Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The launch of the Xiaopeng P7+ on November 7 marks the beginning of the AI automotive era, with a starting price of 186,800 RMB, significantly exceeding expectations and positioning it as a new blockbuster [2][6] - The P7+ is available in three versions: Long Range, Ultra Long Range, and Limited MAX Edition, priced at 186,800, 198,800, and 218,800 RMB respectively, with an initial release of 500 units available for immediate delivery [2][6] - The company is expected to accelerate sales growth due to the new vehicle cycle initiated by the launch of MONA on August 27 and the P7+, alongside channel transformation and enhanced marketing systems [8] Summary by Sections Event Description - The Xiaopeng P7+ was officially launched on November 7, with a starting price of 186,800 RMB and three versions available, including a limited edition with 500 units for immediate delivery [6][7] - The vehicle features a spacious design with C-class dimensions and D-class space, offering a luxurious and intelligent driving experience [6] Event Commentary - The P7+ combines technology and aesthetics, featuring a drag coefficient of only 0.206Cd and a spacious interior with a maximum trunk capacity of 725L, expandable to 2221L [6][7] - It is equipped with a single motor version providing a maximum power of 180kW/230kW and offers two battery options with ranges of 620km and 710km [6][7] Sales and Financial Outlook - The pricing of the P7+ is significantly lower than the expected price of 209,800 RMB and competes favorably against similar models, enhancing its market position [7] - The company anticipates a revenue of 42.7 billion RMB in 2024, reflecting a substantial improvement in financial performance driven by software revenue and the new vehicle cycle [8]
小鹏汽车-W：P7+上市点评：开启AI汽车时代，18.68万起售定价大超预期，打造新爆款