CICC: Maintains Xpeng Motors-W (09868) Outperform Rating with a Target Price of HK$108.

According to the Zhitong Finance and Economics App, Zhongjin released a research report stating that the current stock price of XPeng Motors-W (09868) in Hong Kong/America corresponds to a 1.6x P/S ratio for 2025. They maintain an outperform industry rating and profit forecast. The target prices for Hong Kong and American stocks are 108 Hong Kong dollars and 28 US dollars, respectively, representing potential upswings of 40% and 35% from the current stock price, both corresponding to a 2.2x P/S ratio for 2025. The company announced its 2Q25 performance, with 2Q revenue at 18.274 billion yuan and a non-GAAP loss of 385 million yuan. The scale effect has significantly improved the gross profit margin compared to the previous quarter, driving performance to exceed market and industry expectations.