小鹏GX SUV初始销量快速增长，推动5月新订单大幅增长

China Autos&AutoTechnology "GX" SUV's Competitive Price FuelsSubstantial Growth in May New Orders Bin Wang Research Analyst The May 2o launch of XPeng's"GX"SUV, a flagship full-size model, has seen +852-220-35496Wei Huang impressive initial results.Positioned with a competitive price rangeof RMB 270-350k,this vehiclerepresentsastrategic stepforXPeng inpenetrating higher-endmarket segments and bolstering its product offerings. Dealers indicate that tomaintain an accessible official price, certainluxuryfeatures were reconfigured asoptional extras,meaningcustomerspayadditional amountsfor thesespecifications.Significantmarketing expenditures weredeployedto enhancethelaunch event's reach,resulting in what appears to be record-level brand visibility.XPengreportedthatthe"GX"SUVsecured24,863nationwidenon-cancellableorders (eachwitha RMB5,000deposit)within itsinitial12hours,atestamenttoitsattractive sellingprice,robustmarketingefforts,and superiorpassengercomfortdue to its substantial dimensions(5,265mmlength,1,999mm width, 1,800 mmheight, 3,115 mm wheelbase). Research Associate+852-2203-7057 GXSUVFuelsSubstantialGrowth inXPeng'sMonthlyOrders inMayXPeng'sneworderintakeforMaysawa considerableboost,largelyattributedto secured approximately 6.8k, 6.3k, 5.4k, and 28.8k new orders in the first, second,third, and fourth weeks of April, respectively. We project that the company's totalnewordervolumeforMayclimbedto~50kunits,markinga 40%increasefromAprilanda10%risefromthecorrespondingmonthayearago.Whilethe"GX"SUVdrove this surge,ordersforother models liketheMona M03, P7+,X9,and G6 heldsteadythroughMay.Dealersanticipateanaveragemonthlydeliveryvolumeof~5kunits forthe"Gx"SUV,afigurethataligns with our expectations.Thisprojection isfurther supported bythe"GX"SUV's moreaccessible price range (RMB270-350k)whencomparedtothe"X9"MPV(RMB310-370k),whichsharesitschassisandhasrecorded an average of roughly 3,o0 units in monthly sales so far this year. XPeng'sAggressiveProductRoadmapIncludesNewG9LandMona Models XPengispreparingforthelaunchofthe"G9L,"anultra-large5-seatSUV,inthethirdquarter of 2026,positioning it as a sister product to the"GX"SUV.The"G9L"willboastsignificantdimensions:5,120mmlength,1,999mmwidth,1,782mmheight,and a3,100mmwheelbase.Accordingtodealers,therelationshipbetweenthe"G9L"and the current"G9"SUV will mirror that of the"G7"and"G6" SUVs.Thissuggests the"G9L" will command a slightly higher price than the"Gg" due to its Autos & Auto TechnologyXPeng the"G9L."Furthermore,dealershave outlinedXPeng'splansto introducetwomoreSUVmodels in2026:theMona"L05"(alarge-size SUV)and the Mona"L03"(amid-size coupe SUV) in2H2026.Concurrently,XPeng is also expected to add a newsedan, the"Mo5," which will be positioned as slightly larger than the existing"Mona M03"sedan,in2027. Appendix 1 Company information is sourced from Deutsche Bank,subjectcorandothersources.Fordisclosurespertainingtorecommendationsorestimatesmadeonsecuritiesotherthantheprimarysubjectof this research,please see the most recently published company report orvisit ourglobaldisclosurelook-up page on ourwebsite at httEquityResearchDisclosures.Asidefromwithin this report, important risk and conflict disclosures can also befound athttps://research.db.com/Research/Disclosures/Disclaimer.Investorsare strongly encouraged toreview this informationbefore investing ImportantDisclosuresRequiredbyU.S.RegulatorsDisclosures marked with anasterisk mayalso be required by at least one jurisdiction in addition tothe United States.See ImportantDisclosuresRequiredbyNon-U.S.RegulatorsDisclosuresmarked with anasterisk mayalso be required by at least one jurisdiction in addition tothe United States.See For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch,please seethemostrecentlypublished companyreportorvisitourglobaldisclosure look-uppageonourwebsiteathttps://research.db.com/Research/Disclosures/EquityResearchDisclosures.Asidefromwithinthisreport,importantriskandconflictdisclosurescanalsobefoundathttps://research.db.com/Research/Disclosures/Disclaimer.Investorsare stronglyencouragedtoreviewthis informationbefore investing. Analyst Certification The views expressed in this report accuratelyreflectthe personal views of the undersigned lead analyst(s)about the subject Autos & Auto TechnologyXPeng BuypIOHSellNot RatedSuspended Rating Buy, Target Price Change HKD 108.00, Current PriceHKD 77.30 Bin Wang9.08/19/2025Buy, Target Price Change HKD 110.00, Current PriceHKD 77.05 Bin Wang10.11/03/2025Buy, Target Price Change HKD 105.00, Current PriceHKD 91.20 Bin Wang11.11/17/2025Buy, Target Price Change HKD 104.00, Current PriceHKD 96.00 Bin Wang12.01/02/2026Buy, Target Price Change HKD 100.00, Current PriceHKD 80.35 Bin Wang13.02/02/2026Buy, Target Price Change HKD 90.00, Current PriceHKD 66.80 Bin Wang14.03/22/2026Buy, Target Price Change HKD 85.00, Current PriceHKD 71.60 Bin Wang HKD 29.55 Bin Wang2.08/27/2