Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The new P7 model, launched on August 6, 2025, features three versions: 702 long-range, 820 ultra-long-range, and 750 high-performance, with pre-sales starting but prices not yet disclosed. A deposit of 99 yuan can offset 3000 yuan of the purchase price, and this can be combined with other launch benefits. The company's sales are expected to accelerate due to a strong new vehicle cycle, channel transformation, and enhanced marketing systems. Cost reductions from scale, platform, and technology improvements, along with the expansion of software profitability and continued growth in overseas markets, are anticipated to lead to ongoing financial improvement [2][4][10]. Summary by Sections Event Description - The new P7 model is positioned as a flagship stylish sedan, combining technology, sportiness, and light luxury. Its dimensions are 5017mm in length, 1970mm in width, and 1407mm in height, with a wheelbase of 3008mm. The design includes a sleek front with a continuous light strip and Y-shaped light bars, available in six colors. It features an industry-first integrated flat luminous logo and advanced aerodynamics with a drag coefficient of Cd0.201, achieving 0-100 km/h in 3.7 seconds and a top speed of 230 km/h [4][10]. Sales and Profitability Outlook - The company is expected to see continuous sales growth due to a strong new vehicle cycle, with new models like the G6 and G9 already achieving significant sales success. The G7 model launched on July 3, 2025, saw over 10,000 units reserved within 9 minutes. The company anticipates achieving a quarterly profit in Q4 and expects to generate positive free cash flow for the year. Revenue for 2025 is projected to reach 99.1 billion yuan, corresponding to a price-to-sales ratio of 1.4X, with substantial improvements in software revenue contributing to better financial performance [10].
小鹏汽车-W（09868）：小鹏全新P7正式亮相，打造时尚科技设计新标杆