Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's first localized production project in Europe is set to launch in Q3 2025 at the Magna plant in Graz, Austria, with the first batches of the G6 and G9 models successfully rolling off the production line. The Munich R&D center in Germany has also been activated, with expectations to produce more models in the future [2][4]. - The company is expected to see steady sales growth driven by a strong new vehicle cycle, with the MONA M03 and P7+ models marking the beginning of this cycle. The combination of scale enhancement, cost reduction from platforms and technology, and the expansion of software profitability models will provide significant earnings flexibility in the future [2][8]. Summary by Sections Company Overview - The company has established a full value chain layout in Europe, covering both R&D and mass production. Since entering the European market in 2021, it has expanded to over 46 countries and regions, achieving overseas sales of 18,700 units from January to July 2025, a year-on-year increase of 217% [8]. Sales and Revenue Projections - For Q3 2025, the company anticipates delivery volumes between 113,000 and 118,000 units, representing a year-on-year growth of 142.8% to 153.6%. Expected revenue is projected to be between 19.6 billion and 21 billion yuan, reflecting a year-on-year increase of 94.0% to 107.9% [8]. New Product Launches - The new models G6 and G9 have been well-received, achieving multiple sales championships in their respective domestic segments. The G6 model accounts for approximately 67% of the sales in the European market, with the P7+ model set to launch soon, further enhancing the company's product lineup [8]. Profitability Outlook - The company is expected to achieve a quarterly turnaround in profitability by Q4, with an anticipated positive free cash flow for the entire year. The revenue forecast for 2025 is projected at 92.8 billion yuan, with a price-to-sales ratio of 1.6X, indicating a significant improvement in financial performance driven by software revenue [8].
小鹏汽车-W（09868）：欧洲首个本地化生产项目启动，全球化布局再添新篇章