Da Hua Ji Xian: Lower XPENG-W (09868) target price to 125 Hong Kong dollars, increased research and development expenses offset delivery growth momentum.

Dahua Jixian released a research report stating that based on higher R&D expenditures, the net profit forecast for XPENG-W (09868) for 2026 and 2027 has been lowered by 39% and 6% respectively. They maintain a "buy" rating with the target price lowered from HK$145 to HK$125. According to reports, Xiaopeng Motors has set a delivery target of 550,000 to 600,000 vehicles for 2026 (a year-on-year growth of 28-40%), based on a strong product lineup and doubling of exports, exceeding the bank's estimates. The bank has raised its 2026 delivery volume estimate by 7% to 530,000 vehicles. Due to the investment in new projects such as advanced driver assistance systems, autonomous driving taxis, and humanoid Siasun Robot & Automation, R&D expenditures for 2026 may increase to over 10 billion yuan. The bank maintains Xiaopeng's net loss forecast for 2025 at 1.481 billion yuan, which implies a net profit forecast of 42 million yuan for the fourth quarter of 2025, while market consensus forecasts 100 million yuan.