Core Viewpoint - XPeng Motors' stock price has surged significantly after a prolonged period of stagnation, with a 16% increase in US markets and an 18% rise in Hong Kong markets following a positive report from Morgan Stanley, which raised the target price to $34 per share and HK$131 [1][2]. Group 1: Strategic Positioning - Morgan Stanley believes XPeng is transitioning from being merely an electric vehicle manufacturer to a diversified player in artificial intelligence applications, which is expected to provide asymmetric advantages against competitors in both the EV and tech sectors [3]. - Despite having a smaller fleet compared to industry giants like BYD and Geely, XPeng's early focus on autonomous driving and self-developed AI computing is anticipated to accelerate its data collection and learning processes [3]. Group 2: Technological Advancements - XPeng showcased new products, including humanoid robots and autonomous taxis, during its technology day, which operate on the same foundational models, enhancing data acquisition and machine learning capabilities [4]. - The introduction of XPeng's AI Turing chip, which supports L3 autonomous driving, is a key component of its VLA 2.0 system and is expected to be integrated into new vehicle models starting in 2025 [7]. Group 3: Valuation and Market Potential - Morgan Stanley has updated its bullish scenario for XPeng, incorporating the potential revenue from AI products, humanoid robots, and autonomous taxis, alongside the ongoing expansion of its EV business [5]. - The estimated valuation for XPeng's AI Turing chip business is projected at 47 billion RMB, with potential revenue reaching 5-6 billion RMB by 2028 [8]. - The humanoid robot segment is valued at 7 billion RMB, with expectations of rapid growth from 2026 to 2030 [10]. - The autonomous taxi business is estimated to be worth 14 billion RMB, with a projected fleet size of 65,000 vehicles by 2028 [11]. - Overall, Morgan Stanley's bullish scenario values XPeng at approximately 368 billion RMB, factoring in the automotive business, AI chip business, humanoid robots, and autonomous taxis [12].
上调目标价！大摩猛赞小鹏汽车：不仅能对抗电动汽车同行，还能与成熟科技公司竞争