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 maintained a target price of HKD 134.69 and a "Buy" investment rating [1] - The anticipated high growth in sales is supported by new vehicle upgrades, mass production of the dual-energy platform, and the widespread adoption of intelligent driving features [1] - The company is expected to achieve profitability in Q4, with improvements in average selling price and gross margin projected to outperform peers over the next two years [1] Group 2: Strategic Initiatives - Xpeng Motors is actively investing in AI chips, autonomous driving, low-altitude economy, RoboTaxi, and humanoid robots to enhance its valuation and long-term growth potential [1]

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]

Core Viewpoint - Company maintains a "Buy" rating for XPeng Motors (09868) with a target price of HKD 134.69, citing robust revenue growth and improved gross margins in Q3 [1] Group 1: Financial Performance - XPeng's Q3 revenue reached RMB 20.38 billion, a quarter-on-quarter increase of 11.5%, aligning with market expectations [1] - The company sold 116,000 vehicles in Q3, reflecting a quarter-on-quarter growth of 12.4% [1] - The overall gross margin hit a historical high of 20.1%, while the automotive gross margin slightly decreased to 13.1% due to changes in model structure [1] Group 2: Future Projections - For Q4 2025, the company projects revenue between RMB 21.5 billion and RMB 23 billion, with a midpoint indicating a quarter-on-quarter growth of approximately 9.2% [2] - Expected vehicle deliveries for Q4 2025 are between 125,000 and 132,000, suggesting a quarter-on-quarter increase of around 10.8% [2] Group 3: Strategic Developments - The company anticipates improvements in ASP and gross margins driven by the launch of the new "Kunpeng Super Electric System" and the self-developed Turing chip [3] - In 2025, the company plans to introduce seven range-extended models and three new models overseas, indicating a focus on expanding its product lineup [3] Group 4: Investment Recommendation - The company is viewed as one of the clearest paths to profitability among new energy vehicle manufacturers, with expectations for sustained high growth in sales [4] - The investment thesis remains unchanged, with anticipated improvements in ASP and gross margins expected to outperform peers in 2025-2026 [4]