Hong Kong stock concept tracking | February delivery volume of new energy vehicles heats up, industry is expected to see steady increase in market demand (including concept stocks)

On March 1st, the new energy vehicle companies Xiaopeng (09868), Li Auto (02015), Leapmotor (09863), and Nio (09866) successively disclosed their delivery figures for February. Among them, Xiaopeng Motors continued to maintain good growth momentum, with monthly deliveries exceeding 30,000 vehicles again, while Li Auto saw a slight decline compared to the previous month, and Leapmotor hovered around 25,000 vehicles. In addition, BYD Company Limited delivered 318,233 new energy passenger vehicles in February, a year-on-year increase of 161.39%. Specifically, Xiaopeng Motors delivered 30,453 new vehicles in February, a year-on-year increase of 570.03%, maintaining its upward trend and exceeding 30,000 deliveries for the fourth consecutive month. As two of Xiaopeng Motors' best-selling products, both the Xiaopeng MONA M03 and the Xiaopeng P7+ have exceeded 10,000 and 30,000 deliveries respectively. The new model Xiaopeng G6 was unveiled the day before, with 81 new experience upgrades, including Turing AI driving as standard and 5C super-charging AI batteries across the range, expected to further expand Xiaopeng's market share. In the overseas market, the first right-hand drive model Xiaopeng G6 officially started pre-sale in the UK, while the first batch of 300 Xiaopeng X9 vehicles began shipping overseas. "Xiaopeng X9 is confident to become the best-selling high-end pure electric MPV in the Asia-Pacific region by 2025," said Xiaopeng Motors Chairman He Xiaopeng. According to the plan, Xiaopeng Motors aims to cover 60 countries and regions by 2025, establishing over 300 overseas service outlets. In second place, Li Auto delivered 26,263 new vehicles in February, a year-on-year increase of 29.69%. After delivering over 40,000 vehicles for seven consecutive months starting from June last year, the delivery volume has been maintained at under 30,000 vehicles in the first two months of this year. Li Auto's market performance has shown signs of slowing down, making the launch of pure electric products even more urgent. On February 25th, Li Auto released the official image of its first pure electric SUV, the Li Auto i8. The i series is Li Auto's new series of pure electric SUVs, alongside the L series and MEGA series, forming a matrix of models. "The positive feedback from users and the market on the appearance of the first pure electric SUV, Li Auto i8, has strengthened our confidence in developing a series of pure electric products," said Li Auto Chairman Li Xiang. Following closely behind, Leapmotor delivered 25,287 vehicles in February, a year-on-year increase of 285.12%. Similar to the two aforementioned companies, Leapmotor is also accelerating its new product layout to grab more market share. On February 21st, Leapmotor's new T03 was officially launched, positioned as a five-door pure electric vehicle with two versions priced at 59,900 yuan and 69,900 yuan respectively. In addition, the Leapmotor B10 will start pre-sale on March 10th. Nio delivered 13,192 new vehicles in February, a year-on-year increase of 62.22%. Among them, the Nio brand delivered 9,143 new vehicles, a year-on-year increase of 12.4%; the LiDbrand delivered 4,049 new vehicles. "This year is a big year for Nio in terms of technology. Starting in March, we will start delivering the full-blood version of Tian Shu SkyOS operating system, the Shenji chip, and end-to-end smart driving in urban areas. This year is also a big year for Nio's products, from April to the end of the year, we will release new products for three brands, Nio, LiDand Firefly, with heavy new product releases every quarter," said Nio Chairman Li Bin at a live event in early February. BYD Company Limited, a leader in the new energy vehicle market, is determined to build an intelligent ecosystem centered around vehicles in the era of intelligence. On March 2nd, BYD Company Limited and DJI released the intelligent vehicle-mounted drone system "The Spirit Eagle". At the same time, the Equations Leopard 8 drone version with the "The Spirit Eagle" fast charging version was officially launched, priced at 395,800-423,800 yuan. This new vehicle combines technology from BYD Company Limited, DJi, and Huawei, featuring The Spirit Eagle intelligent vehicle-mounted drone system, DMO electric drive off-road platform, and Huawei Hong Kun intelligent driving ADS 3.0. The latest production and sales quick report shows that in February, BYD Company Limited's sales of new energy passenger vehicles reached 318,233, a year-on-year increase of 161.39%. Among them, the overseas sales of passenger vehicles were 67,025, BYD Company Limited's automotive dynasty, and marine sales reached 304,673; the Equations Leopard car sold 4,942; the Tengshi car sold 8,513; and the Yangwang car sold 105. Looking ahead to March, the China Automobile Dealers Association is optimistic that some regions will start spring auto shows in March, with a variety of new cars being launched and the continued effort of the vehicle scrappage policy, expecting market demand and sales to maintain steady growth. It is worth mentioning that, according to statistics, several car brands including Chongqing Changan Automobile, BYD Company Limited, Xiaopeng Motors, and Leapmotor have proposed relevant plans for "leveling the playing field" in smart driving. Institutions believe that advanced smart driving will accelerate penetration, and are expected to rapidly popularize in the 100,000-200,000 yuan car market in the next two years. In addition, with DeepSeek's popularity, several car companies have recently announced the completion of deep integration with the DeepSeek model, accelerating the upgrade of intelligence. The industry generally believes that 2025 will be the year when advanced intelligent driving technology is fully AI-ized, and intelligence will be the focus of the development of the new energy vehicle industry. Open Source Securities stated that looking ahead to 2025, there will be some pressure at the beginning of the year, but the continued scrappage policy will provide some support to sales, especially from Q2 onwards. From a structural perspective, (1) new energy vehicles are expected to continue to penetrate; (2) advanced smart driving is expected to accelerate penetration. Tesla's FSD may enter China and trigger a ripple effect, driving leading companies such as Huawei, Xiaopeng, and Li Auto to accelerate technological advancement, and gradually drive consumer adoption.Recognize intelligent driving. At the same time, the key to accelerating the penetration of intelligent driving lies in cost reduction. It is expected that by 2025, companies such as BYD Company Limited and Xiaopeng will play a crucial role in promoting the equal rights of intelligent driving. (3) The growth of exports may slow down in the short term, and the easing of EU tariff policies is a positive development. However, it will take time to put overseas production capacity into operation.BOCOM INTL research report states that driven by the policies of old-for-new and scrappage subsidy, the Chinese passenger vehicle market is expected to achieve a retail growth rate of 5.5% in 2024, with the penetration rate of new energy vehicles reaching 47.6%. On January 8, 2025, a new round of consumer goods old-for-new policy was introduced, further expanding the support scope for scrappage of cars. Looking ahead to 2025, the scope and intensity of subsidies for passenger vehicles are expected to continue to increase, and the new energy passenger vehicle market is expected to maintain its current high growth momentum, with the penetration rate of new energy vehicles expected to further increase to 60% in 2025. Related concept stocks: BYD COMPANY (01211): BYD Company Limited has released its smart strategy, launched the "People's Intelligent Driving" strategy, and announced that all models will be equipped with the advanced intelligent driving system "Celestial Eye", with most models priced above 100,000 RMB coming standard with it, and many priced below 100,000 RMB having it as an option. From the 69,800 RMB Seagull to the 249,800 RMB Song L EV, BYD Company Limited will introduce advanced intelligent driving functions, including high-speed navigation and urban memory navigation, in 21 branded models. XPENG-W (09868): In February 2025, XPeng Motors delivered a total of 30,453 new cars, a year-on-year increase of 570%. XPeng Motors has achieved over 30,000 deliveries for four consecutive months. From January to February 2025, XPeng Motors delivered a total of 60,803 new cars, a year-on-year increase of 375%. LI AUTO-W (02015): In February 2025, Li Auto delivered 26,263 new cars, a year-on-year increase of 29.7%. As of February 28, 2025, Li Auto has delivered a total of 1,190,062 cars. NIO-SW (09866): In February 2025, NIO delivered 13,192 cars, a year-on-year increase of 62.2%. This includes 9,143 high-end smart electric cars under the NIO brand, and 4,049 smart electric family cars under the Leda brand. From the beginning of 2025, NIO has delivered a total of 27,055 cars, a year-on-year increase of 48.8%. As of February 28, 2025, the cumulative delivery of cars by the company has reached 698,600.