金吾财讯 | 小鹏汽车(09868)股价向好，盘初一度升逾4%，截至发稿，仍涨2.52%，报75.15港元，成交额3.38亿港元。小鹏官方微博宣布，2025款小鹏X9，中国内地7天大定超6000台，中国香港、中国澳门及亚太地区其他市场（新加坡、马来西亚、泰国）大定超1500台。西部证券研报指，2024年8月和11月，公司发布两款新产品MONAM03和小鹏P7+，带动2024Q4和2025Q1销量大幅增长；2025年3月，小鹏发布2025款G6/9，4月发布2025款X9，后续随着产品结构不断完善，销量有望继续保持快速增长。该行预计2025-2027年公司营收分别为939/1336/1598亿元，同比增长130%/42%/20%，当前股价对应2025-2027年PS分别为1.38/0.97/0.81倍。维持“买入”评级。
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