小鹏汽车(9868.HK)：G7新车型起售价19.58万元性价比凸显 智能化有望助其突围

Core Viewpoint - Xiaopeng G7 officially launched on July 3, with three models priced between 195,800 to 225,800 RMB, reflecting a price reduction of 40,000 RMB from the pre-sale price, exceeding expectations [1][4] Pricing and Market Position - Xiaopeng G7 focuses on family use, comfort, and smart technology, showcasing competitive advantages in the mid-to-high-end pure electric SUV market [1] - Competing models in the 200,000 to 300,000 RMB range include Xiaomi YU7, Tesla Model Y, and others, with Xiaopeng G7 offering significant price advantages [1] - Xiaopeng G7's pricing is notably lower than that of Tesla Model Y (263,500 to 313,500 RMB) and Xiaomi YU7 (223,500 to 329,900 RMB) [1] Product Features and Technology - Xiaopeng G7 boasts superior space and intelligence compared to Tesla Model Y, with dimensions of 4892/1925/1655mm and a wheelbase of 2890mm [2] - The vehicle is equipped with three self-developed Turing AI chips, achieving a total computing power of over 2200 TOPS, enhancing driving intelligence and user experience [3] - G7 features a single motor rear-wheel drive layout with a maximum power of 218 kW, a top speed of 202 km/h, and a CLTC range of 702 km, supported by an 80.8 kWh lithium iron phosphate battery [3] Sales Performance and Future Outlook - Xiaopeng Motors achieved cumulative deliveries of over 197,000 units in the first half of 2025, a year-on-year increase of 279%, with a target achievement rate of 56% [4] - The launch of G7 is expected to sustain sales momentum in the second half of the year, alongside the upcoming release of new models and a hybrid vehicle [4] - The company maintains a buy rating and a target price of 134.69 HKD, anticipating growth in sales, average selling price (ASP), and gross margin [4]