Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][18]. Core Views - The launch of the new model P7+ has generated significant interest, with over 31,528 pre-orders within 24 hours of its release [4][6]. - The P7+ aims to provide luxury space and comfort to a broader audience while allowing fuel vehicle users to experience advanced intelligent features [5][9]. - The company is expected to see a continuous upward trend in its operational cycle due to the introduction of new models like Mona M03 and P7+, which will penetrate the market for high-end intelligent driving vehicles priced below 200,000 [6][18]. Summary by Sections Investment Rating - The company maintains an "Outperform the Market" rating, reflecting confidence in its growth potential and product offerings [1][3][18]. Product Launch - The P7+ was officially launched on November 7, featuring three models priced between 186,800 to 218,800 yuan, with immediate delivery [4][6]. - The vehicle achieved over 10,000 pre-orders within 12 minutes of launch and a total of 31,528 by midnight on the launch day [4][6]. Product Features - The P7+ boasts the largest space in its class, with dimensions of 5056mm in length, 3000mm in wheelbase, and a trunk capacity of 725L, which can expand to 2221L [5][9]. - It is equipped with advanced AI driving capabilities, including dual Orin chips and a significant improvement in perception distance and recognition speed [10][12]. - The interior features a panoramic sunroof, multiple screens for entertainment, and high-quality sound systems, enhancing user experience [7][12]. Financial Projections - Revenue forecasts for 2024-2026 have been adjusted to 469 billion, 885 billion, and 1181 billion yuan, respectively, with net profits projected at -60 billion, -16 billion, and 27 billion yuan [6][18][21]. - The company anticipates a rebound in gross margins due to increased sales volume and improved operational efficiency [18][21]. Market Position - The P7+ is positioned competitively against other models in the market, with its pricing and features highlighting its advantages [14][19]. - The company aims to leverage its new models to enhance its market share and operational efficiency, with a focus on reducing costs through platformization and scale [18][21].
小鹏汽车-W：小鹏新车型P7+上市当天订单超3万辆，新品周期持续向上