Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 120.34 [7][5] Core Insights - The new P7 model was officially launched on August 27, 2025, with a price range of HKD 219,800 to HKD 301,800, and it is expected to significantly boost monthly sales to over 40,000 units from September to December 2025 [2][3] - The company is focusing on a three-pronged strategy involving range extension, smart technology, and robotics, which is anticipated to drive incremental growth [1][5] - The partnership with Volkswagen has deepened, with a strategic agreement signed to expand the development of electronic and electrical architecture, which is expected to enhance revenue opportunities [3][5] Summary by Sections New Product Launch - The new P7 features an 800V high-voltage SiC platform, 5C supercharging AI battery, and a maximum range of 820 km, with a powerful performance of 593 Ps and 0-100 km/h acceleration in 3.7 seconds [2][3] - The design and interior of the P7 are aimed at attracting younger consumers who appreciate performance and innovative design [2] Growth Catalysts - The company plans to launch the X9 range extender version in Q4 2025, which is expected to have a significant competitive advantage with a range of 450 km [3] - The introduction of the VLA model for the P7 and G7 is set to enhance the company's smart technology capabilities, with plans for L4 autonomous vehicles by 2026 [3] Robotics Development - The IRON humanoid robot, designed with 62 degrees of freedom and advanced AI capabilities, has entered factory training and is expected to be showcased at the "Xiaopeng 1024 Technology Day" in 2025 [4][5] Financial Projections - Revenue forecasts for 2025-2027 are set at RMB 85.606 billion, RMB 127.626 billion, and RMB 153.919 billion respectively, with a projected return to profitability in Q4 2025 [5][10] - The report maintains a valuation of 2.1x 2025E PS for the sales business, reflecting a premium over comparable companies [5][14]
小鹏汽车-W（09868）：2025年秋季策略会速递—P7正式上市，继续看好机器人等催化