Golden Finance News | Bocom Intl issued research reports, indicating that Xpeng (09868) unveiled the new car pre-sale price at the expo. Following the successful pricing and positioning of the M03, the bank believes that the pricing of the P7+ will still adopt a more aggressive strategy, continuing to lower the competitive pressure. With the decrease in core BOM costs for P7+ batteries and intelligent driving, the bank believes there will be pricing surprises, and explosive sales can be expected.

The bank respectively raised the sales forecast for 2025/2026 by 35%/27% to 0.338 million/0.381 million vehicles, to reflect the better-than-expected sales of M03 and the revised sales forecast for P7+. The narrowing of losses benefited from the scale effect of sales growth and cost control will gradually decrease annually. The bank has raised the target price to HK$77.36 (from HK$39.29)/US$19.91 (XPEV US) based on the latest sales and revenue forecasts, corresponding to 2 times the 2025 forecast p/s ratio. The buy rating is maintained.