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<Research>BofAS Raises XPENG-W (09868.HK) TP to $113, Expects New Car Models to Boost GPM
XPENG-W (09868.HK) announced its 1Q25 results and held a conference call, with sales reaching RMB16 billion, up 141% YoY and down 2% QoQ, basically in line with BofA Securities'...
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<Research>BofAS Raises XPENG-W (09868.HK) TP to $113, Expects New Car Models to Boost GPM
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XPENG-W (09868.HK)  -3.200 (-3.900%)    Short selling $690.76M; Ratio 29.473%   announced its 1Q25 results and held a conference call, with sales reaching RMB16 billion, up 141% YoY and down 2% QoQ, basically in line with BofA Securities' estimations, according to BofA Securities' research report.

Consolidated gross profit margin increased by 2.7 ppts YoY and 1.1 ppt QoQ to 15.6%, higher than the broker's prediction of 15.1%. Auto gross profit margin was 10.5%, up 5 ppts YoY and 0.5 ppts QoQ.

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The improvement in auto gross profit margin was driven by cost reductions and economies of scale, partially offset by inventory provision and losses on model upgrade purchase commitments.

Therefore, BofA Securities raised its target prices for XPENG-W's H-shares/ US stock to $113/ US$29 from $105.3/ US$27, reflecting higher sales forecasts, with rating reiterated at Buy, as it expected a strong model pipeline from 2025 to 2026.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-23 16:25.)

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