Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 100 [2][4]. Core Insights - The upcoming launch of the G7 model is expected to boost sales, with monthly sales projected to reach 40,000 units [5][7]. - The company has shown a significant year-on-year sales increase of 293% from January to May, with May sales alone reaching 33,500 units, a 230% increase [7]. - The company is undergoing a major product cycle from 2025 to 2026, which is anticipated to lead to a rapid expansion in sales and a turnaround to profitability [5][7]. Company Overview - The company operates in the automotive industry, with a current H-share price of HKD 74.35 and a market capitalization of approximately HKD 123.73 billion [3]. - Major shareholder is He Xiaopeng, holding 18.78% of shares [3]. - The company has a total of 1,906.21 million shares issued, with 1,557.50 million H-shares [3]. Financial Projections - Projected net profits for 2025, 2026, and 2027 are expected to be -1.81 billion, 840 million, and 5.83 billion RMB respectively, with corresponding EPS of -0.97, 0.44, and 3.1 RMB [5][9]. - The current P/E ratios for 2026 and 2027 are estimated at 153 and 22 times respectively [5][9]. Product Strategy - The G7 model, set to launch in early July, features self-developed chips and advanced AI capabilities, positioning it competitively against models like the Tesla Model Y [5][7]. - The company is focusing on enhancing its product lineup with several new models scheduled for release, including the P7 and a large range-extended SUV [7].
小鹏汽车-w（09868）：G7上市在即，销量规模有望稳步提升，建议“买进”