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<Research>CMS: XPENG-W (09868.HK) 1Q Delivery Figures in Line, Short-term Sales Weak
Recommend 16 Positive 26 Negative 17 |
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China Merchants Securities International (CMSI) issued a research note, saying that XPENG-W (09868.HK) (XPEV.US)'s 1Q delivery figures were in line with expectations, with cumulative deliveries of new vehicles totalling 22,000 units, a 19.7% YoY increase, and in line with the company's guidance of 21,000 to 22,500 units. However, the broker highlighted that the data for 4 March to 14 April revealed weaker-than-expected sales recovery for XPENG. The average weekly sales volume was about 2,100 vehicles in March, but dropped to 1,200 and 1,600 vehicles in the first two weeks of April, a more significant decline, demonstrating weaker short-term sales performance. CMSI pointed out that competition in the market continued to intensify, with XIAOMI-W (01810.HK) gaining attention after launching the SU7 at the end of March, affecting sales of battery EVs at the same price level. XPENG has already lowered the selling price of P7i butterfly-door version and G6, and the broker expected production and sales volume to stabilise after the price cuts. Meanwhile, with the launch of the new brand "MONA", the broker looked forward to the positive effect of channel expansion in 3Q. In light of the slower-than-expected pace of channel adjustment and intensified market competition, the broker lowered its sales volume forecasts on XPENG for 2024/25/26 by 16%, 10% and 14%, expanded its net loss forecasts for 2024 and 2025 by 7% and 8% respectively, and narrowed the net loss forecast by 9% for 2026. CMSI chopped its target price on XPENG H-shares to $41 and maintained its Overweight rating. AAStocks Financial News |
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