Investment Rating - The report assigns a "Buy" rating to Xiaopeng Motors (9868 HK) with a target price of 39.29 HKD, indicating a potential upside of 35.3% from the closing price of 29.05 HKD as of August 27, 2024 [11]. Core Insights - Xiaopeng Motors launched the MONA M03 at an attractive starting price of 119,800 RMB, which is lower than previous expectations and competitive against similar models like the Qin PLUS EV and Model 3 [1][2]. - The company introduced the Turing chip, which has successfully completed its first tape-out, aimed at L4 autonomous driving and applicable across AI vehicles, robots, and flying cars [2]. - The new AI Eagle Eye vision solution enhances real-time perception capabilities significantly, allowing for improved autonomous driving experiences without relying on LiDAR [1][2]. Summary by Sections Product Pricing and Competitiveness - The MONA M03 is available in three versions with prices of 119,800 RMB, 129,800 RMB, and 155,800 RMB, making it highly competitive in the mid-range electric vehicle market [1]. - Compared to competitors, the M03 offers superior performance and driving experience, particularly against the Qin PLUS EV and Model 3 [1]. Technological Advancements - The Turing chip features a 40-core processor and is designed for L4 autonomous driving, capable of running large AI models with parameters up to 30 billion [2]. - The AI Eagle Eye vision system, set to debut with the P7+ model, boasts a 1.25x improvement in perception distance and a 40% increase in recognition speed compared to previous generations [1][2]. Market Outlook - The M03 is positioned to capture market share in the mid to low-end electric vehicle segment, with expectations of becoming a best-selling model and driving sales growth in the latter half of the year and into the next [2].
小鹏汽车-W：M03定价极具吸引力，图灵芯片和AI鹰眼视觉方案助力智能化