2025-05-21-Bernstein-小鹏汽车（XPEV）_小鹏汽车第一季度业绩稳健且亏损收窄-产品周期势头强劲；目标价上调至19.00美元_表现与市场一致_17页_502kb

Summary of Key Points on XPeng Inc Q1 2025

• Q1 Financial Performance: XPeng reported significant revenue growth of 141.5% year-over-year, reaching RMB 15.8 billion, supported by strong volume increases (94,000 units, up 33.8% YoY and 2.7% quarter-over-quarter). Average selling price declined due to product mix (RMB 153,000), with gross margin improving to 15.6%, and net loss narrowing to -4.2% margin.

• Rating Update: Bernstein assigns a Market-Perform rating with higher price targets (US$19.00 vs. US$18.00, HK$74.00 vs. HK$70.00). Revenue and sales volume forecasts were adjusted upward based on stronger momentum from new models.

• Product Pipeline: XPeng's Q2 and beyond outlook is positive, driven by new car launches (e.g., MONA M03 Max, G7 SUV). Upcoming AI chips and ADAS advancements aim for competitive leadership, but profitability depends on penetrating higher-priced segments. Total Q2 revenue guided for ~RMB 17.6 billion (+131% YoY).

• Challenges: Maintaining sales momentum amid seasonal declines and competition. Humanoid robots and other innovations (e.g., eVTOL) represent future growth opportunities, but commercialization timelines are uncertain. Current rating reflects neutral valuation relative to industry and EV multiples.