CITIC SEC: Maintains "buy" rating on XPENG-W (09868) as vehicle cycle and profit improvement converge.

CITIC SEC released a research report stating that it maintains a "buy" rating on XPENG-W (09868). In February 2025, XPeng delivered 30,453 new cars, a 570% increase compared to the previous year, ranking first among new energy car companies in February. XPeng delivered a total of 60,800 vehicles in January and February 2025, a 375% year-on-year increase, demonstrating stability surpassing the off-season. The strong deliveries in Q1 2025 are attributed to the comprehensive improvement in the company's organizational capabilities. XPeng's vehicle cycle and profitability improvements resonate in 2025, with the accelerated implementation of intelligent driving functions.