Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The launch of the Xiaopeng G7 marks a significant advancement in assisted driving technology, entering the L3 computing power era with local VLA+VLM capabilities [9] - The company is expected to achieve substantial revenue growth, with projected revenues of RMB 94.69 billion in 2025, RMB 167.57 billion in 2026, and RMB 249.07 billion in 2027, reflecting year-on-year growth rates of 131.70%, 76.97%, and 48.64% respectively [1][10] - The net profit forecast for 2025 is RMB 349.07 million, with a staggering increase of 2,069.95% in 2026, reaching RMB 7.57 billion, and RMB 11.95 billion in 2027, indicating a strong recovery and growth trajectory [1][10] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are RMB 30.68 billion, RMB 40.87 billion, RMB 94.69 billion, RMB 167.57 billion, and RMB 249.07 billion respectively, with corresponding year-on-year growth rates of 14.23%, 33.22%, 131.70%, 76.97%, and 48.64% [1][10] - The report anticipates a gradual improvement in earnings per share (EPS), with estimates of RMB (5.44), RMB (3.04), RMB 0.18, RMB 3.97, and RMB 6.27 for the years 2023A to 2027E [1][10] - The price-to-earnings (P/E) ratio is projected to be 367.54 in 2025, decreasing to 16.94 in 2026 and further to 10.73 in 2027, indicating an improving valuation as profitability increases [1][10]
小鹏汽车-W（09868）：G7上市点评：辅助驾驶进入L3级算力时代，本地端VLA+VLM能力再进阶