CICC: Maintains NIO's industry outperform rating with a target price of HK$108

Zhongjin released a research report stating that the current stock price of Xiaopeng Motors in the Hong Kong and US markets corresponds to a 1.6x P/S ratio for 2025. They maintain an outperform industry rating and profit forecast. The target price for the Hong Kong and US stocks is set at 108 Hong Kong dollars and 28 US dollars, respectively, with a potential 40% and 35% upside from the current stock price, both corresponding to a 2.2x P/S ratio for 2025. The company announced its 2Q25 performance, with a revenue of 18.274 billion yuan and a Non-GAAP loss of 385 million yuan. Economies of scale have led to a significant improvement in gross profit margin, driving performance beyond market and analyst expectations.