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In a report released on May 13, HSBC Global Research revealed an upward revision of Xpeng Motors' (09868.HK) earnings forecast for 2026 by 25%, attributing this to anticipated sales growth and enhanced economies of scale. Additionally, the bank introduced a forecast for 2027 for the first time. Utilizing the discounted cash flow model, HSBC has increased the target price for Xpeng's H shares by 6%, from HK$101 to HK$107, while maintaining a 'Buy' rating. Concurrently, based on the latest earnings and cash flow projections, along with current exchange rates, the target price for the Group's ADS has been lifted by 5.8%, from US$25.9 to US$27.4. HSBC projects that Xpeng Motors' robust product cycle will propel continued sales expansion in the second quarter, with improved economies of scale and gross margin steering the company closer to profitability.
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