China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[XPeng Inc. (XPEV US, SELL, TP US$5) Company Update]: Material and Component Pricing Drove Cost Down

[XPeng Inc. (XPEV US, SELL, TP US$2) Earnings Review]: Delivery Goal for MONA M03 Is Unrealistic

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>XPeng (XPEV) reported C1Q25 top line (3.3%)/1.6% vs. our estimate/consensus, non-GAAP operating loss and GAAP net loss are 25%/50% better than our estimates, </li>
<li>Given XPEV will launch 5 models updates in C2Q25 and 2 new models in C3Q25 and project an operating breakeven in C4Q25, </li>
<li>We raise the TP from US$26 to US$30 and elevate the rating to TOP BUY</li>
</ul>


XPeng (XPEV) reported C1Q25 top line (3.3%)/1.6% vs. our estimate/consensus, non-GAAP operating loss and GAAP net loss are 25%/50% better than our estimates, 
Given XPEV will launch 5 models updates in C2Q25 and 2 new models in C3Q25 and project an operating breakeven in C4Q25, 
We raise the TP from US$26 to US$30 and elevate the rating to TOP BUY


[XPeng Inc. (XPEV US, BUY, TP US$30) TP Change]: C1Q25 Review: Early Signs of a Chinese Tesla