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大行评级 | 大和：升小鹏(9868.HK)目标至231港元 重申买入评级

Big Bank rating | Daiwa: upgrade Xiaopeng (9868.HK) target to HK $231 reiterate buy rating

格隆滙 ·  Nov 26, 2021 01:40
Gelonghui reported on November 26th that XPeng Inc. (9868.HK)'s gross profit margin on new cars in the third quarter improved by 2.6% to 13.6%, and by 10.6% year-on-year, mainly driven by the 1.99% year-on-year increase in delivery volume and the increase in XPeng Inc. P7 sales. The bank reiterated its "buy" rating and raised its target price by 10.53 per cent to HK $231 from HK $209. The bank more than doubled its forecast for new car deliveries next year from 90, 000 to 185000, and raised its 2021-22 revenue forecast by 6-10 per cent. The bank expects XPeng Inc. 's gross profit margin for new cars to reach 21% in 2022 because of higher capacity utilization and more income from XPILOT. XPeng Inc. plans to deliver 15000 new cars a month from December, and the bank believes that an average of 15000 new cars a month will continue next year, with its new SUB model G9 starting in the third quarter of next year. The stock is now trading at HK $208, with a total market capitalization of HK $100 million.
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