小鹏2025年第一季度非交易路演要点：人工智能+移动出行时代的领导者

Johnson Wan * | Equity Analyst852 3743 8083 | johnson.wan@jefferies.comXiaoyi Lei * | Equity Analyst852 3767 1126 | xiaoyi.lei@jefferies.comAaron Wang * | Equity Analyst+852 3767 1121 | aaron.wang@jefferies.com After the launch of Mona 03Max, the entire Mona series margins should rebound to c.10%. Xpengtargets vehicle GPM to reach 15% by 2026, driven by premium models like P7 (15–20% GPM),X9 (25% GPM) and overseas (10%+ margins vs domestic). The company anticipates Q4 2025profitability with positive annual free cash flow. They target Q2 2025 delivery of 102–108k unitswith monthly deliveries of 40-50k by 4Q25. For its overseas strategy, XPeng targets 40k unitssold in 2025 with the overseas business likely profitable for 2025, particularly if tariffs of 31%for Europe exports can be negotiated down. They are currently in 59 markets making significantentries in Europe, the Middle East, Southeast Asia, and Africa, with a CKD plant confirmed inIndonesia in 2H25.Exhibit 1 - MONA M03 with its brand ambassador Ms. Ouyang Nana.Source: Company, JefferiesExhibit 2 - MONA M03 Smart Cockpit.Source: Company, JefferiesExhibit 4 - Company Snapshot - Xpeng HPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 3 - MONA M03 Interiors.Source: Company, Jefferies .Source: Company, JefferiesExhibit 5 - Company Snapshot - Xpeng US.Source: Company, JefferiesPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionXPengXPeng Inc. designs, produces, and distributes electric vehicles. The company designs, develops, manufactures and markets smart electricvehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.XPengXpeng was found in 2015, one of the key smart EV makers in China that designs, develops, manufactures and markets smart EVs. The companyhas launched an SUV G3 and a four-door sports sedan P7, of which sales volume grew rapidly. The company's products appeal to the large andgrowing base of technology-savvy middle-class consumers in China, and Xpeng targets the mid-to high-end segment in China PV market. Xpengfocuses on developing full-stack autonomous driving technology, in-car intelligent operating system and core vehicle systems in-house.Company Valuation/RisksXPengPT of US$28.8 (HKD112.6) is based on PV of 25x FY27E earnings. Downside risks: 1) intensifying competition in China’s NEV market, 2) setbacksin autonomous driving development.XPengPT of US$28.8 (HKD112.6) is based on PV of 25x FY27E earnings. Downside risks: 1) intensifying competition in China’s NEV market, 2) setbacksin autonomous driving development.Analyst Certification:I, Johnson Wan, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Xiaoyi Lei, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Aaron Wang, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Johnson Wan is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Xiaoyi Lei is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Aaron Wang is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINR