Jingu Finance News | Soochow Securities released a research report stating that Xpeng (09868) continued to rise during the favorable period at the beginning, and adjusted during the adverse period after continuous setbacks. The company is about to launch a new strategy of single-brand + multi-platform, continuously deepen the scope of technology cooperation with the public. 1) The company plans to launch two new products in 24H2, and the multi-platform strategy supports a strong new product cycle from 2025. 2) The company and the public continue to deepen the scope of cooperation, and jointly cooperate in many aspects such as supply chain procurement + electric vehicle platform + electronic and electrical EE architecture, and are expected to continue to deepen and expand the scope of cooperation and contribute to the overall new development of the company.
The bank believes that under the trend of industry AI intelligence development, Xpeng's new product cycle is upward and new business contributes to increased volume, and is bullish. The bank expects the company's total operating revenue for 2024-2026 to be 43.3/73.8/116.6 billion yuan, and the net profit attributable to the parent company to be -5.7/-2.5/2.2 billion yuan, corresponding to PS of 1.11/0.65/0.41. Choosing four listed in Hong Kong automobile companies as comparable companies, the arithmetic average of PS valuation is 0.86/0.59/0.49 times. Considering the company's leading AI driving capability in the industry, and the relatively stable B-end software charging new mode contributed by cooperation with Volkswagen, the bank believes that Xpeng should enjoy a higher valuation premium and maintain a "buy" rating.