External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We initiate our coverage of XPeng with a Buy rating and target price of HK$110, which we derived by applying a P/S of 1.5x to our 2025-26 average sales per share estimate of HK$73.5.</li><li>Our target multiple reflects a 50% premium to the 2025-26F peer group average (1x), consistent with XPeng’s average premium over the past year.</li><li>The firm has delivered robust top-line growth since 2020, and we expect growth to remain strong through 2027. </li></ul><p><em>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.</em></p>

We initiate our coverage of XPeng with a Buy rating and target price of HK$110, which we derived by applying a P/S of 1.5x to our 2025-26 average sales per share estimate of HK$73.5.Our target multiple reflects a 50% premium to the 2025-26F peer group average (1x), consistent with XPeng’s average premium over the past year.The firm has delivered robust top-line growth since 2020, and we expect growth to remain strong through 2027. 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 (9868 HK/Buy)High Growth Coupled with Autonomous Driving Competitiveness