According to the Securities Times APP, CMB International released a research report stating that it maintains a "buy" rating for xpeng (09868), raising revenue forecasts for 2024 and 2025 to 40.9 billion and 69.2 billion yuan respectively to reflect the adjusted sales forecast, with the target price raised from 46 Hong Kong dollars to 70 Hong Kong dollars.

The bank stated that considering the strong recent orders and sales performance of new products, as well as market expectations for the company's future financial performance, it is expected that the current valuation of the company (1.2 times P/S in 2025) may continue to maintain a premium over peers in the short term. However, the medium-term valuation recovery level still depends on the sustainability of first-quarter orders next year, the profitability of products in the budget electric vehicle market, and the strategic focus of C-end business under the global AI strategy blueprint.

The report mentioned that in the past three months, xpeng has held 5 intensive product launch events, showcasing its AI technology in areas such as automobiles, robots, chips, large-scale models, and flying cars. The bank found that xpeng has repositioned itself from a pure smart electric vehicle manufacturer to a global AI auto company, strengthening its core self-developed autonomous driving system software and hardware, as well as the entire AI ecosystem.

In addition, the starting price of xpeng P7+ is 0.1868 million yuan, which is 0.023 million yuan lower than the pre-sale price, exceeding expectations, reflecting the company's current focus on sales volume. According to official sources, within 12 minutes of the P7+ launch, it received over 10,000 pre-orders.