Guosheng Securities released a research report stating that maintaining the “buy” rating of Xiaopeng Automobile-W (09868.HK), it is expected to sell about 17/26/360,000 vehicles in 2024-2026, with total revenue reaching 501/817/104.7 billion yuan, and a non-GAAP net profit margin of -12%/-4%/1%. Considering the strong competitive pressure in the 2024 200,000-300,000 price band, the target price is HK$43.1. Thanks to the launch of products such as 1) G6 and the new G9, and strategic and organizational adjustments, Xiaopeng Motor's delivery volume increased quarterly in 2023. Q4 sales exceeded 60,000 units, up 171%/50% year over year, and revenue increased 154%/53% year over year to 13.05 billion yuan.