小鹏汽车-W：小鹏汽车 G7 上市点评：油车看马力，智车看算力，G7 有望成为爆款-20250612

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. 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][4][7]. Summary by Sections Event Description - The Xiaopeng G7, the world's first L3 level AI car, was launched on June 11, 2025, with two versions: G7 Max and G7 Ultra, starting at a pre-sale price of 235,800 RMB [4]. Event Commentary - The 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. It features a family design style, a trunk capacity of 819 liters, and a minimalist interior design. The G7 is expected to compete with models like Tesla Model Y and others, leveraging its advantages in intelligence, space, and power to become a best-selling model in the 250,000 RMB electric SUV segment [7]. Financial Expectations - For Q2 2025, the expected delivery volume is between 102,000 and 108,000 units, representing a year-on-year growth of 237.7% to 257.5%. Expected revenue is between 17.5 billion and 18.7 billion RMB, a year-on-year increase of 115.7% to 130.5%. The company anticipates a strong new vehicle cycle with multiple new models launching, which will further enhance sales [7]. Intelligent Driving and Future Outlook - The company is expected to maintain its leading position in intelligent driving, with a focus on channel transformation and marketing system enhancement. The anticipated revenue for 2025 is 99.1 billion RMB, corresponding to a price-to-sales ratio of 1.4X. The software revenue is expected to significantly improve financial performance as the company enters a new vehicle cycle [7].