Core Viewpoint - Company maintains an outperform rating for XPeng Motors (09868) with a target price of 108 HKD and 28 USD for its Hong Kong and US stocks respectively, indicating a potential upside of 40% and 35% compared to current prices, corresponding to a 2025 P/S of 2.2x [1] Group 1: Financial Performance - In Q2 2025, the company reported revenue of 18.274 billion CNY and a Non-GAAP loss of 385 million CNY, with significant improvement in gross margin driven by scale effects [1][2] - The company delivered 103,181 vehicles in Q2, achieving a record quarterly sales volume, which contributed to a gross margin of 17.3%, an increase of 3.3 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [2] - The company effectively controlled expenses, with R&D expenses at 2.21 billion CNY and selling and administrative expenses at 2.17 billion CNY, leading to a narrowing of Non-GAAP net loss from 1.22 billion CNY in Q2 2024 to 385 million CNY in Q2 2025 [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 vehicles starting in September [3] - The launch of the new model P7 Next, equipped with self-developed AI chips and advanced charging technology, has received positive market feedback, indicating a new cycle of electric vehicle products [3] - The company plans to mass-produce its first model from the Kunpeng super extended-range electric series in Q4, with pricing for new models expected to be above 200,000 CNY, which may enhance profitability [3] Group 3: AI Ecosystem and Global Expansion - The company aims to support L4 vehicle planning for mass production by 2026 and to pilot Robotaxi operations in select regions, positioning itself as a leader in L4 capabilities among domestic automakers [4] - The company has made breakthroughs in humanoid robotics and plans to achieve mass production of a version with initial L4 capabilities by the second half of 2026 [4] - In the first half of the year, the company delivered over 18,000 vehicles overseas, marking a year-on-year growth of over 200%, and has initiated local production in Indonesia with the delivery of the XPeng X9 [4]
中金：维持小鹏汽车-W跑赢行业评级 目标价108港元