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【Brokerage Focus】BOCOM INTL: The loading volume of power Batteries continues to grow significantly, and Xiaopeng (09868) G7 is the first to use the Turing AI chip.
Jinwu Financial News | BOCOM INTL released a Research Report stating that XPeng Motors (09868) officially unveiled the XPeng G7 and opened pre-sales, featuring the first-ever integration of the Turing AI chip, delivering L3-level computing power, and equipped with an ultra-long range of 702km across the entire series, simplifying the SKU. The Buy rating is maintained, with a Target Price of 134.69 HKD. The report points out that the XPeng G7 is positioned as a pure electric SUV in the 0.25 million range, which will compete with the Tesla Model Y, Zhijie R7, and the upcoming YU7 after its launch. In Q4 of this year, XPeng Motors will release extended range models, and expectedly with the launch of new and updated vehicles, sales, ASP, and gross margin are likely to be positive.
BOCOM INTL: The installation volume of power Battery continues to grow significantly. The export growth rate has slowed down but is expected to recover soon.
In May, the production-sales ratio of Batteries approached 1, with a year-on-year increase of approximately 58% in the installation volume of power batteries. The US and China reached a partial tariff agreement in May 2025, and it is expected that in June this year, China's energy storage Batteries will accelerate exports to take advantage of the window period.
The AH premium has reached a five-year low, and some popular stocks have already shown "inversion."
The premium of A-shares in China has narrowed to 27% compared to H-shares, reaching a five-year low, with popular stocks like BYD and Contemporary Amperex Technology rarely exhibiting an "inverted" phenomenon where A-shares are cheaper than H-shares. Analysis suggests that this unusual price relationship signals a potential undervaluation of A-shares, leading some investors to possibly seize the opportunity to buy cheaper A-shares. Since the beginning of this year, influenced by factors such as valuation advantages, marginal easing of overseas liquidity, and continuous Inflow of southbound funds, Hong Kong stocks have performed overall better than A-shares, and the CUAM Hangseng A premium Index has entered a new downward phase.
Dongxing: The lithium battery Sector is seeing a recovery in prosperity, with Solid State Batteries and sodium batteries expected to welcome large-scale application milestones.
In the first quarter of 2025, the terminal demand in the Industry Chain continues to maintain a high growth trend, with the Battery segment experiencing both profit increase and a recovery in revenue, resulting in an overall improvement in the lithium Battery Sector's prosperity.
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