Core Viewpoint - The report from China Merchants Securities International maintains a "Buy" rating for Xpeng Motors (09868.HK) with a target price of HKD 115, reflecting a 2.5x price-to-sales ratio for the fiscal year 2025, indicating a higher valuation compared to other leading new energy vehicle manufacturers due to faster growth prospects [1] Group 1 - The forecasted revenue CAGR for Xpeng Motors from fiscal years 2024 to 2027 is 56%, significantly outpacing its peers [1] - The launch of new vehicles starting in May is expected to act as a catalyst for the company's stock price, with anticipated improvements in delivery capacity, average selling price (ASP), and gross margin [1] - In the first quarter of 2025, the company's net loss attributable to shareholders was RMB 660 million, narrowing by 51.5% year-on-year and 50.1% quarter-on-quarter, aligning with the firm's expectations [1] Group 2 - The strong product cycle initiated in May is expected to enhance the product lineup, with the company projected to achieve its first profit in the fourth quarter [1]