Tianfeng Securities released a research report saying that as a main engine manufacturer with a full-stack self-development system, the pace of Xiaopeng Automobile-W's subsequent self-developed chip, robot, smart driving, and dock world models is more clear. The X9 is equipped with a pure visual version and a zero-gravity rear seat as standard. At a starting price of 359,800, the sales volume of the X9 is expected to surpass the previous generation. At the same time, a new cycle of Xiaopeng G7 and growth models in the second half of the year may be imminent, focusing on Xiaopeng, whose product strength is strong throughout the year while positioning and pricing are expected to continue to exceed expectations. The company is expected to achieve revenue of 935.9/1402.2/169.58 billion in 2025/2026/2027, respectively. Maintain a “buy” rating.

Tianfeng Securities released a research report saying that as a main engine manufacturer with a full-stack self-development system, the pace of Xiaopeng Automobile-W's subsequent self-developed chip, robot, smart driving, and dock world models is more clear. The X9 is equipped with a pure visual version and a zero-gravity rear seat as standard. At a starting price of 359,800, the sales volume of the X9 is expected to surpass the previous generation. At the same time, a new cycle of Xiaopeng G7 and growth models in the second half of the year may be imminent, focusing on Xiaopeng, whose product strength is strong throughout the year while positioning and pricing are expected to continue to exceed expectations. The company is expected to achieve revenue of 935.9/1402.2/169.58 billion in 2025/2026/2027, respectively. Maintain a “buy” rating.