小鹏汽车-W（09868）：“一车双能+新车型”开启强势周期战略转型“物理AI”公司

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Insights - The company has transitioned from being a "smart electric vehicle new force" to a "global AI automotive intelligent technology enterprise," focusing on building an integrated intelligent ecosystem of "automobiles + robots + flying cars" [1][20]. - The introduction of the "dual-energy strategy" and multiple new models is expected to initiate a strong product cycle, with significant sales growth anticipated [2][21]. - The company is shifting from a phase of "technology leadership but profitability under pressure" to a profitability inflection point driven by "mass-market hits + technology output" [1][20]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 758 billion, 1321 billion, and 1663 billion respectively, with year-on-year growth rates of 85.5%, 74.3%, and 25.9% [4][5]. - The company is expected to achieve a net profit of -16.4 billion, 24.0 billion, and 64.8 billion for the same period, indicating a significant recovery in profitability [4][5]. Product Strategy - The company has launched its first range-extended model, the X9 EREV, with a large battery and high energy conversion efficiency, addressing user range anxiety [2][3]. - A total of four new models are expected to be launched in 2026, including two SUVs based on the MONA platform and a full-size six-seat SUV [2][21]. AI Strategy - The company is transitioning to a "physical AI" company, showcasing its commitment to this transformation with the release of the VLA 2.0 model, which significantly enhances reasoning efficiency [3][20]. - The company plans to commercialize its self-developed Robotaxi and has set ambitious goals for its humanoid robot, IRON, to begin mass production by the end of 2026 [3][20]. Organizational Changes - The company has undergone significant organizational restructuring to enhance efficiency and product development capabilities, which is expected to support its transition to a more robust business model [20][46]. Market Position - The company is positioned to leverage its technological advancements and strategic partnerships, particularly with Volkswagen, to enhance its competitive edge in the automotive market [20][21].