Investment Rating - The report maintains a "Buy" rating for the company, Xiaopeng Motors (9868 HK), with a target price of HKD 134.69, indicating a potential upside of 38.2% from the current price of HKD 97.45 [1][2][8]. Core Insights - The company is expected to benefit from the widespread adoption of intelligent driving technology, with a strong product lineup set to drive sales growth. The upcoming launch of the 2025 models G6 and G9 is anticipated to significantly enhance product capabilities and attract new orders [7]. - Xiaopeng Motors is projected to achieve a 133% year-on-year increase in sales in 2025, reaching 440,000 units, driven by a robust new vehicle cycle and competitive pricing strategies [7]. - The financial outlook has been revised upwards, with a 30.4% increase in the 2025 sales forecast, reflecting strong demand and improved profitability as new models are introduced [7]. Financial Overview - Revenue is expected to grow from RMB 26,855 million in 2022 to RMB 85,431 million in 2025, representing a compound annual growth rate (CAGR) of approximately 56.5% [6][11]. - Net profit is projected to improve from a loss of RMB 10,376 million in 2023 to a loss of RMB 630 million in 2025, with a return to profitability expected in 2026 with a net profit of RMB 1,431 million [6][11]. - The company’s gross margin is anticipated to increase from 11.5% in 2022 to 13.5% in 2025, reflecting improved operational efficiency and cost management [12].
小鹏汽车-W:产品大年,受惠智驾普及,维持买入-20250313