JPMorgan released a research report stating an upward revision to its $XPENG-W (09868.HK)$ 2025 revenue forecast by 10% to reflect its positive view on the competitiveness of the P7+ product, expecting sales volume to reach 39.2 units in the fiscal year 2025, with the H-shares target price raised from 60 Hong Kong dollars to 65 Hong Kong dollars.

The bank stated that xpeng has been added to its list of positive catalyst observations. The bank's previous reports have detailed the company's key initiatives and product strategies. To their surprise, the market's response to the company's newly launched P7+ has been positive, with its pricing of 0.1868 million yuan proving attractive and leading to strong orders.

JPMorgan pointed out that the recent catalyst will be the third-quarter performance on November 19, expecting an expansion in gross margin, while marketing, general, and marketing expenses remain flat. The bank anticipates management guidance for fourth-quarter deliveries to reach 80,000 units. As for 2025, the bank expects xpeng to achieve a sales volume growth of 119% to 392,000 units. Additionally, the bank anticipates P7+ sales to reach 10,000 units in December, with total sales reaching 124,000 units in 2025. Management is expected to provide more details on next year's new models during the quarterly earnings conference.