Dongwu Securities: Maintaining Xiaopeng Motor-W (09868) “Buy” Rating From Automobiles to AI Technology in 2026

The Zhitong Finance App learned that Dongwu Securities released a research report stating that it maintains the Xiaopeng Automobile-W (09868) “buy” rating and accelerates globalization on the C-side, relying on the ability to explode in batches; on the B-side, previous mass production advantages and full-stack self-developed technology have entered the Robotaxi 100 billion market. Furthermore, the robot IRON has achieved “Bionic+AI” integration. A commercial pilot project will begin in 2026, and the flying car A868 is also scheduled to begin delivery in the second half of 2026. The company is accelerating its evolution from a smart electric vehicle company to a multi-scenario intelligent mobility ecosystem platform.

The main views of Dongwu Securities are as follows:

C-end smart car part, “range+going overseas” helps Xiaopeng enter a new stage

Xiaopeng's core competency is the ability to create mass explosions. In terms of range extension, Xiaopeng uses large batteries and high-efficiency range extenders as the core to achieve long pure electric battery life and leading oil and electricity conversion rates. In terms of new cars, Xiaopeng Motor will launch 7 new models in 2026, covering pure electricity and range increases. Globalization has become the company's second growth curve. Through localized production, R&D center implementation, and channel expansion, Xiaopeng is moving towards the stage of large-scale delivery at 10,000 levels.

B-end Robotaxi section, Xiaopeng takes advantage of the industry to form differentiated competition

Policy catalysis and technological breakthroughs both drive the Chinese Robotaxi market. We predict that 2027 will become an inflection point for Robotaxi. Its scale may reach 83.1 billion yuan by 2030, and it has the potential to replace private car travel for a long time. The Xiaopeng Robotaxi project has been launched, and the 2026H2 front-loading mass-produced car will go offline and trial operation will begin. In the context where products are king in the AI era, Xiaopeng is expected to reshape the 100 billion travel market with its full-stack self-developed VLA 2.0 model, front-loading mass production capacity, and innovative business model.

In the public cooperation section, Xiaopeng successfully upgraded its position to become a supplier of intelligent technology solutions

At the level of cooperation, the relationship between the two sides continued to deepen, and the scope gradually expanded from joint development of the initial G9 platform model to joint development of electronic and electrical architectures and the targeting of core Turing AI chips. As Volkswagen starts a new product cycle in the Chinese market, we expect Volkswagen's sales volume in China to reach 2.6 million vehicles in 2026, with a new energy penetration rate of more than 10%. Xiaopeng and Volkswagen will cooperate on SOP's two full-size pure electric models in 2026, and reach in-depth cooperation with Volkswagen on the EE architecture and charging network.

In the robotics section, Xiaopeng's core competitiveness stems from deep collaboration with the smart car business

IRON deeply integrates a “bionic body” with an “AI brain.” At the machine body level, IRON has human-like spines, bionic muscles, 82 degrees of freedom for the whole body, and dexterous hands with 22 degrees of freedom. At the intelligence level, IRON is equipped with a “VLT+VLA+VLM” high-level brain combination to achieve strong environmental perception, decision-making, and interaction capabilities. In terms of commercial implementation, IRON will mass-produce and pilot commercial service scenarios such as “guided tours, shopping guides, and guided tours” in 2026.

In the flying car section, Xiaopeng officially entered mass production the night before

The A868, a new-generation full-tilting fixed-wing flying vehicle, has entered the test flight stage, achieving a battery life of over 500 km. As of October 2025, Xiaopeng Huitian has received 7,000 deposit orders, which are scheduled to be delivered globally in 2026H2.

Risk Alerts

The passenger car price war exceeded expectations; the recovery in terminal demand fell short of expectations; the pace of introduction of L3/L4 intelligent driving policies fell short of expectations; and the industrialization of humanoid robots fell short of expectations.