Core Viewpoint - Bank of America Securities has set a new target price of $27 for XPeng Motors (09868, XPEV.US) in the US market, up from the previous target of $26, and raised the Hong Kong target price from HKD 101 to HKD 105, maintaining a "Buy" rating due to strong vehicle launch plans anticipated in the second half of 2025 to 2026 [1] Group 1 - XPeng Motors announced four key applications related to "Physical AI" during the 2025 XPeng Technology Day, including the second-generation VLA large model, XPeng Robotaxi, a new generation of IRON humanoid robots, and the Huitian flying car [1] - The integration of the digital and physical worlds is expected to drive the development of Physical AI, enabling machines to understand, interact with, and change the world [1] - XPeng aims to be a pioneer in the Physical AI world, with all new product developments based on Physical AI [1] Group 2 - Bank of America Securities has slightly adjusted its sales forecasts for XPeng Motors, increasing projections for 2025, 2026, and 2027 by 0.2%, 0.2%, and 0.3% respectively [1] - Correspondingly, revenue forecasts for 2025, 2026, and 2027 have also been raised by 0.2%, 0.2%, and 0.3% [1] - Due to changes in the product mix, Bank of America Securities has slightly lowered its gross margin forecasts [1] Group 3 - The expected Non-GAAP net loss for XPeng Motors in 2025 is projected to widen by 37% [1] - The Non-GAAP net profit forecasts for 2026 and 2027 have been reduced by 4% and 6% respectively [1]
美银证券：升小鹏汽车-W(09868)目标价至105港元 重申“买入”评级