Investment Rating - The report maintains a "Buy" rating for the company [2][44]. Core Insights - The company is experiencing a resurgence in sales with the launch of the MONA M03 and P7+ models, which are expected to strengthen its brand recognition in the intelligent driving sector [7][28]. - The introduction of the range-extended vehicle technology is anticipated to open new market opportunities, aligning with the trend towards larger battery capacities and smaller fuel tanks [9][43]. - Revenue forecasts for 2024-2026 have been adjusted to 41.4 billion, 78.1 billion, and 102.9 billion yuan respectively, with net profit projections of -6.1 billion, -1.7 billion, and +1.4 billion yuan [8][44]. Summary by Sections Sales Performance and Product Launches - The company faced low sales in the first half of 2024, but the launch of the MONA M03 in August significantly improved sales, with over 30,000 orders within 48 hours of its release [20][21]. - The P7+ model, launched in November 2024, has also received strong initial orders, indicating its potential as a best-seller [28]. Intelligent Driving Technology - The P7+ features the new "AI Eagle Eye Vision" intelligent driving system, which is expected to enhance the company's competitive edge in the intelligent driving market [24][28]. - The company has developed its own AI chip, the Turing chip, which is designed to meet the increasing computational demands of intelligent driving applications [31][33]. Financial Projections - The report projects a revenue increase of 14.2% in 2023, followed by significant growth rates of 34.8%, 89.0%, and 31.6% in the subsequent years [6][49]. - The company’s PS valuation is slightly above its peers, but its leadership in intelligent driving justifies the "Buy" rating [44][45]. Range-Extended Vehicle Technology - The company plans to launch a new range-extended vehicle with a pure electric range exceeding 400 kilometers and a total range of over 1400 kilometers, which is expected to attract a broader customer base [9][43]. - The new technology aims to address the needs of markets with underdeveloped charging infrastructure, particularly overseas [37].

[Table_Title] 研究报告 Research Report 姚书桥 Barney Yao 陈昊飞 Haofei Chen 17 Nov 2024 小鹏汽车-W XPeng (9868 HK) 阿里意欲减持而非增持小鹏，非核心资产加速退出 Alibaba's Move to Trim, Not Boost, XPeng Stake: A Swift Exit from Non-Core Assets 王沈昱 Oscar Wang, CFA 王凯 Kai Wang, CFA 白玉 Jasmine Bai 陈岢葳 Daisy Chen, CFA sy.wang@htisec.com k.wang@htisec.com y.bai@htisec.com daisy.kw.chen@htisec.com barney.sq.yao@htisec.com haofei.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 11 月 14 日 ...

隐证券 汽车/乘用车 公 司 研 究 以 ADAS 技术立身，造车卖车综合实力提升 小鹏汽车-W (09868.HK) 2024 年 11 月 12 日 ——港股公司信息更新报告 投资评级：增持（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/11/11 | | 当前股价 ( 港元 ) | 59.550 | | 一年最高最低 ( 港元 ) | 74.300/25.500 | | 总市值 ( 亿港元 ) | 1,130.97 | | 流通市值 ( 亿港元 ) | 1,130.96 | | 总股本 ( 亿股 ) | 18.99 | | 流通港股 ( 亿股 ) | 18.99 | | 近 3 个月换手率 (%) | 59.92 | 股价走势图 -90% -60% -30% 0% 30% 60% 2023-11 2024-03 2024-07 小鹏汽车-W 恒生指数 数据来源：聚源 相关研究报告 《M03 新车周期启动，经营调整效益 逐步释放 —港股公司信息更新报告》 -2024.8.23 《技术服务提供现金支撑，待管 ...

公司研究·海外公司快评 汽车·乘用车 投资评级：优于大市（维持） 证券分析师： 唐旭霞 0755-81981814 tangxx@guosen.com.cn 执证编码：S0980519080002 证券分析师： 杨钐 0755-81982771 yangshan@guosen.com.cn 执证编码：S0980523110001 小鹏汽车-W（09868.HK） 小鹏新车型 P7+上市当天订单超 3 万辆，新品周期持续向上 优于大市 事项： 事件：11 月 7 日，小鹏 P7+正式上市，共推出三款车型，包括小鹏 P7+长续航 Max、超长续航 Max 以及限 定版 Max，售价区间为 18.68-21.88 万元，上市即交付。据官方数据，小鹏 P7+上市 12 分钟大定突破 1 万 台，截止 11 月 7 日 24 点，小鹏 P7+大定 31528 台。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年11月11日 国信汽车观点：P7+的两大使命为：1）让更多人享受到豪华行政轿车的空间和舒适；2）让更多燃油车用 户体验到标配高阶智能的乐趣。空间体验是同档次车中最大：小鹏 P7+有 5 ...

[Table_Title] 研究报告 Research Report 7 Nov 2024 小鹏汽车-W XPeng (9868 HK) 从纯电到增程：小鹏汽车市场突围的不得不为 From BEV to EREV: A Strategic Shift XPeng Must Make to Break Through [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 王沈昱 Oscar Wang, CFA 王凯 Kai Wang, CFA 陈昊飞 Haofei Chen, PhD sy.wang@htisec.com k.wang@htisec.com haofei.chen@htisec.com 11 月 6 日，小鹏汽车举办了以"科技改变世界"为主题的"小鹏 AI 科技日"活动。小鹏汽车 CEO 何小鹏首次发布了小 鹏鲲鹏超级电动系统。该系统基于全域 800V 高压碳化硅平台，集成了 5C 超充 AI 电池、混合碳化硅同轴电驱、静 音增程器、AI 电池医生及 AI ...

小鹏汽车（9868.HK）系列点评四 [盈利预测与财务指标 Table_Forcast] 小鹏 P7+上市热销 经营周期拐点已至 2024 年 11 月 08 日 ➢ 事件：2024 年 11 月 7 日小鹏 P7+正式上市，长续航 Max 版定价 18.68 万 元，超长续航 Max 定价 19.88 万元，产品定位 C 级轿车，长宽高分别为 5,056mm*1,937mm*1,512mm，CLTC 续航最高可达 725 公里。 ➢ 产品竞争力优秀，大空间高配置引领市场。小鹏 P7+主要新能源竞品包括特 斯拉 Model 3、比亚迪汉 DMI、小米 SU7 等。新能源轿车因电池包厚度，车内 纵向空间往往较燃油车存在劣势，而小鹏 P7+同时因采用了行业最薄的 800V 电 池，小鹏 P7+拥有 973mm 有效二排头部空间，头部空间充裕。横向空间方面， 小鹏 P7+前后排均有近 1 米的乘坐空间，拥有同级别中最大的有效空间利用率。 内饰配置方面，小鹏 P7+全系标配四座通风加热及按摩功能，并且标配后排座椅 10°电动调节。声学方面，小鹏 P7+搭载 20 个扬声器，支持 7.1.4 全景环绕声。 我们认为，小 ...

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） P7+正式上市，爆款可期！ 2024 年 11 月 08 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26855 | 30676 | 40388 | 90715 | 152484 | | 同比 (%) | 27.95 | 14.23 | 31.66 | 124.61 | 68.09 | | 归母净利润（百万元） | (9139) | (10376) | (4175) | 1289 | 7353 | | 同比 (%) | - | - | - | - | 470.35 | | EPS- 最新摊薄（元 / 股） | (4.81) | (5.46) | (2.20) | 0.68 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 77.36, indicating a potential upside of 54.7% from the current closing price of HKD 50.00 [3][4][15]. Core Insights - The launch of the Xiaopeng P7+ at a price range of RMB 186,800 to RMB 218,800 is seen as positive, aligning with previous expectations. The P7+ is positioned as an AI vehicle, featuring advanced AI technologies and a focus on comfort and spaciousness [1][2]. - The company is expected to have a strong product year ahead, with the M03 and P7+ models likely to positively influence future releases. There is potential for upward adjustments in sales forecasts due to the market not yet pricing in the impact of range-extended vehicles [3][6]. Summary by Sections Company Overview - Xiaopeng Motors has launched the P7+ model, which is equipped with the AI Tianji 5.4.0 system and features OTA upgradeable range capabilities. The model has already seen significant demand, with over 10,000 pre-orders within 12 minutes of its launch [1]. Financial Projections - Revenue is projected to grow from RMB 26,855 million in 2022 to RMB 39,627 million in 2024, reflecting a year-on-year growth of 29.2%. However, net losses are expected to decrease from RMB 10,376 million in 2023 to RMB 4,848 million in 2024 [6][17]. - The company anticipates a significant increase in cash flow and assets, with cash and cash equivalents expected to rise from RMB 14,714 million in 2023 to RMB 24,302 million in 2024 [17]. Market Position and Strategy - Xiaopeng Motors is expanding its global presence, aiming to enter 60 countries by next year, up from 30 currently. The company has also developed the Turing AI chip, which is designed for use in AI vehicles and robots, indicating a strong focus on technological advancement [2][3].

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车 2024 年 10 月销量点评： Mona 热销 P7+或延续，智能全球助成长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月07日 证券研究报告 |报告要点 2024 年 11 月 1 日，小鹏汽车公布 10 月交付数据。2024 年 10 月，小鹏汽车共交付新车 23,917 台，同比增长 20%，环比增长 12%。2024 年 1 月-10 月，小鹏汽车累计交付新车共 122,478 台， 同比增长 21%。我们预计公司 2024/2025/2026 年销量分别为 18/45/67 万辆，对应营业收入分 别为 436/793/1046 亿元，同比增速分别为 42%/82%/32%。归母净利润分别为-50.5/ -5/23 亿元。维持"买入"评级。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 数据来源：公司公告、iFinD，国联证券研究所预测；股价为 2024 年 11 月 07 日收盘价 港股公司|公司点评 glzqdatemark2 2024年 ...

证券研究报告 | 公司动态点评 2024 年 10 月 23 日 小鹏汽车-W（09868.HK） 高性价比车型再次点燃消费者购车热情，公司交付量创历史新高 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|----------|-----------|----------|----------|----------|---------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 26855.12 | 30676.07 | 51393.79 | 76691.72 | 99994.50 | 股票信息 | | | 增长率 yoy （ % ） | 27.95 | 14.23 | 67.54 | 49.22 | 30.39 | 行业 | 汽车 | | 归母净利润（百万元） | -91 ...