Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 77.36, indicating a potential upside of 54.7% from the current closing price of HKD 50.00 [3][4][15]. Core Insights - The launch of the Xiaopeng P7+ at a price range of RMB 186,800 to RMB 218,800 is seen as positive, aligning with previous expectations. The P7+ is positioned as an AI vehicle, featuring advanced AI technologies and a focus on comfort and spaciousness [1][2]. - The company is expected to have a strong product year ahead, with the M03 and P7+ models likely to positively influence future releases. There is potential for upward adjustments in sales forecasts due to the market not yet pricing in the impact of range-extended vehicles [3][6]. Summary by Sections Company Overview - Xiaopeng Motors has launched the P7+ model, which is equipped with the AI Tianji 5.4.0 system and features OTA upgradeable range capabilities. The model has already seen significant demand, with over 10,000 pre-orders within 12 minutes of its launch [1]. Financial Projections - Revenue is projected to grow from RMB 26,855 million in 2022 to RMB 39,627 million in 2024, reflecting a year-on-year growth of 29.2%. However, net losses are expected to decrease from RMB 10,376 million in 2023 to RMB 4,848 million in 2024 [6][17]. - The company anticipates a significant increase in cash flow and assets, with cash and cash equivalents expected to rise from RMB 14,714 million in 2023 to RMB 24,302 million in 2024 [17]. Market Position and Strategy - Xiaopeng Motors is expanding its global presence, aiming to enter 60 countries by next year, up from 30 currently. The company has also developed the Turing AI chip, which is designed for use in AI vehicles and robots, indicating a strong focus on technological advancement [2][3].
小鹏汽车-W：小鹏P7+最终售价18.68万元，定价积极