Glonghui, August 21 | According to a research report by Bank of America Securities, Xiaopeng Motor's revenue for the second quarter increased 60% to 8.1 billion yuan, and overall gross margin increased 17.9 percentage points year-on-year to 14%, beating the bank's expectations. The company's overseas sales reached 10% of the total sales volume in the second quarter, and is expected to reach 15% in the third quarter. As of July this year, the company had 70 sales stores in 30 overseas markets, and plans to double its overseas sales network in the second half of this year. According to the bank, management is expected to be able to ship 0.041 million to 0.045 million vehicles in the third quarter and record book revenue of 9.1 billion to 9.8 billion yuan, while the increase in sales volume in the third quarter was mainly due to MONA M03 and exports. The company is expected to reach a new high in the fourth quarter of this year with the launch of P7 Plus, and its overall gross margin will remain 10% to 15% in the second half of the year. The bank raised the company's sales forecast for 2024 to 2026 by 3%, 4% and 5%, respectively, but slightly lowered its average sales price forecast and raised its gross margin forecast from this year to 2026 due to rising overseas sales. Non-GAAP losses are expected to increase by 9% and 36% this year and next, respectively, but they will narrow by 84% in 2026, and the target price will drop from HK$49.5 to HK$39, reaffirming the “buy” rating.