Standard Chartered has lowered its loss forecast for XPeng-W (09868) for this year and next year by 11% and 10% respectively.
According to the Financial Intelligence APP, Standard Chartered has released a research report stating that it maintains a "buy" rating on XPeng-W (09868) and has lowered its loss forecast for the company for this year and next year by 11% and 10% respectively. The target price has been lowered from HK$47.3 to HK$40.
The company's second-quarter revenue increased by 60% year-on-year to 8.1 billion RMB. The non-GAAP net loss narrowed by 54% year-on-year to 1.2 billion RMB, better than expected. The bank predicts that the new cars Mona M03 and P7+ will be launched at the end of August and in the fourth quarter respectively, which will help increase sales in the second half of the year. The annual delivery volume is expected to increase by 25% year-on-year to 0.18 million vehicles.
The bank pointed out that XPeng will increase the proportion of AI-powered vehicles by 2025, and through the new XNGP AD technology for autonomous driving, with an average selling price of about 0.2 million RMB, to support mid-term growth.