＜Research＞BofAS Trims XPENG-W (09868.HK) TP to $45.6, Keeps Buy Rating

　　BofA Securities expected in a report that sales of XPENG-W (09868.HK) +1.100 (+3.279%) Short selling $64.71M; Ratio 22.212% would improve from 2H24 onwards, benefiting from the launch of new car models and the introduction of facelift models of G6 and G9 in 1H25. The automaker also planned to launch the first model of its MONA series, the MO3, in August and the P7+ in 4Q24. The two models should help XPENG increase its monthly deliveries from 10,000 units in June to over 20,000 units by the end of this year.

　　The broker added that XPENG should start to receive technical service revenue from Volkswagen for the EEA platform by 3Q24.

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　　XPENG's deliveries in 2Q24 reached 30,000 units, up 30% YoY and slightly below BofAS estimate of 31,000 cars. The broker expected gross margins for 2Q to be unchanged QoQ due to cost-control measures. The broker lowered its sales forecasts for 2024 and 2025 by 12% and 7% respectively, but reduced its non-GAAP loss forecasts for 2024/25/26 by 15%, 4% and 10% respectively.

　　BofAS trimmed its target price for XPENG from $49.5 to $45.6 and reiterated its Buy rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 12:25.)

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