Company Coverage
XPeng Motors (9868 HK): 2Q26: Net Loss Narrows 25% qoq, Missing Estimates
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$47.68
HK$60.00
25.8%
HK$90.00
Analyst
Highlights
- 2Q26 results missed expectations with a net loss of Rmb1,337m (+180% yoy/-25% qoq). The miss lies in ASP and SG&A.
- The company guides for 11.3-17.1% yoy delivery growth and 9.9-18.5% revenue growth for 3Q26, in line with expectations.
- We lift our 2026 net loss estimate by 60% to Rmb3,235m, and cut our 2027- 28 net profit forecasts by 46%/13% to Rmb1,437m/Rmb4,620m respectively, based on higher R&D expense for the AI and robotics businesses.
- Looking ahead, XPeng’s bottom line will be driven by a strong product cycle, globalisation, software licensing and service revenue.
- Maintain BUY and cut target price from HK$90.00 to HK$60.00.
Analysis
- 2Q26 results missed expectations with net loss of Rmb1,337m (+180% yoy/-25% qoq), bigger than our estimate of Rmb950m and consensus
estimate of Rmb772m. The miss lies in ASP and SG&A.
- Revenue grew 8% yoy and 51.5% qoq to Rmb19.74b, at the low-end of the company’s guidance of Rmb19.6b-20.8b. This brings 1H26 revenue
to Rmb32.78b (-3.8% yoy), 36% of our full-year estimate. The revenue growth was mainly driven by the licensing and service segment, growing 94% yoy and 33% qoq in revenue to Rmb2.7b in 2Q26. Vehicle sales revenue rose to Rmb17.05b (+1% yoy/+55% qoq) in 2Q26 on in-line deliveries of 103,300 units (+0.1% yoy/+65% qoq) and disappointing ASP of Rmb165,000 (+0.9% yoy/-6% qoq).
- Revenue grew 8% yoy and 51.5% qoq to Rmb19.74b, at the low-end of the company’s guidance of Rmb19.6b-20.8b. This brings 1H26 revenue
Highlights
- 2Q26 results missed expectations with a net loss of Rmb1,337m (+180% yoy/-25% qoq). The miss lies in ASP and SG&A.
- The company guides for 11.3-17.1% yoy delivery growth and 9.9-18.5% revenue growth for 3Q26, in line with expectations.
- We lift our 2026 net loss estimate by 60% to Rmb3,235m, and cut our 2027- 28 net profit forecasts by 46%/13% to Rmb1,437m/Rmb4,620m respectively, based on higher R&D expense for the AI and robotics businesses.
- Looking ahead, XPeng’s bottom line will be driven by a strong product cycle, globalisation, software licensing and service revenue.
- Maintain BUY and cut target price from HK$90.00 to HK$60.00.
Analysis
- 2Q26 results missed expectations with net loss of Rmb1,337m (+180% yoy/-25% qoq), bigger than our estimate of Rmb950m and consensus
estimate of Rmb772m. The miss lies in ASP and SG&A.
- Revenue grew 8% yoy and 51.5% qoq to Rmb19.74b, at the low-end of the company’s guidance of Rmb19.6b-20.8b. This brings 1H26 revenue
to Rmb32.78b (-3.8% yoy), 36% of our full-year estimate. The revenue growth was mainly driven by the licensing and service segment, growing 94% yoy and 33% qoq in revenue to Rmb2.7b in 2Q26. Vehicle sales revenue rose to Rmb17.05b (+1% yoy/+55% qoq) in 2Q26 on in-line deliveries of 103,300 units (+0.1% yoy/+65% qoq) and disappointing ASP of Rmb165,000 (+0.9% yoy/-6% qoq).
- Revenue grew 8% yoy and 51.5% qoq to Rmb19.74b, at the low-end of the company’s guidance of Rmb19.6b-20.8b. This brings 1H26 revenue
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$47.68
HK$60.00
25.8%
HK$90.00
Analyst
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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