小鹏汽车：MONA、P7+持续完善矩阵，25年产品大年值得期待

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [1]. Core Viewpoints - The report highlights that Xiaopeng Motors is continuously improving its product matrix with the launch of the new AI sedan P7+ and the MONA M03, which is positioned at a lower price point. The P7+ is priced between 186,800 to 218,800 CNY, exceeding expectations with high-level intelligent driving features [1]. - Xiaopeng's monthly sales have reached a historical high, surpassing 30,000 units, driven by strong delivery momentum. The company has achieved over 50,000 pre-orders within 72 hours of the P7+ launch [1]. - The report anticipates a significant product year for Xiaopeng in 2024, with plans for international expansion into markets such as East Africa, Australia, and Europe, alongside advancements in AI technology and the introduction of flying cars [1]. Summary by Sections Product Launch and Sales Performance - The P7+ and MONA M03 are key products, with the P7+ priced at 186,800 to 218,800 CNY and featuring advanced intelligent driving capabilities. The MONA M03 has also seen strong pre-order numbers, indicating robust market interest [1]. - Xiaopeng's delivery numbers for September and October reached 24,000 and 21,000 units respectively, marking a continuous increase in sales [1]. Strategic Initiatives - The company is focusing on cost reduction and efficiency improvements, with a goal to enhance its competitive edge in the market. The report notes that Xiaopeng has successfully reduced costs in autonomous driving hardware, which is expected to accelerate its profitability [1]. - Xiaopeng is also advancing its AI capabilities, with plans to launch a fully self-developed AI chip and a flying car model, indicating a strong commitment to innovation and technology leadership [1]. Market Outlook - The report suggests that Xiaopeng is well-positioned for growth in 2024, with a comprehensive product lineup and strategic international expansion plans. The company is expected to benefit from the increasing demand for electric vehicles and smart automotive technologies [1].