CMSC: Maintains "Buy" rating on XPeng-W (09868) with a target price of HK$92.

CMSC has released a research report stating that it has given XPENG-W (09868) a "hold" rating and maintained a target price of 92 Hong Kong dollars. The bank believes that the company still has a large expected difference and is one of the industry's top choices. The market underestimates the catalytic effect of the smart driving trend on Xiaopeng, and there is a consensus expectation of further upward adjustments. CMSC points out that after two years of internal reform, Xiaopeng has deepened its system maturity, reflected in the higher success rate of new products, longer and more stable product cycles, and explosive sales and profit improvement, which will increase the valuation. The bank expects Xiaopeng's current product cycle to last for two years, with the introduction of revised models G6 and G9 in the first quarter, new models G7 and Mona03MAX in the second quarter, P7 in the third quarter, and extended-range cars in the fourth quarter, with all models introducing extended-range versions next year. Rapidly increasing sales will enable the company to achieve quarterly breakeven within the year.