Core Viewpoint - Bank of America Securities reports that XPeng Motors achieved a revenue of 20 billion yuan in Q3, reflecting a year-on-year growth of 102% and a quarter-on-quarter growth of 12%, aligning with the bank's expectations [1] Financial Performance - Gross margin stood at 20.1%, increasing by 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter, surpassing the bank's expectation of 17.7% [1] - Vehicle profit margin was 13.1%, up by 4.5 percentage points year-on-year but down by 1.2 percentage points quarter-on-quarter, primarily due to promotional activities for inventory clearance [1] - Non-GAAP net loss for the period was 152 million yuan, better than the bank's forecast of a net loss of 398 million yuan [1] Future Outlook - For Q4, XPeng's management anticipates delivery volumes between 125,000 to 132,000 units, representing a year-on-year growth of 37% to 44%, with projected revenue of 21.5 billion to 23 billion yuan, a year-on-year increase of 34% to 43% [1] - The bank has adjusted its 2025 sales forecast for XPeng down by 1%, while increasing forecasts for 2026 and 2027 by 3% and 5% respectively [1] - The bank revised its 2025 non-GAAP net loss forecast from 1.094 billion yuan to 884 million yuan, while also reducing the 2026 and 2027 non-GAAP net profit forecasts by 20% and 9% respectively [1] Target Price Adjustment - The bank raised its target price for XPeng's Hong Kong stock from 105 HKD to 109 HKD, and for its US stock from 27 USD to 28 USD, reflecting the upward revision in sales forecasts [1] - The bank maintains a "Buy" rating, expressing optimism about XPeng's strong product lineup in 2026 [1]
大行评级丨美银：上调小鹏汽车目标价至109港元 看好2026年强劲的产品布局