Group 1 - Bank of America Securities has lowered its 2025 sales forecast for XPeng Motors (09868) by 1%, while increasing the forecasts for 2026 and 2027 by 3% and 5% respectively [1] - The non-GAAP net loss forecast for 2025 has been revised down from 1.094 billion yuan to 884 million yuan, while the forecasts for 2026 and 2027 non-GAAP net profit have been reduced by 20% and 9% respectively [1] - The target price for XPeng's Hong Kong stock has been raised from 105 HKD to 109 HKD, and the target price for its US stock (XPEV.US) has been increased from 27 USD to 28 USD, reflecting the upward revision in sales forecasts [1] Group 2 - XPeng's revenue for the third quarter reached 20 billion yuan, representing a year-on-year growth of 102% and a quarter-on-quarter increase of 12%, which is in line with the bank's expectations [1] - The overall gross margin was 20.1%, up 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter, exceeding the bank's forecast of 17.7% [1] - The vehicle profit margin was 13.1%, an increase of 4.5 percentage points year-on-year, but a decrease of 1.2 percentage points quarter-on-quarter, primarily due to promotional activities for inventory clearance [1] Group 3 - For the fourth quarter, XPeng's management expects delivery volumes to be between 125,000 and 132,000 units, representing a year-on-year growth of 37% to 44% [1] - Revenue for the fourth quarter is projected to be between 21.5 billion and 23 billion yuan, indicating a year-on-year growth of 34% to 43% [1]
美银证券：升小鹏汽车-W(09868)目标价至109港元 第三季亏损胜预期