金吾财讯 | 交银国际表示，小鹏(09868)MONA L03于7月2日开启预售，预售价14.38–16.58万元，提供纯电与超级增程两套动力，并将在德国慕尼黑举行全球发布。该机构认为，L03的核心意义在于将MONA产品矩阵从轿车延伸至轿跑SUV，进一步覆盖15万元级主流市场中年轻用户、家庭通勤及跨城出行等多元需求。新车延续MONA序列的智能化标签，全系搭载图灵AI芯片，并通过Max/Ultra SE两档配置强化第二代VLA能力。后续需重点关注预售订单、交付爬坡、Ultra SE版本占比及增程车型接受度。若L03与M03形成有效互补，小鹏有望进一步释放销量弹性，并改善规模效应和成本摊薄能力。若后续海外定价、渠道铺设及本地化认证推进顺利，L03有望成为小鹏拓展海外用户和提升品牌能见度的重要抓手。
该机构维持买入评级，目标价134.69港元。风险方面，15万元级市场价格竞争仍然激烈，若终端优惠加大、高配占比低于预期或增程版本交付节奏偏慢，市场可能重新关注单车毛利、渠道费用和新品爬坡效率。
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