Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][7]. Core Views - The launch of the new model P7+ is crucial for the company to enhance its sales and strengthen its position in the high-end electric vehicle market. The P7+ is positioned as a high-end electric sedan priced under 300,000 RMB, emphasizing spaciousness and advanced driving capabilities [4][7]. - The P7+ will feature the company's new generation of high-level driving assistance system, which is expected to reduce hardware costs significantly compared to previous models with laser radar [4][7]. - The company anticipates that the P7+ will complement the existing P7 model, targeting family users with its spacious design and comfort features [4][7]. Financial Summary - The company forecasts revenue growth from 30.68 billion RMB in 2023 to 42.93 billion RMB in 2024, and further to 70.09 billion RMB in 2025, with a projected net profit turning positive in 2026 [6][7]. - The gross margin is expected to improve from 1.5% in 2023 to 13.9% in 2024, indicating a recovery in profitability as new models are launched [6][12]. - The company’s net profit is projected to be -6.17 billion RMB in 2024, improving to -2.006 billion RMB in 2025, and reaching a profit of 898 million RMB in 2026 [6][11]. Market Position and Competition - The company currently has approximately 200,000 vehicles equipped with advanced driving systems, which is lower than competitors like Huawei and NIO, who have around 300,000 vehicles [5][9]. - The successful launch of the P7+ and the upcoming M03 Max version, both equipped with advanced AI driving systems, are expected to enhance the company's competitive edge in the smart driving segment [7][9].
小鹏汽车-W：M03为销量背书，但P7+才是关键