CMB International: Lower the target price of Xiaopeng Group-W to HKD 82, maintaining a "buy" rating.

China Merchants International released a research report stating that Xiaopeng Group-W had a net loss of 1.8 billion yuan in the first quarter, exceeding the forecast by about 250 million yuan. The bank lowered the group's target price from 94 Hong Kong dollars to 82 Hong Kong dollars and maintained a "buy" rating. The bank stated that considering the management's guidance that the gross profit margin will remain flat on a quarterly basis in the second quarter, and sales volume will increase by 60-70% quarter-on-quarter, it is expected that the net loss in the second quarter will significantly narrow. Benefiting from the improvement in economies of scale, it is expected to achieve a positive net profit in the second half of the year. The bank now expects Xiaopeng to have a loss of 1.213 billion yuan in 2026, and a profit of 1.541 billion yuan in 2027.