机构：东北证券 研究员：康杭/李恒光 小鹏汽车在过去十年完成了从"智能电动车新势力"向"面向全球的 AI汽车智能科技企业"的路径重构， 其核心不是简单的新能源车企扩张，而是围绕AI 定义汽车构建"汽车+机器人+飞行汽车"三位一体具身 智能生态。伴随"增程+全球化"双轮驱动、与大众的深度技术合作以及内部组织效率显著提升，小鹏正 从"技术领先但盈利承压"的阶段，切入"批量爆款+技术输出"驱动的盈利拐点通道。 "双能策略+多款新车"开启强势产品周期。为解决用户里程焦虑，公司正式推出"纯电+增程"双动力策 略。首款增程车型X9 EREV 已于2025年11 月正式上市，搭载63.3kWh 大电池和油电转化率超3.6kWh/L 的第三代增程器，实现452km 的CLTC 纯电续航。在2026M1，G7 与P7+两款车型增程版也完成同时上 市。2026Q1 还将上市G6 增程版。同时，在2026 年公司还将有4 款全新车型上市，其中包括MONA 平 台两款SUV与全尺寸6 座SUV 等车型。我们预计随着增程与全新车型的陆续上市，小鹏汽车将正式开始 强势产品周期，其整车销量有望持续攀升。 AI 战略布局：从"智能汽车"到" ...

Product Plans - The company plans to launch the X9 Super Range Extender next month, with a focus on range-extended models starting from this year [1] - Next year is expected to be a significant product year, with confirmed releases including the G7 Range Extender (pure electric range of 430 km), a full-size SUV (code-named G01), and the SUV version of Mona03 [1] - Future plans also include the mass production and pilot operation of L3 or L4 level Robotaxis, delivery of Xiaopeng Huitian products in the second half of the year, and the mass production of humanoid robots [1] - The introduction of range-extended versions for new models is anticipated to enhance sales potential, as the company aims to balance both pure electric and range-extended vehicles [1] Intelligent Driving - The upcoming year is expected to be a turning point for intelligent driving, with significant disparities in capabilities among car manufacturers [1] - The company is confident in maintaining its advantage in intelligent driving, leveraging the Turing chip and the latest VLA large model to achieve L3 level intelligent driving ahead of competitors [1] - The favorable national policies are expected to benefit companies that can technically achieve these advancements first [1] Brand and Market Positioning - The new design aesthetics led by the P7 could enhance the brand's appeal, particularly among younger consumers, which is crucial for building a stable customer base [2] - The current sales challenges are attributed to a lack of distinctive features across models, which hinders the formation of a loyal user group [2] - The combination of technology and aesthetics is expected to position the company favorably in the 100,000 to 250,000 yuan price range, targeting young consumers' first car market [2] Sales Projections - Sales are projected to gradually increase, maintaining around 40,000 units per month from September to the fourth quarter of this year [2] - A significant sales increase to 50,000-60,000 units is anticipated in the first quarter of next year, driven by the launch of range-extended products and new models, along with brand promotion from the P7 [2]