SNW(SH:600628) Ge Long Hui·2025-11-11 03:50Core Insights - The company recently held the 2025 Xpeng Technology Day, unveiling several innovations including the second-generation VLA large model, Xpeng Robotaxi, the new humanoid robot IRON, and a flying car [1] - The second-generation VLA model aims to establish a smart foundation for the physical AI world, enabling direct output from visual signals to action commands, which will benefit AI cars, humanoid robots, and flying cars [1] - Xpeng plans to launch three Robotaxi models by 2026, collaborating with Gaode to create a global ecosystem, utilizing pure visual technology without relying on high-precision maps [2] Summary by Sections Second-Generation VLA Model - The second-generation VLA model allows for end-to-end direct output from visual signals to action commands, enhancing the capabilities of AI vehicles and robots [1] - Xpeng's "Xiaolu NGP" significantly improves the average takeover mileage on complex roads, with plans for full deployment in Q1 2026 alongside Ultra models [1] - Volkswagen has become the first strategic partner for the second-generation VLA, with the Turing AI chip already designated for Volkswagen [1] Robotaxi Development - Xpeng's Robotaxi models will not require modifications and will feature dual hardware systems for backup in computing, steering, and perception [2] - Each Robotaxi will be equipped with four Turing AI chips, achieving a total computing power of 3000 TOPS, including 2250 TOPS for computation and 750 TOPS for redundancy [2] - The commercial operation of Xpeng Robotaxi is set to begin in 2026 in cities like Guangzhou, with an open SDK for global partners to build a Robotaxi ecosystem [2] Humanoid Robot IRON - The new humanoid robot IRON is expected to enter mass production by the end of 2026, focusing on commercial applications such as guiding and shopping services [3] - The robot features a highly humanoid design, the industry's first all-solid-state battery, and a 30% reduction in weight while increasing energy capacity by 30% [3] - It integrates three cognitive models (VLT, VLA, VLM) and has a computing power of 2250 TOPS, enhancing its capabilities in visual perception, language understanding, and action decision-making [3] Flying Car and Super Range Technology - Xpeng's subsidiary, Xpeng Huitian, is accelerating the development of low-altitude flying vehicles, with the land carrier set for mass production in 2026 [4] - The A868 flying car prototype has completed its first test flight, and the land carrier flying vehicle is expected to achieve a production capacity of 10,000 units annually [4] - The Kunpeng Super Range technology addresses traditional range issues, offering over 450 km of pure electric range and rapid charging capabilities [4] Financial Forecast and Investment Outlook - The company maintains net profit forecasts of -1.2 billion, +2.3 billion, and +4.7 billion for 2025 to 2027, respectively, driven by its AI capabilities and mass production potential [5] - The automotive industry is seen as a significant technological carrier, with expectations for new business models to emerge from the company's advancements [5] - The company holds a "recommended" rating based on its strategic initiatives and technological developments [5]