--- title: "CICC: Maintains XPeng-W outperform rating with a target price of HKD 90" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280089310.md" description: "CICC released a research report, maintaining a rating of outperform for XPENG-W, with a target price of HKD 90. The company's 4Q25 performance met expectations, with revenue of RMB 22.25 billion, a year-on-year increase of 38.2%, achieving its first quarterly profit, with a Non-GAAP net profit of RMB 510 million. The gross margin reached a record high, with an automotive business gross margin of 13.0%. In 2026, the plan is to fully roll out the \"one vehicle, dual energy\" strategy, with overseas market sales expected to double to 90,000 units" datetime: "2026-03-23T02:57:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280089310.md) - [en](https://longbridge.com/en/news/280089310.md) - [zh-HK](https://longbridge.com/zh-HK/news/280089310.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280089310.md) | [English](https://longbridge.com/en/news/280089310.md) # CICC: Maintains XPeng-W outperform rating with a target price of HKD 90 According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that the current P/S ratios for XPeng-W (09868) in Hong Kong and the US stock markets correspond to 1.2x and 1.1x for 2026, respectively. They maintain an outperform rating for the industry, keep the profit forecasts for 2026/27, and set target prices of HKD 90 and USD 23 for the Hong Kong and US stocks, respectively, indicating an upside potential of 26% and 31% compared to the current stock prices. The company announced its 4Q25 performance: revenue was RMB 22.25 billion, with a Non-GAAP net profit of RMB 510 million, achieving its first profitable quarter, in line with market and CICC expectations. ## **CICC's main points are as follows:** **Gross margin hits a new high, achieving its first profitable quarter** The company delivered 116,249 vehicles in 4Q, with overall revenue increasing by 38.2% year-on-year to RMB 22.25 billion. The comprehensive gross margin reached 21.3%, setting a new historical high. The gross margin for the automotive business was 13.0%; the gross margin for other businesses increased by RMB 850 million to RMB 3.18 billion, mainly due to technical service support reaching delivery milestones and growth in carbon credit business revenue. R&D expenses for 4Q were RMB 2.87 billion, up 43.2% year-on-year; selling and administrative expenses were RMB 2.79 billion, up 22.7%. Other income was RMB 840 million, and the Non-GAAP net profit was RMB 510 million, marking its first profitable quarter. **The dual-energy cycle continues, with steady growth in overseas markets** On the product side, the company plans to fully roll out its "dual-energy" strategy in 2026 by gradually launching models equipped with the "Kunpeng" super-range technology, such as the X9, P7+, G7, and GX, focusing on the mainstream market of RMB 100,000 to 400,000, with AI and intelligent driving experience as core differentiated barriers to enhance product definition capabilities and extend the hot-selling product cycle. The flagship full-size six-seat SUV GX is scheduled for reservations in 2Q26. In terms of overseas markets, relying on channel expansion and the introduction of four global models, the company plans to double its overseas sales to approximately 90,000 units in 2026. **Increased investment in physical AI, aiming for a monthly production of 1,000 robots by year-end** The company stated that it will increase its investment in physical AI R&D to RMB 7 billion in 2026. The company's VLA 2.0 has passed physical road testing in early March and plans to gradually push it to users. The company aims to transform high-level autonomous driving from an early adopter feature to a mainstream feature in the mass market. The GX model equipped with VLA 2.0 has obtained public road testing permission in Guangzhou and is undergoing L4 level public road testing. In the second half of the year, it plans to launch pilot passenger operations to validate technology, user experience, and business models. Regarding robots, a mass production base for humanoid robots is currently under construction in Guangzhou, with plans to exceed a monthly production of 1,000 units by the end of 2026. **Risk Warning:** Demand for new vehicles and autonomous driving may fall short of expectations, and cooperation with the public may not meet expectations ### 相關股票 - [XPENG-W (09868.HK)](https://longbridge.com/zh-HK/quote/09868.HK.md) - [XPeng (XPEV.US)](https://longbridge.com/zh-HK/quote/XPEV.US.md) ## 相關資訊與研究 - [Xpeng to enter Mexico on Mar 25 with G6 and G9 launch](https://longbridge.com/zh-HK/news/280025128.md) - [QCraft raises $100 million to accelerate physical AI and autonomous driving push](https://longbridge.com/zh-HK/news/280243902.md) - [Applied Intuition CTO on 'Physical AI' on the Battlefield](https://longbridge.com/zh-HK/news/280440419.md) - [51WORLD Unveils 51Claw Platform to Push Digital Twins Into Physical AI](https://longbridge.com/zh-HK/news/280224352.md) - [Electric car maker Xpeng aims to double overseas sales, to launch EVs in Mexico](https://longbridge.com/zh-HK/news/279953149.md)