Core Viewpoint - The report from CICC indicates that XPeng Motors (09868) is maintaining a "outperform" rating with a target price of HKD 108 and USD 28 for its Hong Kong and US stocks respectively, suggesting a potential upside of 40% and 35% from current prices, corresponding to a 2.2x P/S for 2025 [1] Group 1: Financial Performance - In Q2 2025, XPeng Motors delivered 103,181 vehicles, achieving a revenue of CNY 18.274 billion, with a Non-GAAP net loss of CNY 385 million, showing a significant improvement in gross margin [2] - The overall gross margin for Q2 was 17.3%, an increase of 3.3 percentage points year-on-year and 1.8 percentage points quarter-on-quarter, driven by higher delivery volumes and an increase in high-margin models [2] - The company effectively controlled expenses, with R&D expenses at CNY 2.21 billion and selling, general, and administrative expenses at CNY 2.17 billion, contributing to the improved performance [2] Group 2: Future Guidance and Product Development - The company expects Q3 deliveries to reach between 113,000 and 118,000 vehicles, representing a year-on-year increase of 142.8% to 153.6%, with a target of maintaining monthly sales above 40,000 units starting in September [3] - XPeng Motors is entering a new cycle of electric vehicle products, with plans to mass-produce the first model of the Kunpeng super-range extended electric series in Q4 [3] - The new P7 Next model, equipped with self-developed AI chips and advanced charging technology, has received positive market feedback, indicating potential for improved profitability [3] Group 3: AI Ecosystem and Global Expansion - The company aims to support L4 vehicle planning for mass production by 2026 and is initiating pilot Robotaxi operations in select regions, positioning itself as a leader in L4 capabilities among domestic automakers [4] - XPeng Motors has made significant progress in humanoid robotics, with plans to achieve mass production of a version with initial L4 capabilities by the second half of 2026 [4] - In the overseas market, the company delivered over 18,000 vehicles in the first half of the year, marking a year-on-year growth of over 200%, and has begun local production in Indonesia with the delivery of the XPeng X9 [4]
中金：维持小鹏汽车-W(09868)跑赢行业评级 目标价108港元