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《大行報告》大和升小鵬(09868.HK)目標價至231元 料明年毛利率改善

"Daiwa report" Daiwa Sheng Xiaopeng (09868.HK) target price to 231 yuan is expected to improve gross profit margin next year

即市頭條 ·  Nov 26, 2021 02:06

Daiwa reported that XPeng Inc. (09868.HK) held an analyst meeting in the third quarter and provided some positive guidance on the outlook. XPeng Inc. directed the delivery of 15000 vehicles a month by December this year. The group will sell four models next year, and the line is expected to deliver an average of 15000 cars a month next year.

The bank said the group's gross profit margin for new cars in the third quarter of this year was 13.6%, an improvement from 3% in the same period last year and 11% in the second quarter of this year, mainly due to an annual increase of 199% and a quarterly increase of 48% in delivery. coupled with a higher proportion of "P7" sales. Daiwa expects XPeng Inc. 's gross profit margin for new cars to rise to 21% next year, mainly due to increased capacity utilization and income from peer-to-peer driving assistance software "XPILOT".

Daiwa raised its revenue forecast for this year and next year to 6% to 10%, and the delivery volume of new cars also rose to 90, 000 and 185000 respectively. It is also expected that XPeng Inc. 's loss in the fourth quarter of this year will narrow and make a profit next year, so it will raise its target price from 209 yuan to 231 yuan, maintaining the "buy" rating.

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