Company Overview - The company officially launched the new P7 model on August 27, with a price range of 219,800 to 301,800 yuan, exceeding market expectations [1] - The P7 model features a complete redesign of both exterior and interior, and includes the innovative Peng Wing version, showcasing a futuristic design [1] - The P7 is equipped with three Turing AI chips and is built on an 800V platform, offering both rear-wheel and all-wheel drive options, with a maximum range of 820 kilometers under CLTC conditions [1] Product Delivery and Profitability - The company expects to deliver between 113,000 and 118,000 vehicles in Q3, representing a year-on-year increase of 142.8% to 153.6% [2] - Starting in September, the company anticipates monthly sales to exceed 40,000 units [2] - The company plans to begin mass production of the Kunpeng super extended-range electric series in Q4, which is expected to enhance profitability [2] AI Ecosystem and Global Expansion - The company is advancing in the AI sector, with plans to mass-produce a new generation humanoid robot by the second half of 2026, achieving initial L4 capabilities [3] - The first L4-capable vehicle is also planned for mass production in 2026, with pilot Robotaxi operations expected in select regions [3] - In the first half of 2025, the company delivered over 18,000 vehicles in overseas markets, marking a year-on-year growth of over 200% [3] - The company has initiated local production in Indonesia with the delivery of the first locally produced Xiaopeng X9, signaling the start of a global localization strategy [3] Financial Forecast and Valuation - The current stock prices correspond to a 2025 P/S ratio of 1.9x, with a maintained outperform rating and profit forecast [2] - The target prices for Hong Kong and US stocks are set at 108 HKD and 28 USD, respectively, indicating an upside potential of 17% and 15% compared to current prices [2]
小鹏汽车-W(09868.HK)：P7NEXT正式上市；产品设计开启向上周期