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2026-07-31 17:43:09 Ahead of XPENG-W (09868.HK)'s 2Q26 results release, Citi expected the group to post a 2Q26 non-GAAP net loss of about RMB1 billion, with overall gross margin at about 20% and vehicle gross margin at about 12.5%. The broker maintained its Buy rating on the stock with an H-share TP of HKD87.7. Citi predicted XPENG-W's total deliveries in 3Q26 to reach about 130,000 vehicles, below the market expectation of 150,000 vehicles, mainly because July deliveries may slightly miss, while production ramp-up for the L03 will take time. In addition, the L03, with gross margin of more than 10%, may erode sales of the M03, whose gross margin is only in the single-digit range. The broker also expected overall gross margin to edge down QoQ, as the lower contribution from non-vehicle revenue offsets the positive impact from an improved product mix. Looking ahead to 4Q26, Citi is more positive. The GX, with gross margin of about 20%, will gradually improve the product mix, while the premium G9L model, with monthly sales of 5,000 units, will be launched in 4Q26 and was expected to deliver gross margin of above 20%. On exports, export contribution in 4Q26 was estimated to rise to 20% from about 10% in 3Q26. The L05 will be launched in October 2026, with exports expected to begin in 2027. ~ AASTOCKS Financial News Website: www.aastocks.com | |