JP Morgan expects that Xpeng's sales volume next year can further break through approximately 0.3 million units, a 72% increase compared to this year's estimated annual sales volume of 0.18 million units.
According to the Futu Securities app, JP Morgan released a research report stating that it has upgraded its rating on Xpeng Motors-W (09868) from "neutral" to "shareholding", and raised the target price from HKD 31 to HKD 45.
The bank expects that the new car models, Mona M03 and P7 Plus, to be launched by Xpeng in the fourth quarter, will increase the quarterly delivery volume from approximately 0.045 million units in the third quarter to approximately 0.08 million units, and contribute to a higher sales volume throughout next year, thus increasing the company valuation.
Looking ahead to next year, the bank currently estimates that due to the introduction of more new car models, Xpeng's sales volume can further break through approximately 0.3 million units, a 72% increase compared to this year's estimated annual sales volume of 0.18 million units. However, considering the market competition landscape, the visibility of the business outlook is still relatively low.