CICC believes that xpeng's M03 model is expected to achieve outstanding sales performance in the first month of its listing.
According to the Futu Securities app, CICC has released a research report stating that considering the valuation correction of the sector, the target price of xpeng-W (09868) in the Hong Kong stock market has been lowered by 19% to HKD 38, with an upside potential of 38%, corresponding to an EV/Revenue of 1.9 times in 2024, maintaining an "outperform" rating on the industry.
The report states that in the second quarter, xpeng's collaboration with Volkswagen has led to continuous improvement in gross margin and efficient cost control, driving performance beyond market expectations. In addition, the company has guided for second-quarter sales of 4.1-0.045 million vehicles. Currently, the M03 model has officially entered stores and has received positive feedback. The bank believes that with reasonable pricing, autonomous driving is expected to achieve differentiation advantages, and the M03 model is expected to achieve outstanding sales performance in the first month of its listing. The company plans to launch the P7+ model in the fourth quarter.