Core Viewpoint - The article discusses the breakthrough research VLA-OS by a team from the National University of Singapore, which systematically analyzes and dissects the task planning and reasoning of Vision-Language-Action (VLA) models, providing a clear direction for the next generation of general-purpose robotic VLA models [3][5]. Group 1: VLA Model Analysis - VLA models have shown impressive capabilities in solving complex tasks through end-to-end data-driven imitation learning, mapping raw image and language inputs directly to robotic action spaces [9][11]. - Current datasets for training VLA models are limited compared to those for Large Language Models (LLMs) and Vision-Language Models (VLMs), prompting researchers to integrate task reasoning modules to enhance performance with less data [11][12]. - The article identifies two main approaches for integrating task reasoning: Integrated-VLA, which combines task planning and strategy learning, and Hierarchical-VLA, which separates these functions into different models [12][13]. Group 2: VLA-OS Framework - VLA-OS serves as a modular experimental platform for VLA models, allowing for controlled variable experiments focused on task planning paradigms and representations [22][23]. - The framework includes a unified architecture with a family of VLM models, designed to facilitate fair comparisons among different VLA paradigms [23][25]. - A comprehensive multimodal task planning dataset has been created, covering various dimensions such as visual modalities, operational environments, and types of manipulators, totaling approximately 10,000 trajectories [28][29]. Group 3: Findings and Insights - The research yielded 14 valuable findings, highlighting the advantages of visual planning representations over language-based ones and the potential of hierarchical VLA paradigms for future development [35][36]. - Performance tests on the VLA-OS model showed that it outperformed several existing VLA models, indicating its competitive design even without pre-training [37][38]. - The study found that implicit task planning in Integrated-VLA models outperformed explicit planning, suggesting that auxiliary task planning objectives can enhance model performance [40][44]. Group 4: Recommendations and Future Directions - The article provides design guidelines, recommending the use of visual planning and goal image planning as primary methods, with language planning as a supplementary approach [81][82]. - It emphasizes the importance of task planning pre-training and suggests that hierarchical VLA models should be prioritized when resources allow [83][84]. - Future research directions include exploring the neural mechanisms behind spatial representations, developing more efficient VLM information distillation architectures, and constructing large-scale planning datasets for robotic operations [86].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to achieve a gross margin of over 20.5% in Q1 2025, exceeding expectations despite a significant decrease in sales volume [1]. - The company anticipates delivering between 123,000 to 128,000 vehicles in Q2, representing a year-on-year growth of 13.3% to 17.9% [2]. - The launch of the first pure electric SUV, i8, is scheduled for July, with the VLA model also expected to be released [2][4]. Financial Performance - In Q1, the company sold 93,000 vehicles, with revenue reaching 25.93 billion RMB, reflecting a year-on-year increase of 1% [1]. - The Q1 net profit attributable to shareholders was 650 million RMB, with a net profit margin of 2.5% [1]. - The company projects total revenues of 155.5 billion RMB, 197.9 billion RMB, and 238.3 billion RMB for the years 2025, 2026, and 2027 respectively [5][6]. Future Outlook - The company plans to introduce more affordable MPV and sedan models based on market demand after the launch of the L series and i series [2]. - The MEGA Home model has been well-received, with over 90% of MEGA orders being for this version, indicating strong market insight and product definition capabilities [3]. - The company is expanding its supercharging network, with 2,328 supercharging stations and 12,689 supercharging piles nationwide, enhancing the appeal of its electric vehicles [4]. Sales and Production Forecast - The company expects to sell approximately 580,000, 750,000, and 870,000 vehicles in 2025, 2026, and 2027 respectively [5][6]. - The gross margin is projected to be around 19% in Q2 due to increased promotional efforts [2]. Valuation - The target market capitalization is set at 280.9 billion RMB, with a target price of approximately 131 HKD per share, corresponding to a 25x P/E ratio for 2025 [5].