Dongwu Securities: Maintains a "buy" rating on Xiaopeng Group-W (09868.HK) as the progress of Physical AI process accelerates.

According to the Zhilicaijing app, Dongwu Securities released a research report stating that Xiaopeng Group-W (09868.HK) is experiencing a new round of strong new car cycle + globalization + Robotaxi + robot fourfold resonance phase. The company is expected to maintain operating income of 91.4 billion/126.5 billion/154.6 billion yuan in 2026/2027/2028, respectively, with year-on-year growth of +19%/+38%/+22%. The company's net profit attributable to shareholders in 2026/2027/2028 is expected to be -2.1 billion/1.5 billion/5.8 billion yuan. The EPS in 2026/2027/2028 is expected to be -1.08/0.78/3.03 yuan, with corresponding PEs of 65/17 times in 2027/2028. Xiaopeng Group has a forward-looking and leading layout in the field of physical AI, and its current valuation is significantly undervalued. The company's rating is maintained as "buy."