Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company is expected to benefit from a significant product cycle starting in 2025, with a partnership with Volkswagen potentially enhancing long-term performance [5] - Revenue projections for 2025 have been adjusted from 820.1 billion to 804.4 billion RMB, while 2026-2027 revenue estimates have been increased to 1,291.1 billion and 1,431.3 billion RMB respectively [5] - Non-GAAP net profit estimates for 2025-2027 have been revised from -19.4/5.3/22.3 billion RMB to -10.7/10.5/36.8 billion RMB [5] - The company aims to achieve a breakeven point in Q4 2025, supported by high ASP products and improved gross margins [5] Financial Summary and Valuation Metrics - Revenue for 2023 is reported at 30,676 million RMB, with projections of 40,866 million RMB for 2024, 80,438 million RMB for 2025, 129,108 million RMB for 2026, and 143,129 million RMB for 2027 [6] - Non-GAAP net profit is expected to improve significantly, moving from -9,444 million RMB in 2023 to 3,679 million RMB in 2027 [6] - Gross margin is projected to increase from 1.5% in 2023 to 16.2% in 2027, indicating a positive trend in profitability [6] - The company’s EPS is expected to transition from -5.4 RMB in 2023 to 1.9 RMB in 2027 [6] - The P/S ratio is projected to decrease from 4.2 in 2023 to 1.0 in 2027, reflecting improved valuation metrics over time [6]

Core Viewpoint - Xiaopeng Motors has launched the new G7 model, which is priced higher than expected, positioning it as a family-oriented large SUV with advanced technology and aesthetics [1] Pricing and Model Details - The G7 is available in three versions: - 602km Max version with dual Orin-X chips priced at 195,800 yuan - 702km Max version with dual Orin-X chips priced at 205,800 yuan - Ultra version with three Turing AI chips priced at 225,800 yuan - The G7 is the world's first electric vehicle with L3 computing power, featuring a 5C supercharging battery and an 800V SiC platform [1] Hardware and Software Upgrades - The G7 Ultra features three Turing AI chips, providing an effective computing power of 2250 TOPS - The software includes the industry's first local VLA+VLM large model, enhancing autonomous driving capabilities with a new "sports brain" for improved learning [1][2] - The vehicle supports human-machine co-driving and can autonomously recognize ETC and perform line parking [1] Future Software and Hardware Enhancements - VLA software OTA updates are scheduled for September 2025, with VLM hardware upgrades in November 2025 - By December 2025, the system will learn individual driving habits and enable voice control and proactive recommendations [2] Intelligent Chassis and Cabin Features - The chassis includes advanced AI capabilities for identifying road conditions and obstacles, with features like intelligent variable damping and 6D anti-motion sickness [2] - The cabin is powered by Turing AI chips and Qualcomm 8295P, providing a computing power of 800 TOPS, supporting multi-modal AI capabilities and enhanced driving assistance [2] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 94.7 billion, 167.6 billion, and 249.1 billion yuan, representing year-on-year growth of 132%, 77%, and 49% respectively - Net profit estimates for the same years are 3.5 billion, 7.6 billion, and 12 billion yuan, with significant growth rates [3] - EPS for 2025, 2026, and 2027 are projected at 0.18, 3.97, and 6.27 yuan, with corresponding PE ratios of 368, 17, and 11 times, maintaining a "buy" rating for the company [3]