CITIC Securities International: Maintains XPENG-W "Buy" rating with a target price of HKD 115. First quarter performance meets expectations
CITIC Securities International released a research report stating that it maintains an "Overweight" rating and a target price of HKD 115 for XPENG-W, corresponding to a 2.5 times price-to-sales ratio for the fiscal year 2025. The valuation is higher than other leading new forces, considering the company's faster growth, with a forecasted revenue CAGR of 56% from fiscal years 2024 to 2027, significantly higher than its peers. The launch of heavyweight new cars starting in May will become a catalyst for the company's stock price, with delivery capacity, ASP, and gross margin expected to continue to rise, suggesting buying on dips. The report indicated that the net loss attributable to the parent company in the first quarter of 2025 was RMB 660 million, narrowing by 51.5% year-on-year and 50.1% quarter-on-quarter, in line with the bank's expectations. The strong cycle of new products will start in May, with the product line continuing to rise, and the fourth quarter is expected to achieve profitability for the first time
According to the Zhitong Finance APP, China Merchants Securities International released a research report stating that it maintains an "Overweight" rating and a target price of HKD 115 for XPeng-W (09868), corresponding to a 2.5 times price-to-sales ratio for the fiscal year 2025. The valuation is higher than other leading new forces, considering the company's faster growth, with a forecasted revenue CAGR of 56% for the fiscal years 2024-2027, significantly higher than its peers.
The launch of heavyweight new cars starting in May will become a catalyst for the company's stock price, with delivery capacity, ASP, and gross margin expected to continue to rise, suggesting buying on dips. The report indicates that the net loss attributable to the parent company in the first quarter of 2025 was RMB 660 million, narrowing by 51.5% year-on-year and 50.1% quarter-on-quarter, in line with the bank's expectations. The strong cycle for new products will start in May, with the product line continuing to rise, and the fourth quarter is expected to achieve profitability for the first time
