Core Insights - The company is entering a new phase with its C-end smart vehicle segment, leveraging "range extension and overseas expansion" to enhance its competitive edge in mass-producing popular models [1] - The B-end Robotaxi segment is positioned for growth, with expectations of a market turning point by 2027, potentially reaching a scale of 83.1 billion yuan by 2030 [1] - The partnership with Volkswagen is evolving, positioning the company as a smart technology solution provider, with plans for joint development of electric vehicles and deep collaboration on electronic architecture [2] C-end Smart Vehicle Segment - The company aims to launch seven new models by 2026, covering both pure electric and range-extended vehicles [1] - The focus on local production, R&D centers, and channel expansion is expected to drive the company towards a scale of tens of thousands in deliveries [1] B-end Robotaxi Segment - The company is capitalizing on favorable policies and technological advancements in the Robotaxi market, with a projected market size of 83.1 billion yuan by 2030 [1] - The Robotaxi project is set to begin trial operations in the second half of 2026, with mass production of pre-installed vehicles [1] Partnership with Volkswagen - The collaboration has expanded from initial vehicle development to include joint efforts in electronic architecture and AI chip development [2] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy vehicle penetration rate above 10% [2] Robotics and Flying Cars - The company's robotics initiative integrates advanced AI with mechanical design, featuring a humanoid structure and high degrees of freedom [2] - The new generation of flying cars, A868, is in the testing phase, with over 7,000 pre-orders and plans for global delivery in the second half of 2026 [2] Financial Projections - The company maintains a revenue forecast of 78.5 billion yuan for 2025, with a year-on-year growth of 92% [3] - Adjustments have been made to the revenue expectations for 2026 and 2027, now projected at 105.8 billion yuan and 151.9 billion yuan respectively, reflecting a year-on-year growth of 35% and 44% [3] - The company is rated as a "buy" based on its transition from automotive to AI technology, with expected earnings per share of -0.71 yuan in 2025, 1.29 yuan in 2026, and 3.26 yuan in 2027 [3]
小鹏汽车-W(09868.HK)：2026年看点梳理 从汽车走向AI科技！