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 July 3, 2025, with a starting price of 195,800 yuan, exceeding expectations. The G7 is expected to lead the industry with its advanced capabilities [2][4]. - The G7 features three versions: 602 Long Range Max, 702 Ultra Long Range Max, and 702 Ultra, priced at 195,800, 205,800, and 225,800 yuan respectively. Customers who pay a deposit of 5,000 yuan before July 31 can enjoy additional benefits [2][4]. - The company anticipates accelerated sales growth due to a strong new vehicle cycle, enhanced marketing systems, and channel transformations. Financial improvements are expected from scale increases, cost reductions from platforms and technologies, and the expansion of software profitability models [2][8]. Summary by Sections Event Description - The Xiaopeng G7 was launched with three versions and promotional offers for early customers [4]. Event Commentary - The G7 is positioned as an AI smart family SUV with competitive features, including a spacious interior and advanced technology. It is expected to compete effectively against models like Tesla Model Y and others in the same price range [8]. - The company is entering a strong new vehicle cycle, with several new models expected to boost sales. The G6 and G9 have already seen significant success in the market [8]. - The company projects a revenue of 99.1 billion yuan for 2025, with a price-to-sales ratio of 1.3X, indicating a significant improvement in financial performance [8].
小鹏汽车-W（09868）：G7上市点评：起售价19.58万元超预期，全球首款L3级算力AI汽车引领行业