Company Overview - The company held a product launch event for the MONA M03 Max model on May 28, with pricing exceeding market expectations [1] - The Max version is priced at 154,000 yuan, which is a reduction of 16,000 yuan from the previous pre-sale price of 158,000 yuan, and is 10,000 yuan less than the Plus version [1] Product Features and Market Strategy - The new model continues the company's strategy of creating popular products through competitive pricing, rich standard configurations, and advanced intelligent driving features [1] - The Max version is unique in the domestic market as it is the only model under 150,000 yuan equipped with dual Orin chips and capable of full-scene high-level assisted driving [2] - The target demographic for the Max version is younger consumers who are more accepting of and willing to pay for assisted driving features, with an expected purchase ratio exceeding market expectations [1] Sales Performance and Market Expansion - The company reported monthly sales exceeding 30,000 units from January to April, indicating a strong product cycle [1] - The launch of the new model is expected to drive quarterly sales and profitability improvements [1] - In Q1, the company achieved over 370% year-on-year sales growth in overseas markets and opened over 40 new overseas stores [1] - Plans for localized production in Indonesia for the G6 and X9 models are set to begin in the second half of 2025, with a goal of doubling overseas sales by 2025 [1] Technological Advancements - The M03 Max model features a global first "human-machine co-driving" function, allowing for collaborative control with the assisted driving system [2] - The company plans to roll out OTA updates for ETC toll station assistance and three-point turns by the end of June [2] Financial Outlook - Current stock prices correspond to a 2025 P/S ratio of 1.6 for Hong Kong stocks and 1.5 for U.S. stocks, maintaining an outperform rating [2] - Target prices are set at 108 HKD and 28 USD, representing an upside potential of 41% and 45%, respectively, corresponding to a 2025 P/S ratio of 2.2 [2]
小鹏汽车-W(09868.HK)：迎来M03MAX周期；智驾技术及体验持续突破