Glonghui, March 28 | Jefferies released a report saying that Xiaopeng's revenue for the fourth quarter of last year increased 1.54 times year-on-year to 13.1 billion yuan, and 53% quarterly. Net loss narrowed from 2.5 billion yuan in the third quarter of last year to 1.3 billion yuan in the fourth quarter of last year. The quarterly automobile profit margin was 4.2%, 2 percentage points higher than the bank's expectations. The current quarter's delivery guide of 21,000 to 22,500 vehicles is in line with the bank's expectations, and revenue guidance of 5.8 billion to 6.2 billion yuan is a good sign of a better product portfolio. The bank was deeply impressed by Xiaopeng's ability to stabilize automobile profit margins under the price reduction war. With improved cash conditions and the start of a strong product cycle in the second half of the year, Xiaopeng appears to be on a trajectory of reversing losses. The bank predicts that Xiaopeng will lose $4.5 and $3.6 per share this year and next two years to reflect the latest product schedule. The target price will drop from HK$98.9 to HK$73, maintaining the “buy” rating.