Understanding the Market | XPENG-W fell over 4%, Q1 performance exceeded expectations, Morgan Stanley stated that the Q2 performance guidance is relatively cautious

Zhitong
2025.05.23 07:59
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XPENG-W fell over 4%, as of the time of writing, down 4.08%, reported at HKD 78.7, with a trading volume of HKD 2.169 billion. In terms of news, XPeng Motors released its first-quarter performance, with total revenue of RMB 15.81 billion, a year-on-year increase of 141.5%; gross margin reached 15.6%, an increase of 2.7 percentage points year-on-year, setting a historical high for a single quarter; net loss attributable to ordinary shareholders narrowed to RMB 660 million, a year-on-year decrease of 51.5%. Looking ahead to the second quarter, the company expects vehicle deliveries to be between 102,000 and 108,000 units, a year-on-year increase of 237.7%-257.5%; total revenue is expected to be between RMB 17.5 billion and 18.7 billion, a year-on-year increase of 115.7%-130.5%. Morgan Stanley released a research report stating that XPENG-W benefits from the expansion of average selling price (ASP), favorable product mix, cost reductions, and economies of scale, expecting its automotive profit margin to rise in the second quarter and further increase in the second half of the year. Management also emphasized that the profit margin of new models remains healthy at double digits. Morgan Stanley believes that although the performance guidance for the second quarter is relatively cautious, it is confident that sales and profit margins will soar again in the second half of this year, and the profitability in the fourth quarter may boost market sentiment

According to the Zhitong Finance APP, XPeng-W (09868) fell over 4%, dropping 4.08% to HKD 78.7 as of the time of writing, with a transaction volume of HKD 2.169 billion.

In terms of news, XPeng Motors released its first-quarter performance, with total revenue of RMB 15.81 billion, an increase of 141.5% year-on-year; gross margin reached 15.6%, up 2.7 percentage points year-on-year, setting a historical high for a single quarter; net loss attributable to ordinary shareholders was RMB 660 million, narrowing by 51.5% year-on-year. Looking ahead to the second quarter, the company expects vehicle deliveries to be between 102,000 and 108,000 units, a year-on-year increase of 237.7%-257.5%; total revenue is expected to be between RMB 17.5 billion and RMB 18.7 billion, a year-on-year increase of 115.7%-130.5%.

Morgan Stanley released a research report stating that XPeng-W benefits from an expanded average selling price (ASP), favorable product mix, cost reductions, and economies of scale, and it is expected that its automotive profit margin will rise in the second quarter and further increase in the second half of the year. Management also emphasized that the profit margin of new models remains healthy at double digits. Morgan Stanley believes that although the performance guidance for the second quarter is relatively cautious, it expects a resurgence in sales and profit margins in the second half of the year, and the profitability in the fourth quarter may boost market sentiment

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