Core Insights - XPENG has officially opened order books for its newly revamped Ultra Smart Coupe SUV G6 and Ultra Smart Premium SUV G9 in Europe, marking a significant expansion in the European market [1][5][24] Product Overview - The XPENG G6 and G9 represent complete model overhauls, setting new benchmarks in charging speed, technology innovation, and intelligent design tailored for the European market [2][6] - Both models are built on XPENG's next-generation full-domain 800V architecture, featuring ultra-fast charging capabilities and industry-leading powertrain technology, including the 5C Supercharging AI Battery [3][6] Charging and Range - The G9 can charge from 10% to 80% in just 12 minutes at a peak power of 525 kW, while the G6 achieves this at 451 kW [4][6] - The G9 offers a WLTP range of up to 585 km, and the G6 provides up to 535 km, addressing range anxiety concerns [4] Safety Features - Both models incorporate a bulletproof-level battery protected by a 4-3-4 structural safety framework, capable of withstanding extreme conditions [7] - The battery lifespan has been increased by 30%, meeting stringent safety standards [7] Design and Comfort - The G6 features a bold design with dimensions of 4758 mm in length, 1920 mm in width, and 1650 mm in height, while the G9 measures 4891 mm in length, 1937 mm in width, and 1680 mm in height [8][15] - The interiors of both models are designed for maximum comfort, featuring premium materials, advanced heating and ventilation systems, and spacious cargo capacities [10][12][15] Advanced Technology - Both models are equipped with the Qualcomm Snapdragon 8295 chipset and NVIDIA Orin-X processors, enabling advanced driver-assistance systems and immersive digital cockpits [25] - The G9 includes features such as fully automated parking and remote summon capabilities, enhancing the user experience [23][25] Availability - The XPENG G6 and G9 are now available for order in several European countries, with deliveries expected to begin at the end of summer 2025 [26]

Financial Performance - XPENG reported Q1 2025 revenue of RMB 15.81 billion, a 141.5% year-over-year increase, with vehicle deliveries reaching 94,008 units, marking a 330.8% year-over-year growth [1][6] - Gross margin reached 15.6%, up 2.7 percentage points year-over-year, while vehicle gross margin rose to 10.5%, an improvement of 5 percentage points year-over-year [2] - Net loss narrowed to RMB 660 million, and the company generated over RMB 3 billion in positive free cash flow, indicating improved self-sufficiency [2][4] Future Outlook - For Q2 2025, XPENG expects total deliveries between 102,000 and 108,000 units, reflecting a year-over-year increase of 237.7% to 257.5% [3] - Total revenue is projected to range from RMB 17.5 billion to RMB 18.7 billion, indicating a year-over-year growth of 115.7% to 130.5% [3] - Chairman and CEO He Xiaopeng expressed confidence in achieving more than double sales this year and reaching profitability in Q4 2025 [24] Product Development - XPENG's strong performance was driven by popular models such as the MONA M03, P7+, X9, and the 2025 editions of G6 and G9, with the MONA M03 becoming the best-selling A-segment pure electric sedan in China [7] - The company plans to launch the MONA M03 Max and G7 SUV in Q2 2025, with a focus on democratizing AI technology in vehicles [9][21] - XPENG's next-generation P7 and Kunpeng EV are set to be unveiled in the second half of 2025, expanding market reach [9][10] Global Expansion - XPENG tripled its overseas sales in Q1 2025, exporting 7,615 vehicles, a 370% year-over-year increase, and ranked No. 1 among new automakers in several countries [12] - The company expanded into key regions including the UK and Indonesia, adding over 40 new retail locations overseas [12][13] - XPENG aims to position itself as a technology-differentiated premium global brand, with plans for R&D and manufacturing expansion [14] AI and Technology Development - XPENG is developing a world-class AI foundation model with 72 billion parameters, enhancing its AI capabilities for vehicles and humanoid robots [17] - The company has established China's first 10,000-card intelligent computing cluster in the automotive industry, supporting its AI infrastructure [18] - XPENG's proprietary chip development, including the XPENG Turing AI chip, is set for mass production in Q2 2025, enhancing the performance of its AI vehicles [19][20]

特别申明： 1）乘联会：根据乘联会初步数据统计，2/1-2/28国内乘用车零售销量同比+26%/环比-22%至139.7万辆，新 能源乘用车零售销量同比+85%/环比-3%至72万辆（新能源渗透率约51.54%）。2/1-2/28国内乘用车批发销 量同比+35%/环比-15%至178.1万辆，新能源乘用车批发销量同比+82%/环比-5%至84.2万辆（新能源渗透 率约47.28%）。2）经销商库存预警指数：2月汽车经销商库存预警指数同比-7.2pcts/环比-5.4pcts至 56.9%，位于荣枯线之上。 预计新能源汽车智能化转型为政策重点支持方向： 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周汽车板块跑赢大盘： 点击注册小程序 本周A股中信汽车一级行业（+3.4%）跑赢沪深300（+1.4% ...