024, the company achieved a revenue of 40.87 billion CNY, a year-on-year increase of 33.2%, while reducing net losses by 44.2% [21]. Organizational Reform - The company underwent a major organizational restructuring in October 2022, consolidating decision-making power and reorganizing its business structure into five major committees [3][30]. - Key personnel changes were made to enhance product planning and sales management, with a focus on improving delivery capabilities [31][34]. Product Cycle and Sales Performance - The company has launched several new models, including the G6, MONA M03, and P7+, which are expected to drive sales growth [4][38]. - The MONA M03 achieved over 10,000 units sold in its first month, while the P7+ also showed strong initial demand [50][49]. Technological Advancements - The SEPA 2.0 architecture was introduced to enhance the company's platform capabilities, allowing for a 20% reduction in new model development time and a parts commonality rate of up to 80% [5][60]. - The launch of the AIOS system aims to redefine the smart cabin experience, significantly enhancing AI and CPU capabilities [64]. Global Expansion - The company is accelerating its global expansion, with sales initiated in over 30 countries and plans to enter more than 60 markets by the end of 2025 [5][6].

Core Viewpoint - Xiaopeng Motors aims to derive half of its sales from overseas markets within the next decade, with a focus on localizing products and services in key regions such as Europe, Southeast Asia, the Middle East, and Latin America [1][2] Group 1: Global Expansion Strategy - Xiaopeng plans to enter 60 countries this year, doubling its presence from over 30 countries last year, with significant resource allocation to 10-12 key markets [1] - The company emphasizes a gradual and steady approach to global expansion, prioritizing local service capabilities such as maintenance, charging, and over-the-air updates [1] - Xiaopeng is exploring local assembly in Indonesia as part of its first overseas production capabilities [2] Group 2: Market Dynamics and Opportunities - The company views Europe as a critical market outside of China and is investigating various investment strategies in the region, including supply chain production [2] - Recent discussions between the EU and China regarding minimum pricing for Chinese electric vehicles could create a more favorable business environment for Chinese automakers in Europe [2] Group 3: Product Development and AI Integration - Xiaopeng's product strategy focuses on quality over quantity, with plans to launch the Kunpeng Super Electric System in China by Q4 2025 and globally by 2026 [3] - The company is investing heavily in AI, with a self-developed Turing AI chip expected to enter production in Q2 this year, featuring a 40-core processor with significant computational power [3][4] - Xiaopeng aims to achieve L3 autonomous driving capabilities in China by the end of 2025, with an investment of 4.5 billion yuan in AI this year [4] Group 4: Future Innovations - The company is developing flying cars, with the "land aircraft" model expected to receive certification by the end of this year, targeting deliveries in the following year [4] - Xiaopeng is also working on AI robots, with plans for industrial-scale production by 2026, indicating a commitment to advanced robotics technology [4]

Core Viewpoint - Xiaopeng Motors officially launched the 2025 model of the X9, priced between 359,800 and 419,800 yuan, maintaining the price level of the previous model while offering significant upgrades in technology and comfort [1][72]. Group 1: Product Launch and Features - The 2025 Xiaopeng X9 is the first global model launched by Xiaopeng Motors, emphasizing its international identity by choosing Hong Kong for the release [5][10]. - The vehicle features 496 upgraded components, including a new Turing intelligent driving system, although it will not include Xiaopeng's self-developed intelligent driving chip until the second quarter of this year [6][8]. - The X9 offers four variants with different specifications, including battery capacities of 94.8 kWh and 105 kWh, and electric ranges of 650 km, 740 km, and 702 km [64][67]. Group 2: Technological Advancements - The 2025 X9 is equipped with advanced AI capabilities, including a dual Orin-X chip for intelligent driving, and supports urban intelligent driving across all models [69]. - The vehicle's interior has been enhanced for comfort, featuring ventilated and heated seats, a new 220V power outlet, and upgraded soft-touch materials [53][59][64]. - Xiaopeng Motors plans to invest 4.5 billion yuan in AI development this year, with a goal to achieve L3 level autonomous driving capabilities by the end of 2025 [29][31]. Group 3: Strategic Goals and Market Position - Xiaopeng Motors aims to accelerate its global expansion, targeting to have half of its sales from international markets within the next decade [19][72]. - The company is focusing on high-end positioning and technological innovation, moving away from being perceived solely as a cost-effective brand [71][72]. - Xiaopeng Motors has entered over 30 countries and regions by 2024, establishing itself as a leading Chinese new energy vehicle brand in the global market [18][19].