The analyst rating for XPENG-W (09868.HK) is maintained as a "Buy" by Nomura due to several key reasons:
1. Business Plan: XPENG has developed a comprehensive business plan that includes both short-term and long-term strategies, which is viewed positively by the analysts.
2. Product Line and Strategy: The company has a strong product line and a dual powertrain strategy, positioning it well to maintain its competitive advantage in the automotive market through 2026.
3. Long-term Growth Potential: XPENG is actively exploring the field of physical AI, which is expected to drive its long-term growth, despite potential short-term impacts on profitability.
4. Profitability Outlook: Nomura estimates that XPENG will turn profitable in FY27, indicating a positive financial trajectory.
5. Target Price Adjustment: Although the target price has been lowered from HKD113 to HKD94, the unchanged "Buy" rating reflects confidence in XPENG's sustainable growth prospects moving forward.
Overall, the combination of strategic planning, product strength, and long-term growth initiatives supports the positive analyst rating.
