Core Viewpoint - Goldman Sachs reports that XPeng Motors' Q3 performance meets expectations, but the revenue guidance for Q4 is likely to fall short due to slowing sales growth and increased market competition [1] Group 1: Q3 Performance and Q4 Outlook - XPeng's Q3 results align with market expectations, but the guidance for Q4 indicates potential underperformance [1] - The anticipated slowdown in sales growth and heightened competition are key factors affecting the Q4 revenue outlook [1] Group 2: Future Projections - For Q1 of next year, XPeng is expected to outperform peers due to the launch of three new models (G6, G7, P7+) in their extended range electric vehicle versions [1] - Management comments on pre-order data for the X9 extended range electric vehicle suggest that orders may be three times higher than for pure electric vehicles [1] Group 3: Annual Forecast and Financial Metrics - Goldman Sachs forecasts a 40% revenue growth for XPeng in the coming year, driven by a strong pipeline of new models and sustainable revenue contributions from Volkswagen [1] - Economies of scale and ongoing cost reductions are expected to enhance gross margins, while continued R&D investment and improved accounts payable turnover days will lead to a net profit of 2.2 billion under GAAP, marking the first year of breakeven [1] - The 12-month price target for XPeng's US stock is raised from $24 to $25, and the Hong Kong stock target is increased from HKD 94 to HKD 96, maintaining a "Buy" rating [1]
大行评级丨高盛：上调小鹏汽车目标价至96港元 预计明年首季度季节性表现优于同行