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<Research>JPM Trims XPENG-W (09868.HK) TP to HKD118, Rates Overweight
Recommend 7 Positive 8 Negative 6 |
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XPENG-W (09868.HK) delivered 1Q results broadly in line with expectations, JP Morgan said in its report. Management remained optimistic on sales prospects for 2Q and beyond. Meanwhile, AI initiatives including humanoid robots and robotaxis are set to begin product deliveries and generate revenue starting from 4Q. Management reiterated that the company is transforming from an EV maker into a physical AI company. The broker maintained its long-term bullish view on XPENG-W. The broker expected XPENG-W to have passed the seasonal and product-cycle trough in 1Q and entered a strong recovery phase. 2Q delivery guidance is 100,000-106,000 vehicles, with three new global models to be launched in 2H. In overseas markets, management expected overseas revenue contribution to surpass 20% starting from 2Q, targeting monthly overseas deliveries of more than 10,000 units by 4Q. Taking into account 1Q results and the latest outlook, JP Morgan fine tuned its FY2026 earnings forecast, lowering the H-share TP from HKD135 to HKD118, and cutting the US-share TP for XPeng Inc. (XPEV.US) from USD34 to USD30. Both are rated Overweight. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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