11月5日，小鹏汽车在2025小鹏科技日上，围绕"物理AI"发布四项重要应用，包括小鹏第二代VLA 大模型、小鹏Robotaxi、全新一代IRON人形机器人，以及汇天飞行汽车等。 11月6日，小鹏汽车X9超级增程正式开启预售。"今晚之后，小鹏就不仅仅是一家纯电车公司 了。"小鹏汽车董事长、CEO何小鹏表示。 2025.11. 11 本文字数：2611，阅读时长大约4分钟 作者 | 第一财经 李隽 11月11日，小鹏汽车（09868.HK）上涨近18%，报收108.5港元，总市值2022亿港元，超越了吉 利汽车（00175.HK）的1833亿港元。对这种突如其来的暴涨，市场人士的解读是——人工智能、 机器人、增程新车等新产品的发布超预期。 有业内人士表示，香港市场目前资金充足，依然热衷于追逐市场热点，小鹏刚好产品都在风口上，获 得资金青睐；也有市场人士提出，小鹏估值应该对标特斯拉（TSLA），之前主要反映电动车业务估 值，但并未反映人工智能、机器人等新业务快速发展。 不过，从潜在风险角度来看，尽管当前的发展趋势向好，但小鹏汽车的新业务要实现全面商业化和技 术普及，仍需克服许多技术挑战，竞争也非常激烈，增程新产品 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report highlights the emergence of AI embodied intelligence as a key development for the company, indicating that its valuation is expected to be reshaped [1][4] - The company has launched its second-generation VLA model, which can be applied across various vehicle types, enhancing its capabilities significantly [4][5] - The company is entering a new cycle with its "one car, dual energy" strategy and plans to expand internationally with new models [4][5] Financial Performance - The company is projected to achieve revenues of 770.24 billion, 1068.77 billion, and 1296.31 billion for the years 2025 to 2027, with year-on-year growth rates of 88.5%, 38.8%, and 21.3% respectively [6][8] - Non-GAAP net profits are expected to be -7.64 billion, 19.62 billion, and 45.15 billion for the same period [6][8] - The target price is set at 111 HKD, with a projected market capitalization of 211.1 billion HKD based on a 1.8x price-to-sales ratio for 2026 [6] Market Position and Developments - The company has made significant advancements in its technology partnerships, particularly with Volkswagen, which is expected to enhance revenue growth and profitability [5] - The company plans to introduce three Robotaxi models by 2026, utilizing a pure vision solution for autonomous driving [5][6] - The introduction of the new IRON humanoid robot is anticipated to capture a significant market share in the robotics sector by leveraging the company's automotive experience [6]