P7+车型定价超预期，综合产品竞争力出色。11 月7 日公司正式发布P7+车型，此前该车型预售价为20.98 万元，长续航Max/超长续航Max/限定版Max的正式售价分别为18.68/19.88/21.88 万元，目前公司披露预售12 分钟大定破1 万辆。P7+搭载全域800V高压SiC平台，CLTC综合续航里程最高725km，百公里综合工况电耗低至11.4kWh。智能驾驶方面，P7+全系标配图灵AI高阶智驾，采用鹰眼视觉方案，配备双NVIDIA DRIVE Orin芯片于26 个感知硬件。总体来看，我们认为P7+定价再度超出市场预期，意味着公司在设计及供应链降本能力持续提升，带动公司定价能力和产品竞争力行业领先。而对比来看，20 万元价格段内以大空间、家庭出行和智能驾驶为特色的纯电产品供给较少，P7+车型在产品打造上具备优势和上量潜力。The company's recent situation
The company recently held AI Technology Day and P7+ model press conference, and released a number of technical updates.
reviews
The pricing of the P7+ model exceeded expectations, and the overall product competitiveness was outstanding. On November 7, the company officially released the P7+ model. Previously, the pre-sale price of the model was 0.2098 million yuan, and the official price of the Long Battery Life Max/Super Long Battery Life Max/Limited Edition Max was 0.1868/0.1988/0.2188 million yuan respectively. Currently, the company revealed that the 12-minute pre-sale will break 0.01 million yuan. The P7+ is equipped with a global 800V high-voltage SiC platform. The CLTC comprehensive range is up to 725 km, and the electricity consumption is as low as 11.4 kWh under 100 km comprehensive operating conditions. In terms of intelligent driving, all P7+ models are equipped with Turing AI advanced smart driving as standard, using Hawkeye Vision solutions, and equipped with dual NVIDIA DRIVE Orin chips and 26 sensing hardware. Overall, we believe that P7+ pricing has once again exceeded market expectations, which means that the company's ability to reduce costs in design and supply chain continues to improve, driving the company's pricing capabilities and product competitiveness to lead the industry. In comparison, there is little supply of pure electric products characterized by large space, family travel, and intelligent driving within the 0.2 million yuan price segment, and the P7+ model has advantages and potential for increasing volume in product construction.
Technology Day released a number of updates, with plans to launch extended-range models. The company recently released a number of technical updates at AI Technology Day. 1) The company officially unveiled the Kunpeng Super Electric System. Specifically, the Kunpeng Super Electric System has advantages in the following aspects: in terms of battery life, the pure electric battery life is 430 km, and the comprehensive battery life is 1,400 km; in terms of charging speed, it is equipped with 5C overcharging, more than 1 km per second, and the electric drive CLTC efficiency is 93.5%; in terms of power, it has AI power support, low energy consumption on flat roads, and more powerful climbing. 2) Tianji AIOS redefines the cockpit system architecture. The two chips simultaneously drive the cockpit evolution, which can increase AI computing power by 20 times and achieve the 10 billion parameter model for the first time. In addition, Tianji AIOS can achieve many functions such as globalization, multi-lingual real-time dialogue, full ecosystem interconnection, local operation, and real-time sensing.
Achieve full-stack self-research on smart driving hardware and build an AI intelligent ecosystem. In terms of hardware, the company realized the Turing AI Intelligent Driving System (NGP) hardware full stack self-research in the cloud, models, and chips. Among them, the large cloud model has 80 times the number of car-side parameters, and the company plans to reach 10 eFlops of cloud computing power by 2025. Compared with the official version of the Turing chip, the company's self-developed Turing chip is 3 times more efficient, and NGP can be verified and put on the bus in 60 days. In addition, the Xiaopeng Huitian high-speed long-range aircraft has a battery life of 500 km+ and a speed of 360 km/h. In terms of robots, Xiaopeng Iron has a human-like structure design with a height of 178 cm, a body weight of 70 kg, and 62 degrees of active freedom; the dexterous hand has 15 degrees of freedom of movement, which is iterated through an end-to-end large model+reinforcement learning. I have now started working in a factory, taking the lead in focusing on scenes such as factories and stores.
Profit forecasting and valuation
The current Hong Kong/US stock prices all correspond to 1x P/S in 2025, maintaining an outperforming industry rating and maintaining the 2024/25 profit forecast. Taking into account recent positive sector valuations and the company ushered in product cycle fulfillment, the target price of Hong Kong/US stocks was raised 27/ 29% to HK$70 /$18, with 40%/27% upside compared to the current stock price, all corresponding to 1.3 times P/S in 2025.
risks
Demand for new cars and autonomous vehicles fell short of expectations, and cooperation with Volkswagen fell short of expectations.
