CMB International Securities: Adjusts XPeng Motors-W (09868) sales volume for 2025-2027 by 3%/6%/11%, maintains "Hold" rating.

According to the Zhidao Finance APP, CMB International Securities released a research report stating that it maintains a target price of HK$115 and $29 for Xpeng Motors (09868, XPEV.US), while also maintaining a "buy" investment rating. The bank stated that Xpeng Motors will push forward its strategy of one vehicle with dual energy next year, expand the range of electric vehicles into new markets, accelerate overseas expansion, and have sufficient growth momentum by 2026. However, considering the intensifying industry competition, it has lowered the sales forecast for 2025-2027 by 3%/6%/11%. At the same time, considering the increase in investment in AI-related research and development, the profit forecast for the same period has been adjusted to -1.4 billion/1.2 billion/3.7 billion yuan (previously -1.2 billion/2.6 billion/5.3 billion yuan).