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<Research>Macquarie Lifts XPENG-W's TP to $87; 4Q24 GPM Beats
Recommend 9 Positive 19 Negative 4 |
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According to a report from Macquarie, XPENG-W's (09868.HK) (XPEV.US) 4QFY24 GPM reached 14.4%, surpassing the market's and the broker's expectations of 13.8% and 13.2%. The company's operating profit margin was -9.7%, also better than the market's and the broker's expectations of -11% and -10.1%. Yet, the management's results guidance appeared conservative compared to investor expectations, sparking concerns over whether demand for current models has already plateaued. Macquarie looks forward to preliminary sales data for XPENG-W's G6 and G9 models in 2Q25 to better assess demand. With higher-priced models set to be launched in the coming quarters, the broker expected a rebound to appear in the company's average selling price. XPENG-W lifted its target price for XPENG-W's H-shares from $70 to $87 and for US shares from US$18 to US$22, while maintaining the Neutral rating unchanged. AAStocks Financial News |
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