Jiangyin International: Maintains "Buy" rating on XPENG-W with a target price of HKD 134.69

According to Zhitong Finance APP, Jiangyin International released a research report stating that with the launch of new and updated models, XPeng-W (09868) is expected to see continuous growth in sales, ASP, and gross margin, maintaining a buy rating and a target price of HKD 134.69. On June 11, the XPeng G7 officially debuted and opened for pre-sale. As XPeng's first all-new model for 2025, the XPeng G7 is positioned as a family SUV, equipped with advanced hardware and software for high intelligence. The new car is available in two versions: Max and Ultra, with a pre-sale price of RMB 235,800, and is set to be launched and delivered in the third quarter of this year.

Key Points from Jiangyin International:

New model features the first Turing AI chip with L3-level computing power

Computing power is the primary standard for evaluating intelligent assisted driving capabilities. Currently, the mainstream effective computing power in the industry ranges from 80 to 700 TOPS. On the hardware front, the XPeng G7 is equipped with three Turing AI chips, with effective computing power exceeding 2200 TOPS, already achieving L3-level computing power. The Turing AI chip can simultaneously drive the intelligent driving large model and the cockpit large model, with effective AI computing power in the intelligent cockpit being 26 times greater than that of industry flagships, enhancing the user experience in intelligent driving and the cockpit. With strong computing power support, the XPeng G7 launches the locally deployed VLA+VLM model and the "brain + small brain" VLA-OL model on the software level. VLA enables the vehicle to understand, reason, and make decisions like a human, demonstrating more human-like judgment in complex scenarios. The VLM visual large model helps the vehicle understand the world as its "AI brain." Additionally, the fully local operation feature frees it from network limitations, providing stronger adaptability and stability. According to company information, the XPeng G7's intelligent driving capability limit is more than 10 times higher than that of industry MAX models.

First to feature Huawei's AR-HUD to enhance intelligent driving experience, with a standard range of 702 km

The dimensions of the XPeng G7 are 489219251655 mm, with a wheelbase of 2890 mm. In design, the G7 largely inherits the style of the P7+. As a family SUV, the G7 efficiently utilizes internal space by adopting a short front overhang and a long rear overhang, moving the A-pillar forward. The XPeng G7 features the top-level AR-HUD "Chasing Light Panorama" head-up display developed in collaboration with Huawei, with a projection area of 87 inches. In addition to basic information visualization, the system integrates scenarios such as pedestrian warnings, intersection guidance, and lane change prompts, establishing a clear virtual environment structure layer in the driver's field of vision, enhancing the user's intelligent driving experience. In terms of power, the XPeng G7 is equipped with a rear single motor with a maximum power of 296 horsepower, and all models come standard with a range of 702 km, helping to streamline SKU.

A target with relatively high certainty among new forces

The XPeng G series models are positioned with differentiation, with the G6 characterized by technological practicality, the G9 focusing on intelligent luxury, and the G7 positioned as an AI intelligent family SUV, specifically designed for young users and families with high demands for technology and comfort. In terms of pricing, the XPeng G7 is positioned as a pure electric SUV in the RMB 250,000 range. After its launch, its competitors will include the Tesla Model Y, the Zhijie R7, and the upcoming YU7. The year 2025 is a significant product year for XPeng, with the release of updated models including the P7i, G6, G9, and X9 in the first half of the year, along with the all-new XPeng G7 and XPeng G01 With the debut of the XPeng G7, XPeng is expected to fill the market gap between the G6 and G9. In the fourth quarter of this year, focus on the extended-range model that XPeng will release. Since the launch of the XPeng MONA M03, XPeng's sales have achieved a leap in growth, with monthly sales exceeding 30,000 units for seven consecutive months. In the first five months of this year, XPeng delivered a total of 162,578 new vehicles, a year-on-year increase of 293%