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<Research>CLSA Chops XPENG-W (09868.HK) TP to $46, Rating Buy
Recommend 8 Positive 15 Negative 2 |
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XPENG-W (09868.HK)'s gross profit margin reached 12.9% in 1Q24, up 11.2 ppts YoY and 6.7 ppts QoQ, beating expectations, benefiting from effective cost control and revenue from the cooperation with Volkswagen (VW), CLSA issued a research report saying. The Group's MONA brand will be delivered from 3Q24, while the new B-class model will be delivered from 4Q24, which the broker expected to be the main driver of its sales growth in 2H24, CLSA said. However, as YTD sales and demand remain weak, CLSA lowered its FY2024/ FY2025 revenue forecasts for the Group by 19%/ 16% respectively, and chopped its target price to $46 from $58. CLSA also reiterated rating at Buy. AAStocks Financial News |
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