Core Viewpoint - Xpeng Motors (09868, XPEV.US) reported a record high gross margin of 20.1% in Q3 this year, benefiting from an increase in service and technology revenue share and economies of scale [1] Group 1: Financial Performance - The company achieved a gross margin of 20.1%, marking a historical high [1] - The target price for Xpeng Motors is set at HKD 134.69, with a "Buy" investment rating maintained [1] Group 2: Sales and Growth Outlook - The company is expected to maintain high sales growth due to new vehicle upgrades, mass production of the dual-energy platform, and the widespread adoption of intelligent driving features [1] - Profitability in Q4 is deemed achievable [1] Group 3: Future Developments - Xpeng Motors is anticipated to have better elasticity in average selling price and gross margin improvements compared to peers over the next two years [1] - The company continues to invest in AI chips, autonomous driving, low-altitude economy, RoboTaxi, and humanoid robots, enhancing its valuation and long-term growth potential [1]
交银国际：料小鹏汽车-W(09868)销量有望维持高位增长 维持“买入”评级