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2026-03-24 11:14:30 XPENG-W (09868.HK)'s 4Q25 revenue met expectations, in which net profit attributable to the parent company reached RMB380 million, marking the company's first quarterly profit, according to a CMSI research report. Its revenue grew by 38.2% YoY to RMB22.25 billion. The report highlighted that the revenue from Volkswagen technology licensing, which exceeded RMB3 billion for the year, with a gross margin of over 90%, and carbon credits were significant supports for turning a profit. In addition, XPENG-W's second-generation VLA has passed the physical Turing test, with model parameters expected to increase to over 20 billion within the year. It is anticipated that the safety takeover mileage will increase by more than 5-10 times, enhancing user stickiness and payment capability. The computing power of the Turing chip is 10 times higher than the original plan, with a shipment target of nearly 1 million chips by 2026, which will fully replace external chips, reducing costs by several hundred dollars per vehicle. The supply to Volkswagen, combined with technology licensing revenue exceeding RMB3 billion (with a gross margin over 90%), has formed a stable high-profit source. CMSI has kept an Overweight rating on XPENG-W, with a target price of HKD115. It expects the carmaker to significantly lead its peers in the humanoid robot and Robotaxi AI tracks. ~ AAStocks Financial News Web Site: www.aastocks.com | |