According to a report published by China Merchants Securities, Xiaopeng Motor's losses in the first quarter narrowed sharply, product structure improvements raised average sales prices, and service revenue growth improved gross profit margins. Management guidelines delivered 29,000 to 32,000 units in the second quarter, corresponding to an average delivery of 11,000 units each from May to June. According to the report, the new MONA series model will be released in June and delivered on a large scale in the third quarter. With cost control-oriented R&D, MONA's gross margin is expected to exceed X9, boosting the company's sales volume and profitability significantly. Additionally, in the fourth quarter, the company will release a new B-class sedan, the F57. Starting in the third quarter, the company will launch new models and modified models equipped with the latest hardware solutions on a quarterly basis, and sales and gross profit levels are expected to continue to improve. The company will continue to expand its overseas sales network in the second half of the year, and is expected to account for 10% of overseas sales in the second quarter. China Merchants Securities raised Xiaopeng Motor's 2024-2026 revenue forecast by 3%, 3%, and 2% respectively, and lowered its loss forecast by 16%, 23%, and 34%, respectively, to reflect the cost reduction effect after the company's internal reforms, as well as the continuous profit contribution brought about by technology exports. The bank maintained an “Overweight” rating, and the target price was raised from HK$41 to HK$45.