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<Research>CLSA: XPENG-W (09868.HK) 3Q Vehicle Margin Misses; Firm Expected to Achieve Breakeven in 4Q
Recommend 9 Positive 14 Negative 6 |
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XPENG-W (09868.HK) announced a gross profit margin of 20.1% for 3Q25, with a vehicle margin of 13.1%, missing market expectations, according to CLSA's research report. The high-end configuration and production transformation of the new sedan P7, along with its weak sales, are considered reasons for the QoQ decline in vehicle margin. However, the broker observed that XPENG-W's revenue and profit situation continued to improve. Net loss per vehicle in 3Q25 was RMB3,300, compared to a loss of RMB4,600 in 2Q25. CLSA estimated that XPENG-W is likely to achieve breakeven in 4Q25. Therefore, the broker rated XPENG-W's H-shares/ US stock at Outperform, with target prices of $106/ US$27. AASTOCKS Financial News Website: www.aastocks.com |
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