External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Both Xpeng’s revenue and net loss in 4Q22 missed our prior forecasts, largely due to more intensified competition than expected.</li><li>On the other hand, we expect its sales volume to rise sequentially every quarter in FY23E, based on our channel checks with its battery supplier and the rollouts of the G6 in 2Q23.</li><li>It appears to us that the automaker has started to prioritize cost optimization and customer needs after senior management changes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Both Xpeng’s revenue and net loss in 4Q22 missed our prior forecasts, largely due to more intensified competition than expected.On the other hand, we expect its sales volume to rise sequentially every quarter in FY23E, based on our channel checks with its battery supplier and the rollouts of the G6 in 2Q23.It appears to us that the automaker has started to prioritize cost optimization and customer needs after senior management changes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xpeng Inc. (XPEV US) – 4Q22 earnings miss; sales may rise QoQ in FY23E

<ul><li>We project Xpeng’s 4Q22E net loss to narrow slightly QoQ to RMB 2.0bn, despite lower revenue and gross margin QoQ.</li><li>Although a similar level of operating loss could occur in FY23E versus FY22E on our estimates, we believe investors would focus more on Xpeng’s sales volume growth in FY23E, which is key to its longterm survival, as its RMB 35bn net cash position could still support Xpeng for 2- 3 years.</li><li>It is still difficult to quantify the improvement after the organizational structure and personnel changes, but the hard lesson learnt could make management more focused and cost cautious.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We project Xpeng’s 4Q22E net loss to narrow slightly QoQ to RMB 2.0bn, despite lower revenue and gross margin QoQ.Although a similar level of operating loss could occur in FY23E versus FY22E on our estimates, we believe investors would focus more on Xpeng’s sales volume growth in FY23E, which is key to its longterm survival, as its RMB 35bn net cash position could still support Xpeng for 2- 3 years.It is still difficult to quantify the improvement after the organizational structure and personnel changes, but the hard lesson learnt could make management more focused and cost cautious.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xpeng Inc. (XPEV US) – 4Q22E Net Loss to Narrow; Sales as Key to FY23

<ul><li>Market reacts positively after Xpeng’s in-line 3Q22 earnings, as some investors may believe the worst is over for the company.</li><li>We are of the view that Xpeng still has a chance to turn around, as its RMB 35bn net cash position could support Xpeng for 2-3 years until Xpeng finds out a winning model.</li><li>Therefore, its three new models next year could be key catalysts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market reacts positively after Xpeng’s in-line 3Q22 earnings, as some investors may believe the worst is over for the company.We are of the view that Xpeng still has a chance to turn around, as its RMB 35bn net cash position could support Xpeng for 2-3 years until Xpeng finds out a winning model.Therefore, its three new models next year could be key catalysts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xpeng Inc. (XPEV US) – Short-term negatives have been priced in

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

Xpeng Inc. (XPEV US) – 4Q22 earnings miss; sales may rise QoQ in FY23E

Both Xpeng’s revenue and net loss in 4Q22 missed our prior forecasts, largely due to more intensified competition than expected.

CMB International

Xpeng Inc. (XPEV US) – 4Q22E Net Loss to Narrow; Sales as Key to FY23

Although a similar level of operating loss could occur in FY23E versus FY22E on our estimates, we believe investors would focus more on Xpeng’s...

CMB International

Xpeng Inc. (XPEV US) – Short-term negatives have been priced in

Market reacts positively after Xpeng’s in-line 3Q22 earnings, as some investors may believe the worst is over for the company.

CMB International

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