小鹏汽车-预计 2026 年第一季度将呈现高于行业的季节性表现，明年新车型管线强劲；买入评级

19 November 2025 | 4:48PM CST Equity Research XPENG INC. (XPEV/9868.HK) Expect above-industry seasonality in 1Q26E with strong new model pipeline next year; Buy XPeng ADR/H share price retreated 10%/10% post an in-line 3Q25 result, but below-expectation 4Q25E revenue guidance mainly from slowing volume growth (from 149% yoy in 3Q25 to 41% in 4Q25E) and continued competition in the market (First Take). Although near-term sales momentum may be moderate with only few new model launches, looking into 1Q26E, we ...