Citigroup expects xpeng-W (09868) to have a net loss of 6.3 billion, 5.4 billion yuan, and 38 billion yuan from 2024 to 2026.
According to the report released by Citigroup, it maintains a 'neutral' rating for xpeng-W (09868), and the order situation of MONA has increased the group's sales visibility, with the target price being raised from HK$29.8 to HK$34.6. The bank expects the group's net loss from 2024 to 2026 to be 6.3 billion, 5.4 billion yuan, and 38 billion yuan.
The report states that the order volume of xpeng's MONA M03 is strong, accumulating 0.031 million to 0.036 million orders in the first 7 days of listing. Therefore, the bank has revised its annual sales volume forecast for the group from 0.19 million, 0.277 million, and 0.33 million units to 0.192 million, 0.297 million, and 0.38 million units for the years 2024 to 2026. However, it has lowered the gross margin forecast for 2025 and 2026 by 0.5 and 0.8 percentage points to 13.7% and 14.4% respectively, to reflect the dilution of MONA's profit margin.