2025-06-11-Jefferies-小鹏汽车（XPEV）_G7发布活动要点总结_9页_3mb

Jefferies maintains a "Buy" rating for XPeng Inc. (XPEV/HK: 9868), raising the target price from $20.43 (HK$81.80) to $28.80 (HK$112.60), representing a 41% (38%) upside from the prior close.

Key G7 Product Highlights:

• Positioning: Enters the XS (Premium SUV) segment; similar design language to P7+, featuring coupe-like contours and frameless doors. Dimensions (approx. 4890mm/1925mm/1655mm, 2890mm WB) are comparable to the G9.
• Pricing: Presale starts at approximately RMB235.8k, slightly below the initially reported G9 price but may be subject to downward adjustment for the official launch.
• Technology: XPeng's first model with three Turing AI chips, delivering computing power equivalent to ~9 mainstream AD chips and capable of running large language models (VLMs) onboard. This provides significantly higher computing power (3-28x), RAM (8-10x), and supports complex models (~30bn parameters).
• Autonomous Functions: L3 capability requires 2,000 TOPS, achieved by G7 Ultra. VLA models enable complex environmental reasoning (like avoiding obstacles or yielding to emergencies), while VLMs enhance human-vehicle interaction.
• AR-HUD: Premieres an advanced AR-HUD system with vehicle dynamic stabilization algorithms reducing misalignment.
• Range: Standard range of 702 km on its 5C, 800V ultra-fast charging battery platform.

Maintained Forecast: Unscheduled for G7 price point near G9, believes product cycle just starting with momentum from high-priced models (HWMs) from H2. Rollout of advanced smart features via Turing chip platform could accelerate sales.

Downside Risks: Persisting concerns over intense NEV market competition and potential setbacks in autonomous driving development.