Investment Rating - The report maintains a "Buy" recommendation for Xiaopeng Motors (9868.HK) [1] Core Views - The launch of the P7+ model is crucial for the company to overcome its sales challenges, while the M03 model has already helped improve sales [7] - The P7+ model enhances the P7 family lineup, focusing on spaciousness and advanced driving capabilities, and is expected to be a significant contributor to sales [3][7] - The P7+ will feature a new generation of high-level driving assistance without additional costs, which is anticipated to reduce hardware costs by approximately 50% compared to previous models [3][7] Financial Summary - Revenue projections for 2024-2026 have been adjusted to 429 billion, 701 billion, and 950 billion CNY respectively, with net profit forecasts of -62 billion, -20 billion, and +9 billion CNY [7] - The company is expected to improve its gross margin from 1.5% in 2023 to 17.9% by 2026, indicating a positive trend in profitability [5][11] - The projected net profit margin is expected to shift from -33.8% in 2023 to 0.9% in 2026, reflecting a significant turnaround [11] Product and Market Positioning - The P7+ is positioned as a high-end electric sedan under 300,000 CNY, emphasizing family comfort and spaciousness, with a wheelbase of 3 meters and a length exceeding 5 meters [3] - The report highlights the competitive landscape, noting that Xiaopeng Motors currently lags behind competitors like Huawei, NIO, and Li Auto in terms of high-level driving assistance vehicle ownership [4][9]
小鹏汽车-Ｗ：M03为销量背书，但P7+才是关键