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<Research>CMBI Adds XPENG-W (09868.HK) TP to $113 as Quarterly Results in Line
Recommend 7 Positive 17 Negative 4 |
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XPENG-W (09868.HK)'s 3Q25 results were broadly in line with expectations, with revenue being 2% below CMBI's forecast, CMBI issued a research report saying. Gross profit margin reached a record high of 20.1%, beating projections by 2.4 ppts, primarily driven by higher-than-expected R&D service revenue. During the period, vehicle gross profit margin declined by 1.2 ppts QoQ to 13.1%, 0.7 ppts below the broker's prediction. Management anticipated R&D service revenue in 4Q25 to be similar with that in 3Q25, which is believed to lay the foundation for achieving turnaround in 4Q25. Regarding new business developments such as humanoid robots, CMBI believed that XPENG-W may possess a first-mover advantage given its autonomous driving technology advantage. However, it has not yet incorporated related projections into its valuation model. Therefore, the broker kept rating at Buy, and added its target prices for XPENG-W's H-shares/ US stock from $110/ US$28 to $113/ US$29. AAStocks Financial News Website: www.aastocks.com |
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