Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has signed an expanded strategic cooperation agreement with Volkswagen Group to jointly develop electronic and electrical architecture, which will be applied not only to electric vehicle platforms but also to fuel and plug-in hybrid vehicles in the Chinese market. This collaboration is expected to enhance service revenue [2][4]. - The company is entering a strong new vehicle cycle with the launch of models like MONA M03 and P7+, which is anticipated to drive sales growth. The new models have already seen significant demand, with the G7 model achieving over 10,000 pre-orders in just 9 minutes [9]. - The company is expected to achieve a revenue of 99.1 billion yuan in 2025, with a price-to-sales ratio of 1.4X, indicating a substantial improvement in financial performance due to software revenue from Volkswagen [9]. Summary by Sections Company Overview - The company is deepening its cooperation with Volkswagen, expanding the scope to include procurement, supply chain, electric vehicle platforms, and electronic architecture, which is expected to enhance overall profitability [9]. Sales and New Models - The new models G6 and G9 have been well-received in the market, achieving sales leadership in their segments. The upcoming models are expected to further boost sales, with a focus on achieving positive cash flow by Q4 [9]. Financial Outlook - The company is projected to turn profitable in Q4 and achieve a positive free cash flow for the year, supported by the new vehicle launches and improved operational efficiencies [9].
小鹏汽车-W（09868）：小鹏汽车与大众EEA合作拓展至油车及插混车，有望持续增厚服务业务收入