<h3>Jefferies: Lower XPeng's target price from HKD 98.9 to HKD 73, maintaining a &#34;buy&#34; rating.</h3>
<p>The report indicates that XPeng's revenue in the fourth quarter of last year increased by 154% year-on-year to 13.1 billion yuan, and by 53% quarter-on-quarter. Net loss narrowed from 2.5 billion yuan in the third quarter of last year to 1.3 billion yuan in the fourth quarter of last year. The quarterly car profit margin is 4.2%, 2 percentage points higher than the bank's expectations.</p>
<p>The current quarter delivery guidance of 21,000 to 22,500 vehicles meets the bank's expectations, with revenue guidance of 5.8 billion to 6.2 billion yuan, indicating a positive sign for a better product mix.</p>
<p>The bank is deeply impressed by XPeng's ability to stabilize its car profit margin in the face of price wars. With improved cash position and a strong product cycle starting in the second half of the year, XPeng appears to be on track to turn its losses around. The bank predicts a loss per share of 4.5 and 3.6 yuan for XPeng in the next two years to reflect the latest product timeline.</p>
<h3>Huatai Securities: Gives BYD a &#34;buy&#34; rating</h3>
<p>Reasons: 1) Performance in 2023 meets expectations, with a sequential decline in profit in the fourth quarter;</p>
<ol>
<li>
<p>Economies of scale and lower battery costs will increase the company's overall gross and net profit levels;</p>
</li>
<li>
<p>Benefiting from cost impact, the profitability per vehicle for the whole year has improved, but the net profit per vehicle in Q4 has declined sequentially;</p>
</li>
<li>
<p>The full release of cost amortization in Q1 2024 is not expected, and it is anticipated that net profit per vehicle will decrease significantly;</p>
</li>
<li>
<p>Growth in high-end models and exports will drive the company's profitability.</p>
</li>
</ol>
<h3>Orient Securities: Maintains a &#34;buy&#34; rating for Xiaomi Corporation-W with a highest target price of HKD 19.31, an increase of 14.19% from the previous highest target price.</h3>
<p>According to Wind data, in the past month, a total of 18 institutions have rated Xiaomi, as follows:</p>
<table>
<thead>
<tr>
<th>Rating Date</th>
<th>Rating Institution</th>
<th>New Rating</th>
<th>Previous Rating</th>
<th>Rating Direction</th>
<th>Highest Target Price (HKD)</th>
<th>Target Price Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>March 29</td>
<td>CICC</td>
<td>Outperform</td>
<td>Outperform</td>
<td>Maintain</td>
<td>18</td>
<td>0.00</td>
</tr>
<tr>
<td>March 28</td>
<td>Orient Securities</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>19.31</td>
<td>14.19</td>
</tr>
<tr>
<td>March 24</td>
<td>Huatai Securities</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>20</td>
<td>0.00</td>
</tr>
<tr>
<td>March 22</td>
<td>Dongwu Securities</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>/</td>
<td>/</td>
</tr>
<tr>
<td>March 22</td>
<td>CITIC Securities</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>18.4</td>
<td>6.36</td>
</tr>
<tr>
<td>March 22</td>
<td>HSBC</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>20.2</td>
<td>2.54</td>
</tr>
<tr>
<td>March 21</td>
<td>Huaxing Securities</td>
<td>Hold</td>
<td>Hold</td>
<td>Maintain</td>
<td>15</td>
<td>3.45</td>
</tr>
<tr>
<td>March 21</td>
<td>Guoyuan International</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>18.6</td>
<td>20.78</td>
</tr>
<tr>
<td>March 20th</td>
<td>Huaxing Securities (Hong Kong)</td>
<td>Hold</td>
<td>Hold</td>
<td>Maintain</td>
<td>15</td>
<td>3.45</td>
</tr>
<tr>
<td>March 20th</td>
<td>CICC</td>
<td>Outperform</td>
<td>Outperform</td>
<td>Maintain</td>
<td>18</td>
<td>13.92</td>
</tr>
<tr>
<td>March 20th</td>
<td>Macquarie</td>
<td>Outperform the market</td>
<td>Outperform the market</td>
<td>Maintain</td>
<td>27.74</td>
<td>2.07</td>
</tr>
<tr>
<td>March 20th</td>
<td>Goldman Sachs</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>18.9</td>
<td>4.42</td>
</tr>
<tr>
<td>March 20th</td>
<td>Everbright Securities</td>
<td>Increase holdings</td>
<td>Increase holdings</td>
<td>Maintain</td>
<td>/</td>
<td>/</td>
</tr>
<tr>
<td>March 20th</td>
<td>CMB International</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>20.25</td>
<td>3.64</td>
</tr>
<tr>
<td>March 20th</td>
<td>JP Morgan Securities</td>
<td>Increase holdings</td>
<td>Increase holdings</td>
<td>Maintain</td>
<td>21</td>
<td>-8.70</td>
</tr>
<tr>
<td>March 20th</td>
<td>Minsheng Securities</td>
<td>Recommend</td>
<td>Recommend</td>
<td>Maintain</td>
<td>/</td>
<td>/</td>
</tr>
<tr>
<td>March 6th</td>
<td>Industrial Securities</td>
<td>Buy</td>
<td>Buy</td>
<td>Maintain</td>
<td>/</td>
<td>/</td>
</tr>
</tbody>
</table>

XPEV

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XIACY

81810

<p>Jefferies is deeply impressed by XPeng's ability to stabilize car profit margins in the price war. With improved cash flow and a strong product cycle starting in the second half of the year, XPeng appears to be on track to turn losses around. The bank predicts that XPeng will incur losses of RMB 4.5 and 3.6 per share in the next two years to reflect the latest product schedule</p>

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Rating Quick Look | Xiaomi's target price raised after SU7 release! XPeng Motors faces price cuts