小鹏汽车-W：Entered a virtuous circle-20250522

22 May 2025 CMB International Global Markets | Equity Research | Company Update Xpeng Inc. (XPEV US/9868 HK) Entered a virtuous circle Maintain BUY. Xpeng's 1Q25 earnings beat on GPM and government subsidies. We further raise our FY25E sales volume and GPM forecasts given the current sales momentum and more new model rollouts in 2H25. We are of the view that Xpeng may achieve a breakeven at the net level in 3Q25. Such profit growth path has helped Xpeng enter a virtuous circle with more R&D investments and ...