Company Overview - Company held a spring product launch on July 3, officially introducing the Xiaopeng G7 model, which is available in three versions with pricing exceeding market expectations [1] - The G7 model has a starting price range of 195,800 to 225,800 yuan, with significant user benefits included, such as Nappa seats and electric doors, indicating a competitive pricing strategy [1] Product Highlights - The G7 features the industry's first L3-level computing platform, local deployment of VLA+VLM models, and the "Chasing Light Panorama" AR-HUD technology developed in collaboration with Huawei, emphasizing family-oriented design, spaciousness, comfort, and safety [1] - The model achieved over 10,000 pre-orders within 9 minutes of launch, showcasing strong market demand [1] Sales Performance - In Q2 2025, the company achieved total monthly sales of 103,181 vehicles, maintaining a high monthly sales level of over 30,000 units, reinforcing its position among leading new energy vehicle manufacturers [2] - The successful launch and order performance of the G7 model further validate the company's ability to create blockbuster vehicles, with expectations for continued strong product cycles [2] AI Technology Integration - The Turing chip, designed specifically for AI, is now integrated into the G7, featuring a 40-core processor capable of running large models locally, enhancing the vehicle's AI capabilities [3] - The chip includes independent safety features and image processing capabilities to improve perception in various lighting conditions, contributing to the development of a comprehensive AI ecosystem for the company [3] Financial Outlook - Current stock prices for both Hong Kong and US markets correspond to a 1.5x P/S ratio for 2025, with a maintained outperform rating and profit forecasts [2][3] - Target prices are set at 108 HKD and 28 USD, indicating potential upside of 46% and 49% respectively, corresponding to a 2.2x P/S ratio for 2025 [3]
小鹏汽车-W(09868.HK)：小鹏G7正式上市；强产品周期持续发力