摩根士丹利：小鹏汽车_P7+亮相_运动、智能、宽敞的轿跑车

Investment Rating - The investment rating for XPeng Inc. is "Overweight" [6] - The industry view is "In-Line" [6] Core Insights - XPeng has unveiled the P7+, a new C-segment coupé, which is expected to be a significant volume driver for Q4 2024 and 2025 [2][3] - The P7+ features a spacious interior comparable to an SUV and comfort akin to an MPV, with a length of over 5 meters [3] - Management anticipates total sales volume could reach 25,000 to 30,000 units in December 2024, driven by the P7+ and MONA M03 models [4] - The P7+ is projected to achieve a 25% reduction in Bill of Materials (BOM) costs and 50% savings in Advanced Driver Assistance Systems (ADAS) hardware costs [4] - XPeng's share price has increased by 56% over the past month, outperforming the Hang Seng Index [5] Summary by Sections Product Launch and Features - The P7+ is designed to target family users, differentiating it from the more versatile and sporty P7i [3] - The model will adopt XPeng's latest AI Tianji XOS 5.4.0 system, enhancing its smart cockpit and AD features [4] Sales and Market Performance - XPeng has begun production of the P7+ ahead of its launch to ensure a smooth delivery ramp-up [4] - The company has seen solid order intake for the MONA M03, with over 10,000 units delivered within the first month of its launch [4] Financial Projections - Revenue projections for XPeng indicate a net revenue of Rmb30,676 million for FY 2023, with expected growth to Rmb57,269 million by FY 2025 [6] - The company is expected to continue facing cash flow pressures with lower profitability, as indicated by projected EPS losses [6]