Core Insights - Xiaopeng Motors has transformed from a "new force in smart electric vehicles" to a "global AI automotive technology enterprise," focusing on an integrated intelligent ecosystem of "automobiles + robots + flying cars" [1] - The company is shifting from a phase of "technological leadership but profitability pressure" to a profitability inflection point driven by "mass market hits + technology output" [1] Product Strategy - The introduction of a "dual power strategy" with both pure electric and range-extended vehicles aims to alleviate user range anxiety, starting with the launch of the X9 EREV model in November 2025 [1] - The X9 EREV features a 63.3 kWh battery and a third-generation range extender with an efficiency of over 3.6 kWh/L, achieving a pure electric range of 452 km [1] - In 2026, the company plans to launch multiple new models, including the G7 and P7+ range-extended versions, and four additional new models, including two SUVs on the MONA platform and a full-size 6-seat SUV [1] AI Strategic Layout - The company is transitioning from "smart cars" to "physical AI," showcasing its commitment and specific path at the 2025 Technology Day [2] - The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and is set for full deployment in Ultra models by Q1 2026 [2] - The company plans to launch three models of its self-developed Robotaxi in 2026, aiming to capture a share of the trillion-yuan mobility market with an innovative "fully shared + private" business model [2] - The humanoid robot IRON is expected to achieve mass production by the end of 2026, initially targeting commercial scenarios such as guiding and shopping [2] Financial Forecast - Revenue projections for Xiaopeng Motors from 2025 to 2027 are estimated at 75.8 billion, 132.1 billion, and 166.3 billion yuan, with year-on-year growth rates of 85.5%, 74.3%, and 25.9% respectively [2] - The net profit attributable to the parent company is forecasted to be -1.64 billion, 2.4 billion, and 6.48 billion yuan for the same period [2] - The company maintains a "buy" rating based on these projections [2]
小鹏汽车─W(09868.HK)：“一车双能+新车型”开启强势周期 战略转型“物理AI”公司