--- title: "Guotai Junan Securities: Maintain XPeng-W \"Outperform the Market\" rating, technology flagship SUV XPeng GX officially released" type: "News" locale: "en" url: "https://longbridge.com/en/news/289017438.md" description: "Guosen Securities released a research report, maintaining XPeng's \"outperform the market\" rating. Affected by the rise in storage chip prices and increased R&D expenditures, it lowered the forecast for net profit attributable to the parent company for 2026-2028 to -1 billion / 2 billion / 3.6 billion yuan, but kept the revenue forecast unchanged. The report pointed out that in Q1 2026, XPeng's sales and revenue declined year-on-year, mainly due to a decrease in delivery volume; although the net profit loss expanded, the gross profit margin increased by 5 percentage points year-on-year, and service and other income grew significantly" datetime: "2026-06-08T07:34:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289017438.md) - [en](https://longbridge.com/en/news/289017438.md) - [zh-HK](https://longbridge.com/zh-HK/news/289017438.md) --- # Guotai Junan Securities: Maintain XPeng-W "Outperform the Market" rating, technology flagship SUV XPeng GX officially released According to the Zhitong Finance APP, Guosen Securities released a research report stating that XPeng-W (09868) maintains its revenue forecast, expecting revenues of 100 billion, 130 billion, and 150 billion yuan for 2026/27/28. Considering the price increases of raw materials such as storage chips and the increased R&D expenditures related to the company's new models and AI-related technology development, the firm has lowered its profit forecast, expecting a net profit attributable to the parent company of -1 billion, 2 billion, and 3.6 billion yuan for 2026/27/28 (originally expected to be 0.8 billion, 3 billion, and 4.5 billion yuan for 2026/27/28), maintaining an "outperform the market" rating. ## Guosen Securities' main points are as follows: **In Q1 2026, XPeng achieved revenue of 13.03 billion yuan** In Q1 2026, XPeng's sales volume was 63,000 units, a year-on-year decrease of 33.3% and a quarter-on-quarter decrease of 46.1%; total revenue was 13.03 billion yuan, a year-on-year decrease of 17.6% and a quarter-on-quarter decrease of 41.4%; net profit was -1.78 billion yuan, compared to -660 million yuan in the same period last year and 380 million yuan in Q4 2025. 1) In Q1 2026, automotive sales revenue was 11 billion yuan, down 23.5% year-on-year and down 42.3% quarter-on-quarter, with the year-on-year and quarter-on-quarter decrease mainly due to the decline in vehicle delivery volume. 2) In Q1 2026, service and other revenue was 2.03 billion yuan, up 41.2% year-on-year and down 36.1% quarter-on-quarter, with the year-on-year growth mainly due to increased revenue from technology R&D services and sales of parts and accessories. **In Q1 2026, the company's gross margin improved by 5 percentage points year-on-year and quarter-on-quarter** In Q1 2026, the company's gross margin/net profit margin was 20.6%/-13.7%, respectively up 5.0/-9.5 percentage points year-on-year and down 0.7/-15.4 percentage points quarter-on-quarter; R&D expense ratio/selling, administrative, and general expense ratio was 22.3%/14.5%, respectively up 9.8/+2.1 percentage points year-on-year and up 9.4/+1.9 percentage points quarter-on-quarter. In Q1 2026, the company's gross margin increased year-on-year, broken down as follows: 1) In Q1 2026, the gross margin for the automotive business was 12.1%, up 1.6 percentage points year-on-year and down 0.9 percentage points quarter-on-quarter. 2) In Q1 2026, the profit margin for services and others was 66.5%, up 0.1 percentage points year-on-year and down 4.3 percentage points quarter-on-quarter. **In Q1 2026, sales volume decreased by 33% year-on-year** In Q1 2026, XPeng's sales volume was 63,000 units, down 33.3% year-on-year and down 46.1% quarter-on-quarter. The company's guidance for Q2 2026 indicates that vehicle deliveries are expected to be between 100,000 and 106,000 units, with a year-on-year change of approximately -3.1% to +2.7%, and a quarter-on-quarter increase of approximately 59.5% to 69.1%. **On May 20, 2026,** **XPeng Group** **launched its technology flagship SUV, the XPeng GX** XPeng's first full-size new technology flagship SUV—the XPeng GX—was officially launched. The new vehicle is positioned as a new technology flagship for the physical AI era, offering two power systems: pure electric and super extended range, with a limited-time price starting at 269,800 yuan. The new vehicle integrates multiple cutting-edge technologies from XPeng Group, combining intelligent driving technology derived from Robotaxi, safety redundancy technology from flying cars, and embodied intelligent chip and architecture technology, precisely addressing seven core pain points in the industry—large vehicles that are easy to drive, high-quality interiors that are not ostentatious, enjoyable driving experience, safety, low energy consumption, intelligence, and ample space Bringing product capabilities that surpass the 500,000-level 9 series, with over 100 leading technologies standard across the entire range at the 500,000-level, providing high-end travel options that balance technology, practicality, and quality for users who love life, cherish family, and embrace technology. **Risk Warning:** Rising raw material prices and ongoing intensification of automotive price competition ### Related Stocks - [XPEV.US](https://longbridge.com/en/quote/XPEV.US.md) - [09868.HK](https://longbridge.com/en/quote/09868.HK.md) - [002736.CN](https://longbridge.com/en/quote/002736.CN.md) ## Related News & Research - [Xpeng scrambles to boost GX SUV production as wait times hit 35 weeks](https://longbridge.com/en/news/288665260.md) - [Xpeng rolls off first locally assembled G6 SUV in Malaysia](https://longbridge.com/en/news/288865765.md) - [XPENG Invited to CVPR for the Third Time, Showcasing China's Advances in Physical AI to the World | XPEV Stock News](https://longbridge.com/en/news/288742011.md) - [Xpeng initiates non-compete probe against former employees amid AI push](https://longbridge.com/en/news/288367459.md) - [Xpeng GX hits market with aggressive pricing comparable to Onvo L90](https://longbridge.com/en/news/287082118.md)