Goldman Sachs: Strong orders after the launch of Xiaopeng Group-W (09868) Mona L03 accelerated sales growth

The Zhitong Finance App learned that Goldman Sachs released a research report saying that the successive launch of a series of new models and overseas expansion will increase the visibility of Xiaopeng Motor's continued growth in sales and improved profit margins, and maintain a “buy” rating. The target price for Xiaopeng Group-W (09868) is HK$89, and the target price for Xiaopeng (XPEV.US) ADR is 23 US dollars.

Xiaopeng officially unveiled the new Mona L03 SUV in Munich, Germany on July 16. The official starting price was 123,800 yuan (same below), lower than the pre-sale price of 143,800 yuan. The model recorded 20,000 and 47,000 non-refundable orders, respectively, within the first 7 minutes and 1 hour after the global launch. Goldman Sachs expects the Mona L03 to achieve stable monthly sales volume of 14,000 units, and contribute 22% and 23% of Xiaopeng Motor's total sales in the third and fourth quarters of this year, respectively, further boosting sales growth of 28% and 59% year-on-year in the third and fourth quarters.

The bank pointed out that Xiaopeng Motor also emphasized its global strategy, including that all future models will be listed overseas, with the goal of entering 65 global markets by 2026; and plans to launch VLA 2.0 models and humanoid robots in Europe in 2027; and launch flying cars in Europe in the future.

As the new model cycle begins, Xiaopeng Motor's sales growth is expected to accelerate in the next three quarters, including the flagship six-seater SUV model GX, which was launched in May this year, which helped to recover sales in the second quarter, while the Mona L05 SUV and G9L SUV launched in the fourth quarter are expected to drive average monthly sales to exceed 60,000 units.