Core Insights - XPENG has formed a strategic partnership with Plugsurfing, enhancing access to over 940,000 charging points across 27 European countries, thereby creating a significant transcontinental charging network linking Europe and Asia [1][4][10] Company Overview - XPENG, founded in 2014, is a leading Chinese AI mobility company focused on designing, developing, manufacturing, and marketing intelligent electric vehicles [11] - The company aims to become a global leader in AI mobility, leveraging advanced technologies to shape the future of mobility [11] Partnership Details - The collaboration with Plugsurfing was announced by XPENG's chairman and CEO, He Xiaopeng, during the 'Global Brand Night' in Hong Kong [3] - Plugsurfing aggregates 500 leading charge point operators in the EU, providing XPENG customers with access to a comprehensive charging network [4][8] User Experience Enhancements - XPENG users can enjoy a seamless charging experience through the in-car system and XPENG app, featuring one-click navigation and payment [3][8] - The Drive API provided by Plugsurfing allows integration of real-time charging station data, including availability, pricing, and payment processing [5][9] Features and Accessibility - XPENG customers can easily search for charging stations via the vehicle's touchscreen, with information on distance, number of connectors, charging power, and pricing displayed [7][8] - Existing customers can register once in the app to access charging features, while new owners receive a complimentary charging card for the Plugsurfing network [9] Market Expansion - Since entering the European market in Norway in 2021, XPENG has been investing heavily in Europe, with operations in multiple countries and plans for further expansion [10]

Company Performance - XPeng Inc. Sponsored ADR (XPEV) closed at $19.74, reflecting a -1% change from the previous trading day's closing, underperforming the S&P 500 which lost 0.77% [1] - Over the past month, shares of XPeng Inc. gained 12.4%, lagging behind the Auto-Tires-Trucks sector's gain of 14.5% but outperforming the S&P 500's gain of 11.54% [2] Earnings Estimates - For the full year, Zacks Consensus Estimates project earnings of -$0.29 per share and revenue of $10.9 billion, representing changes of +65.48% and +92.21% respectively from the prior year [3] Analyst Estimates and Rankings - Recent modifications to analyst estimates for XPeng Inc. reflect short-term business trends, with positive revisions indicating analysts' confidence in the company's performance [4] - The Zacks Rank system, which assesses estimate changes, currently ranks XPeng Inc. at 3 (Hold), with the consensus EPS estimate remaining steady over the past month [6] Industry Context - The Automotive - Foreign industry, part of the Auto-Tires-Trucks sector, has a Zacks Industry Rank of 211, placing it within the bottom 15% of over 250 industries [7]

Core Viewpoint - XPeng Inc. will report its first quarter 2025 unaudited financial results on May 21, 2025, before U.S. markets open, followed by an earnings conference call [1] Group 1: Earnings Report Details - The earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on May 21, 2025 [1] - Participants can join the call by completing pre-registration and dialing in 5 minutes prior to the scheduled start time [2] - A live and archived webcast of the conference call will be available on the Company's investor relations website [3] Group 2: Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [4] - The company aims to drive Smart EV transformation through technology, enhancing the future mobility experience [4] - XPeng develops its full-stack advanced driver-assistance system technology and in-car intelligent operating system in-house, along with core vehicle systems [4]

Core Insights - XPeng Inc. reported a significant increase in vehicle deliveries, with 35,045 Smart EVs delivered in April 2025, representing a 273% year-over-year growth [2][6] - The company has maintained a delivery rate exceeding 30,000 units for six consecutive months, and cumulative deliveries of the XPENG MONA M03 have surpassed 100,000 units [2][6] - For the first four months of 2025, XPeng delivered a total of 129,053 Smart EVs, marking a 313% increase compared to the same period last year [2] Delivery Performance - In April 2025, XPeng achieved a delivery milestone of 35,045 Smart EVs, which is a 273% increase from April 2024 [2] - The XPENG P7+ reached its 50,000th vehicle production milestone within five months of its launch [2] User Engagement and Services - XPeng's advanced driver-assistance system, XNGP, achieved a monthly active user penetration rate of 84% in urban driving as of April 2025 [3] - The company launched its ADAS Insurance Service in China on April 28, 2025, priced at RMB 239 per year, providing additional coverage during NGP operation [3] Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [4] - The company develops its full-stack advanced driver-assistance system technology and in-car intelligent operating system in-house, along with core vehicle systems [4] - XPeng is headquartered in Guangzhou, China, with manufacturing plants located in Zhaoqing and Guangzhou, Guangdong province [4]

Core Viewpoint - XPeng and Li Auto are prominent players in China's new-energy vehicle (NEV) market, each with distinct strategies and growth trajectories, making them worthy of comparison for investment prospects [1][2]. Group 1: XPeng Overview - XPeng delivered a record 94,008 vehicles in Q1 2025, marking a 331% year-over-year increase, driven by the success of the Mona M03 [3]. - Revenue for XPeng is projected to increase by 92% in 2025, with earnings expected to rise by 65% [3][4]. - Vehicle margins improved to 10% in Q4 2024 from 4.1% a year ago, with gross profit soaring to RMB 5.8 billion in 2024 from RMB 451 million in 2023 [5]. - XPeng's innovations in AI and autonomous driving, including the AI Hawkeye Visual Solution and smart driving tech, differentiate it from competitors [6]. - XPeng trades at a forward sales multiple of 1.52, which is higher than Li Auto's 0.92, raising concerns about valuation after a 148% stock rally [7]. Group 2: Li Auto Overview - Li Auto delivered over 500,000 vehicles in 2024, a 33% increase from 2023, and achieved a net income of $1.5 billion [10]. - Total revenues for Li Auto in 2024 reached $19.8 billion, with a vehicle margin of 19.8%, indicating stronger pricing power compared to XPeng [11]. - Li Auto has $9 billion in cash and manageable debt, allowing for aggressive R&D and international expansion [11]. - The company plans to launch several battery electric vehicle (BEV) models in the next 12-18 months, including the Li MEGA minivan and new SUVs [12]. - Li Auto's gross margins decreased from 23.5% to 20.3% year-over-year due to pricing pressures [13]. Group 3: Comparative Analysis - XPeng is noted for its rapid growth and technological innovations, while Li Auto excels in profitability and cash flow strength [16]. - Both companies currently hold a Zacks Rank 3 (Hold), indicating a cautious investment stance [17]. - If investors prioritize growth and technological leadership, XPeng may be the preferred choice at this stage [17].

Company Performance - XPeng Inc. Sponsored ADR (XPEV) closed at $20.80, reflecting a +1.61% change from the previous day's closing price, which is lower than the S&P 500's daily gain of 2.03% [1] - Over the past month, XPeng's shares have decreased by 1.21%, outperforming the Auto-Tires-Trucks sector's decline of 3.15% and the S&P 500's drop of 5.07% [1] Earnings Projections - The Zacks Consensus Estimates for XPeng's upcoming earnings release project earnings of -$0.29 per share and revenue of $10.9 billion for the fiscal year, indicating increases of +65.48% and +92.21% respectively compared to the previous year [2] Analyst Estimates - Recent changes to analyst estimates for XPeng reflect the latest near-term business trends, with positive revisions indicating analysts' confidence in the company's performance and profit potential [3] - The Zacks Rank system, which incorporates these estimate changes, provides a rating system that can help investors make informed decisions [4] Zacks Rank and Industry Performance - XPeng currently holds a Zacks Rank of 3 (Hold), with no changes in the Zacks Consensus EPS estimate over the past month [5] - The Automotive - Foreign industry, which includes XPeng, has a Zacks Industry Rank of 165, placing it in the bottom 34% of over 250 industries, suggesting weaker performance compared to higher-ranked industries [6]

Group 1 - The average brokerage recommendation (ABR) for XPeng Inc. (XPEV) is 1.97, indicating a consensus between Strong Buy and Buy, with 53.3% of recommendations being Strong Buy and 6.7% being Buy [2][5] - Despite the positive ABR, relying solely on brokerage recommendations may not be advisable, as studies suggest they often fail to guide investors effectively towards stocks with high price appreciation potential [5][10] - Brokerage analysts tend to exhibit a strong positive bias in their ratings due to vested interests, leading to a disproportionate number of Strong Buy recommendations compared to Strong Sell [6][10] Group 2 - The Zacks Rank, which is a proprietary stock rating tool, is based on earnings estimate revisions and is considered a reliable indicator of near-term stock price performance, contrasting with the ABR which is based solely on brokerage recommendations [8][11] - The Zacks Consensus Estimate for XPeng has remained unchanged at -$0.29 over the past month, suggesting analysts have steady views on the company's earnings prospects [13] - As a result of the unchanged consensus estimate and other factors, XPeng holds a Zacks Rank of 3 (Hold), indicating a cautious approach despite the Buy-equivalent ABR [14]

Core Insights - XPENG Motors is positioning itself as a global leader in AI-powered mobility solutions, showcasing advancements in smart electric vehicles and artificial intelligence [1][2] Product Innovations - The company introduced the XPENG World Foundation Model, a next-generation AI system with 35 times the parameters of conventional VLA models, enabling real-time adaptation to complex driving scenarios [4][5] - XPENG launched the 5C Supercharging AI Battery technology, allowing the new P7+ flagship model to achieve a range of 420 km in just 10 minutes of charging, with an energy efficiency of 12.7 kWh per 100 km [5][7] - The XPENG X9 MPV received over 6,000 firm orders within seven days of its launch, setting a new record for pure electric MPVs [5][9] Market Performance - In Q1 2025, XPENG delivered 94,008 vehicles, with overseas deliveries reaching 7,615 units, marking a year-over-year increase of 370% [10] - Cumulative deliveries have surpassed 700,000 units globally, indicating strong market demand and growth [10] Technological Advancements - The company showcased its IRON humanoid robots, which feature 22 degrees of freedom in their hands and capabilities for natural conversation, highlighting XPENG's expansion into robotics beyond automotive applications [12] - XPENG is developing its full-stack advanced driver-assistance system (ADAS) and intelligent in-car operating system in-house, enhancing its technological capabilities [15]

证券研究报告·海外公司深度·汽车（HS） 小鹏汽车核心竞争力剖析 —AI+汽车智能化系列之九 证券分析师：黄细里 执业证书编号：S0600520010001 联系邮箱： huangxl@dwzq.com.cn 联系电话：021-60199793 2025年4月18日 报告核心结论 ◼ 小鹏汽车的核心竞争力是要打造【批量爆款能力】 ➢ 【单一品类爆款能力】VS【多品类批量爆款能力】一直是不同车企的追求所在，两者各有千秋。【单品爆款能 力】往往"小成功"相对容易实现但"大成功"还是需要"千锤百炼"，【批量爆款能力】在很长一段时间容 易被理解成"车型杂乱-品牌低端-管理不善"等标签，但一旦爆发能量巨大。回顾小鹏过去十年创业历程，我 们理解小鹏选择是修炼【批量爆款能力】。国内车企20余年历史，油车时代【吉利汽车】，电车时代【比亚迪 】，均实现了【批量爆款能力】，年销量0—50万辆变化要花10年左右时间，但50—200万辆+变化只需2-3年 时间，轿车-SUV-MPV全品类均获得成功。 ◼ 【打造平台化技术底座】是批量爆款能力的真正内核。 ➢ "平台化造车"这个理念众所周知，背后差异是：能否有底层核心技术且在比较长一段 ...

Core Insights - XPENG, a leading Chinese high-tech and automotive company, is showcasing its innovations at Milan Design Week 2025, marking its entry into the Italian market [1][4] - The company has experienced significant growth, delivering over 94,000 vehicles worldwide in Q1 2025, representing a growth of more than 300% compared to the same period last year [3] Company Overview - Founded in 2014, XPENG specializes in designing, developing, manufacturing, and marketing AI-based intelligent electric vehicles for a global audience [2][9] - The company is headquartered in Guangzhou, China, with additional offices in Beijing, Shanghai, Silicon Valley, and Amsterdam, and is listed on both the New York Stock Exchange and the Hong Kong Stock Exchange [9] European Market Commitment - Since entering the Norwegian automotive market in 2021, XPENG has expanded its presence to multiple European countries, including the UK, Germany, France, and Italy [3] - The company plans to introduce the XPENG G6 and XPENG G9 models in Italy in June, distributed exclusively by ATFLOW [5] Exhibition Highlights - The "XPENG: FUTUREMOBILITY" exhibition at the ADI Design Museum features the XPENG P7+ electric sedan, the XPENG AEROTH X2 flying electric car, and the IRON humanoid robot [4][6] - The XPENG P7+ is noted as the first car in the world defined by Artificial Intelligence, while the AEROTH X2 has received the Gold Prize at the "China Excellent Industrial Design Award" [6] Strategic Vision - XPENG aims to lead the intelligent electric vehicle revolution through cutting-edge technology, focusing on the integration of AI, hardware, and software in its vehicles [9] - The company emphasizes the importance of aesthetics and functionality in its design philosophy, aligning with Italy's rich automotive tradition [7][8]