Core Viewpoint - The report from CMB International indicates that with the launch of new and updated models, Xiaopeng Motors (Xiaopeng) is expected to see continued growth in sales, average selling price (ASP), and gross margin, maintaining a buy rating with a target price of HKD 134.69 [1] Group 1: New Model Launch - The Xiaopeng G7, officially unveiled on June 11, is positioned as a family SUV and is set to be delivered in Q3 of this year, with a pre-sale price of RMB 235,800 [1][3] - The G7 features two versions, Max and Ultra, and is the first new model from Xiaopeng for 2025 [1] Group 2: Technological Advancements - The G7 is equipped with three Turing AI chips, providing over 2200 TOPS of effective computing power, qualifying it for L3 level autonomous driving capabilities [2] - The vehicle's AI capabilities are enhanced by local deployment of VLA and VLM models, allowing for human-like understanding and decision-making in complex scenarios [2] Group 3: Enhanced User Experience - The G7 features a top-tier AR-HUD developed in collaboration with Huawei, providing an 87-inch projection area that enhances the driving experience by integrating various driving assistance features [3] - The vehicle has a maximum power output of 296 horsepower and a standard range of 702 km, which simplifies the product lineup [3] Group 4: Market Positioning and Sales Performance - Xiaopeng's G series models are differentiated, with the G7 targeting tech-savvy young users and families, priced in the RMB 250,000 range, competing with models like Tesla Model Y and others [4] - Since the launch of the Xiaopeng MONA M03, the company has seen a significant increase in sales, achieving over 30,000 monthly sales for seven consecutive months, with a total of 162,578 vehicles delivered in the first five months of this year, representing a 293% year-on-year growth [4]
交银国际：维持小鹏汽车-W(09868)“买入”评级 目标价134.69港元