BOCI Securities: Maintains "Buy" rating on XPENG-W (09868) and raises target price to 96 Hong Kong dollars.

Bank of China International released a research report stating that it maintains a "buy" rating on XPENG-W (09868) and raises its target price for Hong Kong stocks from the original 70 Hong Kong dollars to 96 Hong Kong dollars. Xpeng Motors sold 30,453 vehicles in February, roughly flat month-on-month, outperforming its peers and exceeding guidance and the bank's forecast. The bank has raised its revenue forecast for this year and next by 21% to 27%, to 84.7 billion yuan and 117.3 billion yuan respectively. Bank of China pointed out that due to the recovery of customer demand and the launch of the restyled G6, it is expected that Xpeng Motors' deliveries in March are expected to exceed 30,000 vehicles, even reaching a new high, driving a sequential increase in first-quarter sales compared to the fourth quarter of last year's 91,000 vehicles. As for the outlook for the second quarter and beyond this year, Xpeng Motors will see accelerated sales momentum due to the introduction of a variety of new models. The company plans to launch the all-new G7 SUV in April, the MONAMax in May, and a sporty sedan similar to XIAOMI-W (01810) SU7 in June. In the second half of this year, the company will introduce its first extended-range electric vehicle, G01, and MONASUV. The bank has raised its target price to reflect Xpeng Motors' strong plan for launching new models and terminal demand support, with sustainable and promising growth prospects.