Investment Rating - The report maintains a "Buy" rating for the company [2][44]. Core Insights - The company is experiencing a resurgence in sales with the launch of the MONA M03 and P7+ models, which are expected to strengthen its brand recognition in the intelligent driving sector [7][28]. - The introduction of the range-extended vehicle technology is anticipated to open new market opportunities, aligning with the trend towards larger battery capacities and smaller fuel tanks [9][43]. - Revenue forecasts for 2024-2026 have been adjusted to 41.4 billion, 78.1 billion, and 102.9 billion yuan respectively, with net profit projections of -6.1 billion, -1.7 billion, and +1.4 billion yuan [8][44]. Summary by Sections Sales Performance and Product Launches - The company faced low sales in the first half of 2024, but the launch of the MONA M03 in August significantly improved sales, with over 30,000 orders within 48 hours of its release [20][21]. - The P7+ model, launched in November 2024, has also received strong initial orders, indicating its potential as a best-seller [28]. Intelligent Driving Technology - The P7+ features the new "AI Eagle Eye Vision" intelligent driving system, which is expected to enhance the company's competitive edge in the intelligent driving market [24][28]. - The company has developed its own AI chip, the Turing chip, which is designed to meet the increasing computational demands of intelligent driving applications [31][33]. Financial Projections - The report projects a revenue increase of 14.2% in 2023, followed by significant growth rates of 34.8%, 89.0%, and 31.6% in the subsequent years [6][49]. - The company’s PS valuation is slightly above its peers, but its leadership in intelligent driving justifies the "Buy" rating [44][45]. Range-Extended Vehicle Technology - The company plans to launch a new range-extended vehicle with a pure electric range exceeding 400 kilometers and a total range of over 1400 kilometers, which is expected to attract a broader customer base [9][43]. - The new technology aims to address the needs of markets with underdeveloped charging infrastructure, particularly overseas [37].
小鹏汽车-W：爆款产品延续智能化逻辑，增程开辟新增量