Core Viewpoint - The report from Guosheng Securities expresses optimism about XPeng Motors' strong product cycle, overseas expansion, advancements in intelligent driving, and emerging business opportunities in robotics and Robotaxi [1] Group 1: Sales and Financial Projections - Guosheng Securities forecasts XPeng's sales to reach approximately 450,000, 680,000, and 1,010,000 units from 2025 to 2027, with total revenues of 80.6 billion, 133.3 billion, and 188.5 billion yuan respectively [1] - The non-GAAP net profit margins are projected to be -1.5%, 3.4%, and 5.2% for the same years [1] - The target price for XPeng is set at 126 HKD and 32.4 USD [1] Group 2: AI Development and Technological Advancements - XPeng's AI team has been developing a physical AI foundational model for over a year, with a significant breakthrough expected to be announced at the upcoming AI Technology Day [1] - The "XPeng World Foundation Model" is being developed with 72 billion parameters, which is approximately 35 times larger than mainstream VLA models [1] - The model's training speed has improved by 5 times due to the development of a proprietary data infrastructure, enhancing data upload scale by 22 times and training data bandwidth by 15 times [1] Group 3: Competitive Edge in Robotics and Intelligent Driving - XPeng's software models for mobility and robotics are interconnected, allowing for rapid deployment of AI capabilities across various platforms, including AI cars and robots [2] - The self-developed Turing chip provides higher effective computing power at a lower cost, with a single chip equivalent to three Orin-X chips, and future models expected to achieve 3000 TOPS of computing power [2] - The company is positioned to lead in the domestic automotive sector with enhanced driving assistance experiences and has full-stack self-research capabilities in robotics [2] Group 4: Comparison with Competitors - Tesla is also advancing in high-performance chip development and has introduced a "world simulator" that enhances its AI capabilities for both vehicles and robots [2] - Tesla's fourth-generation hardware aims to significantly increase AI parameters, while the next-generation AI5 chip is expected to enhance computing power by tenfold at the same cost [2] - Both XPeng and Tesla share similarities in their technological approaches and business strategies, with expectations for breakthroughs in physical AI [2]

智通财经APP获悉，国盛证券发布研报称，看好小鹏汽车-W(09868)强势产品周期、海外扩张、智驾再 向上、机器人/Robotaxi等新兴业务机会。该行预计公司2025-27年销量约45/68/101万辆，总收入达 806/1333/1885亿元、non-GAAP归母净利润率为-1.5%/3.4%/5.2%，目标价126港元、32.4美元。此外，公 司的其他成长曲线有希望随着后续的产品进展，逐步纳入估值体系中，维持"买入"评级。小鹏汽车将于 今年的AI科技日上宣布在物理AI领域取得的"重大突破"，小鹏世界基座模型在对世界进行推演能力上取 得"关键进展"。 物理AI大模型+图灵芯片，构成小鹏在智能车、Robotaxi、机器人等领域的核心竞争力 1)软件侧，小鹏的出行和机器人领域的模型同源，将通过云端蒸馏小模型的方式将基模部署到车端， 给"AI汽车"配备全新的大脑，使小鹏可以快速将图灵AI智驾部署到各个国家，同时也将赋能小鹏的AI 机器人、飞行汽车等。2)硬件侧，小鹏汽车自研的图灵芯片通过定制化设计的方式，以较低的成本实现 了更高的有效算力，单颗图灵芯片的算力等效于3颗Orin-X。当前的新P7、G7 Ultra ...