Dahua Jixian: Cuts XPENG-W Target Price to HK$125 as R&D Spending Surge Offsets Delivery Growth Momentum

Deep News01-16

Dahua Jixian released a research report stating that, based on higher research and development expenditures, it has lowered its net profit forecasts for XPENG-W (09868) for 2026 and 2027 by 39% and 6%, respectively. The "Buy" rating is maintained, while the target price has been reduced from HK$145 to HK$125.

XPeng has reportedly set a delivery target of 550,000 to 600,000 vehicles for 2026 (representing year-on-year growth of 28-40%), a target based on a strong product lineup and a doubling of export volume, which is higher than the bank's previous estimate. The bank has raised its 2026 delivery volume forecast by 7% to 530,000 units. Due to investments in new projects such as advanced driver-assistance systems, autonomous taxis, and humanoid robots, R&D expenditure in 2026 could increase to over RMB 10 billion. The bank maintains its forecast for XPeng's 2025 net loss at RMB 1.481 billion, implying a net profit forecast of RMB 42 million for the fourth quarter of 2025, compared to a market consensus forecast of RMB 100 million.

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The \"Buy\" rating is maintained, while the target price has been reduced from HK$145 to HK$125.</p>\n<p>XPeng has reportedly set a delivery target of 550,000 to 600,000 vehicles for 2026 (representing year-on-year growth of 28-40%), a target based on a strong product lineup and a doubling of export volume, which is higher than the bank's previous estimate. The bank has raised its 2026 delivery volume forecast by 7% to 530,000 units. Due to investments in new projects such as advanced driver-assistance systems, autonomous taxis, and humanoid robots, R&D expenditure in 2026 could increase to over RMB 10 billion. 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