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<Research>JPM Reiterates Overweight on XPENG-W, Upbeat About AI Deployment & New Car Cycle
Recommend 5 Positive 6 Negative 6 |
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According to JPMorgan's research report, XPENG-W (09868.HK)'s non-GAAP full-year earnings for FY25 beat the broker's and the market's expectations by 50-70%, showing outstanding performance. XPENG-W achieved quarterly profitability for the first time in 4Q25, with a narrowed annual net loss, mainly benefiting from increased car sales, optimized product mix, and positive contributions from non-automotive businesses such as after-sales services, automotive finance, and Volkswagen technical service fees. In JPMorgan's opinion, XPENG-W and NIO-SW (09866.HK) are core recovery trades in the Chinese automotive industry and represent attractive buying opportunities for 2026. With leading technology deployment, a strong new car model cycle in 2026, continuous improvement in profitability, robust overseas growth momentum, and diversified business contributions, XPENG-W's stock price is expected to be further re-rated. JPMorgan has kept an Overweight rating on XPENG-W and given it a target price of HKD135. AAStocks Financial News |
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