BOC International: Raised the target price of Xiaopeng Motor-W (09868) to HK$77.36 and believes that P7+ pricing is still adopting a more aggressive strategy

The Zhitong Finance App learned that BOC International released a research report stating that the target price of Xiaopeng Motor-W (09868) was raised to HK$77.36 based on the latest sales and revenue forecasts, corresponding to the predicted market sales rate of 2 times in 2025.

According to the report, Xiaopeng announced the pre-sale price of the new car at the Auto Show. Following the successful pricing and positioning of M03, the bank believes that the P7+ pricing will still adopt a more active strategy and will take over the baton and continue to reduce its dimensions. Due to the decline in the cost of the two core BOM of the P7+ battery and smart driving, the bank believes that the pricing will be surprising, and the explosion can be expected.

The bank raised Xiaopeng's 2025 and 2026 sales forecasts by 35% and 27%, respectively, to 338,000 and 381,000 units to reflect the M03's sales exceeding expectations and the increase in the P7+ sales forecast. Losses benefit from increased sales economies of scale and cost control, which are expected to narrow year over year.