该行分别上调小鹏2025及2026年销量预测35%及27%，至33.8万及38.1万辆，以反映M03的超预期销量和上调P7+的销量预测。亏损受惠销售增长的规模经济和成本的控制，料将同比收窄。With the decrease in core BOM costs of P7+ battery and intelligent driving, the bank believes there will be pricing surprises, and explosive sales can be expected.
According to the latest sales and revenue forecasts, Bocom Intl released a research report stating that the target price of xpeng-W (09868) has been raised to 77.36 Hong Kong dollars, corresponding to 2x forecast p/s in 2025.
The report states that xpeng announced the presale price of the new car at the auto show. Following the success of the pricing and positioning of the M03, the bank believes that the pricing of P7+ will still take a more proactive strategy to continue the competitive pricing. With the decrease in core BOM costs of P7+ battery and intelligent driving, the bank believes there will be pricing surprises, and explosive sales can be expected.
The bank has raised xpeng's 2025 and 2026 sales volume forecasts by 35% and 27%, to 0.338 million and 0.381 million units respectively, to reflect the better-than-expected sales of M03 and the upward revision of P7+ sales forecasts. The scale economy from sales growth and cost control is expected to narrow losses on a year-on-year basis.
