Caitong Securities: First Coverage of XPeng Motors-W (09868.HK) with "Buy" Rating, Clear Long-term Growth Logic

According to the Wise Finance APP, Caitong Securities has released a research report stating that Xiaopeng Motors -W (09868.HK) is currently at a growth inflection point driven by the combination of "product iteration + leading in intelligent driving". The robot business provides long-term space, and the extended range models ensure stable sales in the short to medium term. The company is expected to achieve revenue of 77.9 / 114.9 / 141.4 billion RMB in 2025-2027, corresponding to PS multiples of 2.0 / 1.3 / 1.1 times. It is first-time coverage and a "buy" rating.