External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Maintain HOLD. We cut our FY24E net loss by RMB2.6bn to RMB6.7bn, as the 4Q23 GPM beat and the X9 may contribute a larger portion of sales.</li><li>On the other hand, Xpeng’s model pipeline in 2024 underscored our prior argument that the automaker has not found its brand proposition and comprehensive product mix.</li><li>We still see little signals for Xpeng to turn profitable in the foreseeable future, as it could be difficult for the automaker to achieve sizable sales and 15% GPM at the same time, in our view.</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>

Maintain HOLD. We cut our FY24E net loss by RMB2.6bn to RMB6.7bn, as the 4Q23 GPM beat and the X9 may contribute a larger portion of sales.On the other hand, Xpeng’s model pipeline in 2024 underscored our prior argument that the automaker has not found its brand proposition and comprehensive product mix.We still see little signals for Xpeng to turn profitable in the foreseeable future, as it could be difficult for the automaker to achieve sizable sales and 15% GPM at the same time, in our view.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) - Margin Lift Mixed with Unexciting New Models

XPeng

Xpeng Inc. (XPEV US) - Margin Lift Mixed with Unexciting New Models