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XPeng, Inc.: Strong Buy Rating Driven by Promising Growth, Technological Advancements, and Increased Sales Projections
[Brokerage Focus] Changjiang Securities gives a 'buy' rating to Xiaopeng Motors (09868), expecting its sales volume to accelerate growth.
Jingwu Finance | Changjiang Securities released a research report indicating that XPeng Motors (09868) achieved revenue of 10.1 billion yuan in the third quarter, a year-on-year increase of 18.4% and a quarter-on-quarter increase of 24.5%. The net loss was 1.81 billion yuan, narrowing the loss by 2.08 billion yuan year-on-year, with a Non-GAAP net loss of 1.53 billion yuan, narrowing the loss by 1.26 billion yuan year-on-year. The report indicated that under a strong new vehicle cycle, the delivery volume surged, coupled with increased revenue from Volkswagen services, resulting in revenue exceeding 10 billion yuan, and a gross margin reaching a new high of 15.3%. The expected delivery volume for Q4 2024 is between 87,000 and 91,000 vehicles, representing a year-on-year increase of 44.6-51.3%.
DBS: Maintains "buy" rating for Xiaopeng Motors-W (09868) and raises target price to 67 Hong Kong dollars.
DBS has revised upward the sales growth forecast for Xpeng autos for the fiscal years 2025 and 2026 to 65% and 25%, approximately 0.308 million and 38.5 thousand units respectively.
The EU may adjust tariffs on electric autos from China, with NIO rising over 4%, leading Hong Kong's auto stocks.
① How did china's automotive export data perform in October? ② What are the institutions' expectations for the chinese automotive market in November?
The electric vehicle sector started off well, with NIO (09866) rising by 6.26%. China Association of Automobile Manufacturers expects further increase in the November car market heat.
The new energy autos sector started off well. As of the time of publication, NIO (09866) rose by 6.26%, Leapmotor (09863) rose by 3.99%, XPeng Motors (09868) rose by 3.1%, Geely Autos (00175) rose by 2.96%, and Li Auto (02015) rose by 2.57%.
Cui Dongshu: In October, China's automobile exports reached 0.59 million units, a year-on-year increase of 11%.
Cui Dongshu, the secretary-general of the Passenger Car Association, stated that in October 2024, China's automobile exports reached 0.59 million units, an 11% year-on-year increase from October 2023 and a 3% decrease compared to last month, with stable year-on-year and month-on-month trends.
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