Daiwa reported that XPeng Inc. (9868.HK)'s gross profit margin on new cars in the third quarter improved by 2.6 percent to 13.6 percent, or 10.6 percent year-on-year, mainly due to the annual increase in delivery volume.Driven by 1.99 times and the increase in XPeng Inc. 's P7 sales. The bank reiterated its "buy" rating, raising its target price by 10.53% from HK $209 toHK $231。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. According to the bank, XPeng Inc. will launch Robotaxi business in the second half of next year and will use his own car model and XPILOT 3.5.And 4.0, mainly used to collect real-time driving data, test and train its algorithms, so as to adjust its urban advanced auxiliary driving system.