Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The global first L3 level AI car, the Xiaopeng G7, was officially launched on June 11, 2025, with a starting pre-sale price of 235,800 RMB. The G7 will feature three self-developed Turing AI chips, achieving a computing power exceeding 2200 Tops, making it the first L3 level computing vehicle in the industry. The intelligent driving capabilities are expected to lead the market, and with the new vehicle cycle and enhanced marketing strategies, the company's sales are anticipated to accelerate [2][6]. Summary by Sections Company Overview - Xiaopeng G7 is positioned as an AI smart family SUV, with dimensions of 4892mm in length, 1925mm in width, and 1655mm in height, and a wheelbase of 2890mm. The vehicle features a family design style, a trunk capacity of 819 liters, and includes a dry-wet separated front trunk. It is equipped with advanced technology such as a collaboration with Huawei for an AR-HUD and a 9-inch streaming rearview mirror [9]. Sales and Financial Projections - The expected delivery volume for Q2 2025 is between 102,000 to 108,000 units, representing a year-on-year growth of 237.7% to 257.5%. Projected revenue for the same period is estimated to be between 17.5 billion to 18.7 billion RMB, reflecting a year-on-year increase of 115.7% to 130.5%. The company is entering a strong new vehicle cycle, with multiple new models expected to launch and enhance sales [9]. Competitive Positioning - The Xiaopeng G7 is expected to compete with models such as Tesla Model Y, Leado L60, and Xiaomi YU7. Its advantages in intelligence, space, and power are anticipated to make it a popular choice in the 250,000 RMB electric SUV segment [9]. Future Outlook - The company is expected to achieve a revenue of 99.1 billion RMB in 2025, with a price-to-sales ratio of 1.4X. The software revenue is projected to significantly improve financial performance, and the company is entering a new vehicle cycle, justifying the "Buy" rating [9].
小鹏汽车-W（09868）：G7上市点评：油车看马力，智车看算力，G7有望成为爆款