【公司点评/小鹏汽车-W】小鹏G7上市点评：辅助驾驶进入L3级算力时代，本地端VLA+VLM能力再进阶

Core Viewpoint - Xiaopeng Motors has launched the new G7 model, which is priced higher than expected, positioning it as a family-oriented mid-size SUV with advanced technology and aesthetics [3]. Product Launch and Features - The G7 is available in three versions: - 602km Max version with dual Orin-X chips priced at 195,800 CNY - 702km Max version with dual Orin-X chips priced at 205,800 CNY - Ultra version with three Turing AI chips priced at 225,800 CNY - The G7 is the world's first electric vehicle with L3 computing power, featuring a 5C supercharging battery and an 800V SiC platform [3]. Hardware and Software Upgrades - The G7 Ultra features three Turing AI chips, providing an effective computing power of 2250 TOPS, with two chips dedicated to the VLA model and one for the VLM model [4]. - The G7 introduces the first local VLA+VLM large model in the industry, enhancing autonomous driving capabilities with a new "sports brain" for improved learning [4]. - Key functionalities include human-machine co-driving, autonomous ETC recognition, and innovative line-parking features [4]. Intelligent Chassis and Cabin - The G7's chassis is equipped with advanced AI capabilities, including intelligent variable damping, AI recognition of speed bumps, and a 6D anti-motion sickness feature [5]. - The cabin utilizes Turing AI chips and Qualcomm 8295P, providing a computing power of 800 TOPS [5]. Financial Projections - The company maintains revenue expectations for 2025-2027 at 94.7 billion CNY, 167.6 billion CNY, and 249.1 billion CNY, representing year-on-year growth of 132%, 77%, and 49% respectively [7]. - Net profit forecasts for the same period are 350 million CNY, 7.6 billion CNY, and 12 billion CNY, with year-on-year growth of 106%, 2070%, and 58% respectively [7]. - Earnings per share (EPS) are projected at 0.18 CNY, 3.97 CNY, and 6.27 CNY for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 368, 17, and 11 [7].