Jingu Finance News | Ping An Securities released a research report, stating that Xiaopeng Motors (09868) currently delivers the M03 model without the company's high-end Asia Vets driving solution, relying mainly on a low stock price strategy for success, which does not help strengthen the company's Asia Vets label. The P7+ model, equipped with the company's latest 'AI Eagle Eye Vision' driving solution, has good orders after its listing. The bank believes that the success of the P7+ model is a specific demonstration of the company's leading position in the technology industry, which significantly enhances the intelligent label and boosts the brand awareness of Xiaopeng. However, changes in subsidy policies may cause fluctuations in the two newly listed models. Whether the terminal popularity of the two models can be sustained remains to be seen.

The bank announced during the 2024 AI Technology Day that the company will introduce extended-range models, with a pure electric range of over 400 kilometers and 5C charging efficiency, resulting in a comprehensive range of over 1,400 kilometers. The company's extended-range models coincidentally align with the recent launch of the Asia Vets battery by Contemporary Amperex Technology, with high-purity electric range and fast charging expected to become the technical features of the next generation of extended-range models. From an experiential perspective, the next generation of extended-range models is increasingly close to pure electric, and the extended-range technology solution can further expand the user base. It is bullish on the boosting effect on the company's sales volume after the introduction of the extended-range models.

The bank stated that the success of the P7+ model further demonstrates the company's leading position in the asia vets industry. Considering the company's current sales volume and the subsequent new car pace, the bank has adjusted the company's 2024-2026 revenue forecast to 41.4 billion/78.1 billion/102.9 billion yuan (original revenue forecast was 42.9 billion/70.1 billion/95 billion yuan), corresponding to net income forecasts for 2024-2026 of -6.1 billion/-1.7 billion/+1.4 billion yuan (original net income forecasts were -6.2 billion/-2 billion/+0.9 billion yuan). The company's PS valuation is slightly higher than comparable companies in the industry, but considering the company's current leading advantage in the asia vets technology field, the bank maintains a 'recommended' rating for the company.