XPeng Inc. -W (09868.HK) is due to report Q2 results on Monday. Visible Alpha’s
analyst survey projects a net loss widening to 718.6 mln yuan (about $106.9m)
from 477.8 mln yuan a year earlier, with revenue up 13% YoY to 20.69 bln yuan.
CITIGROUP expects Q2 vehicle gross margin of 12.5% (Q1: 12.1%; YoY: 14.3%). Citi
flags Q3 delivery guidance may be about 130,000 units versus market consensus
~150,000 as the company needs time to ramp the new L03 SUV; monitor whether L03
Production can be raised quickly without noticeably squeezing M03 sedan volumes.
On exports, Citi sees Q4 export share possibly near 20% of deliveries versus
~10% in Q3; watch XPeng’s ability to accelerate overseas expansion while
maintaining higher gross margins.
