Lyon: Maintains XPENG-W (09868) "Outperform" rating with a target price of 69 Hong Kong dollars.

Lyon released a research report, maintaining a "outperform" rating on XPENG-W (09868) with a target price of 69 Hong Kong dollars. The report stated that Xiaopeng will launch a new model G6 and a modified version G9, with display vehicles already arriving at some stores. The new G6 model will no longer have LiDAR, but will instead use a high-level driver assistance system (ADAS) based on pure vision, equipped with two NVIDIA Corporation Orin-X chips. The cockpit chip has been upgraded from Snapdragon 8155 to 8295P. In addition, the new car has undergone multiple improvements in design both inside and outside, addressing most of the pain points based on feedback from existing users. The LiDAR-free ADAS is also expected to improve cost effectiveness. The report pointed out that Phoenix Technology conducted a live test last night (26th) comparing Xiaopeng's ADAS with Tesla, Inc.'s Full Self-Driving (FSD) performance. The results showed that during a two-hour test on the same road, Xiaopeng's ADAS required manual intervention 4 times, while Tesla, Inc.'s FSD required 12 times. Xiaopeng once again proved that its ADAS performance is among the top tier of competitors. The report believes that the introduction of FSD by Tesla, Inc. in China will not have a short-term impact on the sales of Chinese electric vehicle brands, as the price of FSD is relatively high. However, it may increase market acceptance and awareness of ADAS, and drive competition in intelligent driving technology.