---
title: "Daiwa Capital Markets: Lowers XPENG-W target price to HKD 125 as surging R&D expenses offset delivery growth momentum"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/272779311.md"
description: "Daiwa Capital Markets released a research report stating that, based on higher R&D spending, it has lowered the net profit forecasts for XPENG-W for 2026 and 2027 by 39% and 6%, respectively. It maintains a \"Buy\" rating, with the target price reduced from HKD 145 to HKD 125. According to reports, XPENG has set a delivery target of 550,000 to 600,000 vehicles for 2026 (a year-on-year increase of 28-40%), based on a strong product lineup and a doubling of export volume, which is higher than the firm's estimates. The firm has raised its delivery estimate for 2026 by 7% to 530,000 vehicles. Due to investments in new projects such as advanced driver-assistance systems, autonomous taxi services, and humanoid robots, R&D spending in 2026 may exceed RMB 10 billion. The firm maintains its net loss forecast for XPENG in 2025 at RMB 1.481 billion, which implies a net profit forecast of RMB 42 million for the fourth quarter of 2025, while the market consensus forecast is RMB 100 million"
datetime: "2026-01-16T03:27:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/272779311.md)
  - [en](https://longbridge.com/en/news/272779311.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/272779311.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/272779311.md) | [繁體中文](https://longbridge.com/zh-HK/news/272779311.md)


# Daiwa Capital Markets: Lowers XPENG-W target price to HKD 125 as surging R&D expenses offset delivery growth momentum

According to Zhitong Finance APP, Daiwa Capital Markets has released a research report stating that due to higher R&D expenditures, it has lowered the net profit forecast for XPeng-W (09868) for 2026 and 2027 by 39% and 6%, respectively. The rating is maintained at "Buy," with the target price reduced from HKD 145 to HKD 125.

It is reported that XPeng 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 a doubling of export volume, which is higher than the firm's estimates. The firm has raised its delivery estimate for 2026 by 7% to 530,000 vehicles. Due to investments in new projects such as advanced driver-assistance systems, autonomous taxi services, and humanoid robots, R&D expenditures in 2026 may exceed RMB 10 billion. The firm maintains its forecast for XPeng's net loss in 2025 at RMB 1.481 billion, which implies a net profit forecast of RMB 42 million for the fourth quarter of 2025, while the market consensus forecast is RMB 100 million

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