小鹏汽车 20250821 摘要 小鹏汽车计划在 2026 年密集推出多款超电产品，覆盖多个价位段和形 态，包括轿车和 SUV 车型，旨在显著提升国内和海外市场销量与利润。 小鹏汽车预计四季度随着全新 P7 和 X9 超电版等高毛利率新品上市，毛 利率有望进一步改善至 17%以上，并实现盈利，目标在 2026 年实现全 年盈利。 小鹏汽车将在新车型上部署自研通芯片，算力达 2,200 TOPS 以上，提 升智驾系统性能。首次推出 AES 功能，通过 AI 重写 AEB 并引入主动安 全功能，快速进行 OTA 迭代，年底实现智舱与智驾融合创新。 小鹏汽车基于前装量产车运营 Robotaxi，不依赖高精地图和昂贵传感 器，可快速扩展区域。L4 级别车型将先面向 C 端大规模销售，逐步推进 与合作伙伴扩大运营范围。 二季度毛利率提升主要因高毛利产品销量占比增加。下半年新产品将继 续推动整车毛利率上升，目标提升至 18%-20%。通过技术优势降低成 本，而非压榨供应链。 Q&A 款面向 L4 级别自动驾驶开发的新车型，该车型配备更大的算力和更多安全冗余， 并计划启动小鹏汽车 Robotaxi 试运营。 小鹏汽车对未来 ...

港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏全新 P7 正式亮相，打造时尚科技设计新标 杆 报告要点 [Table_Summary] 2025 年 8 月 6 日，小鹏全新时尚轿跑 P7 正式亮相，推出 702 长续航、820 超长续航和 750 高 性能共 3 个版本，正式开始预售，未公布预售价格。权益方面，即日起至上市日，99 元意向金 抵扣 3000 元购车金，且可与上市权益叠加。智驾能力持续领先，新车周期强势开启，叠加渠 道变革和营销体系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体 现，叠加软件盈利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title 小鹏全新 P72]正式亮相，打造时尚科技 ...

Core Viewpoint - The automotive industry is entering a new crossroads phase, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence, while robotics innovation is in the 0-1 stage. The recommendation is to increase the allocation weight of "dividend style" investments in the second half of the year [6][8][13]. Weekly Review Summary - In the fourth week of July, the compulsory insurance for vehicles reached 440,000 units, with a week-on-week increase of 13.2% but a month-on-month decrease of 22.8% [3][11]. - The performance of segmented automotive sectors this week ranked as follows: SW commercial cargo vehicles (-0.4%) > SW commercial passenger vehicles (-0.7%) > SW automotive parts (-2.1%) > SW automobiles (-2.4%) > SW motorcycles and others (-2.4%) > SW passenger vehicles (-3.4%) [3][11]. Industry Core Changes - Xiaopeng's new P7 will debut on August 6, with 36,717 new cars delivered in July. - Li Auto launched its first pure electric SUV, the i8, with deliveries starting on August 20. The Pro version is priced at 321,800 yuan, the Max version at 349,800 yuan, and the Ultra version at 369,800 yuan, with 30,731 new cars delivered in July [5][12]. - Zhiji released the "Star" super range extension system, targeting a pure electric CLTC range of over 400 km and a comprehensive CLTC range of 1,500 km. Audi A5L Sportback was officially launched with a starting price of 259,900 yuan [5][12]. - Yutong Bus signed a procurement agreement for 400 pure electric buses with its partner in Pakistan, marking the largest single order for new energy buses in Pakistan [5][12]. Sector Outlook - The automotive sector remains optimistic, focusing on three main lines: dividends, intelligence, and robotics [6][13]. - The market's core focus this week was on the automotive sector, which underperformed the broader market, with heavy trucks performing relatively better. The internal demand for passenger vehicles met expectations, but the performance of new energy vehicles fell short [6][13]. - Recommendations for sector allocation include: - **Dividend & Good Pattern Main Line**: Buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group A-H / Weichai Power), two-wheelers (Chunfeng Power / Longxin General), and parts (Fuyao Glass + Xingyu Co., Ltd. + Xinquan Co., Ltd. + Jifeng Co., Ltd.) [8][13]. - **AI Intelligence Main Line**: Preferred passenger vehicles in Hong Kong stocks (Xiaopeng Motors-W / Li Auto-W / Xiaomi Group-W) > A-shares (Seres / SAIC Motor / BYD); preferred parts (Horizon Robotics-W / China Automotive Research / Desay SV / Bertel / Black Sesame Intelligence) [8][13]. - **AI Robotics Main Line**: Preferred parts (Top Group + Precision Forging Technology + Fuda Co., Ltd. + Xusheng Group + Aikodi) [8][13].

Core Insights - The Chinese electric vehicle (EV) market continued its high growth trajectory in July, with traditional automakers and new energy vehicle (NEV) companies showing different development paths [1] Group 1: Traditional Automakers Performance - BYD maintained its leading position with sales of 344,300 units in July, a year-on-year increase of 0.6%, and cumulative sales approaching 2.5 million units this year [2] - SAIC Motor Corporation achieved total vehicle sales of 338,000 units in July, a 34.2% year-on-year increase, marking its seventh consecutive month of growth [2] - Geely's sales reached 237,700 units in July, up 58% year-on-year, with NEV sales of 130,100 units, reflecting a 120% increase [2] - China FAW Group's total vehicle sales exceeded 252,400 units in July, a 6.5% year-on-year increase, with NEV sales surging 129.03% [3] - Chery's sales reached 224,400 units in July, a 14.7% increase, with exports of 119,100 units growing by 31.9% [3] - Changan Automobile sold over 210,000 units in July, with NEV sales of 79,000 units, a 73% increase [3] - Great Wall Motors sold 104,400 units in July, a 14.34% increase, with NEV sales of 34,600 units, up 43.27% [3] Group 2: New Energy Vehicle Companies Performance - New energy vehicle companies experienced significant changes in July, with brands like Leap Motor and Xpeng achieving remarkable growth [4] - Leap Motor's sales reached 50,100 units in July, a year-on-year increase of over 126%, marking its first month of sales exceeding 50,000 units [4] - Xpeng achieved a record monthly delivery of 36,700 units in July, a 229% year-on-year increase, with cumulative sales of 233,900 units this year, up 270% [4] - Xiaomi Auto emerged as a strong competitor, with July sales surpassing 30,000 units, driven by the launch of its first SUV, the Xiaomi YU7 [4] - NIO's sales reached 21,000 units in July, with the introduction of new models expected to boost future sales [5] - Li Auto faced challenges with sales of 30,700 units in July, a nearly 40% year-on-year decline [6] Group 3: Market Trends and Future Outlook - The market strategy of traditional automakers focuses on comprehensive price range coverage and global expansion, while new energy vehicle companies target niche markets [6] - Upcoming events like the 818 Car Purchase Festival and Chengdu Auto Show are expected to positively impact terminal sales and consumer demand [7]