On January 10, Gleonghui reported that Daiwa Capital Markets released a Research Report indicating that Xiaopeng Autos' fourth-quarter delivery volume increased by 52% year-on-year and 97% quarter-on-quarter, surpassing the company's management guidance and this firm's expectations. Additionally, the better-than-expected performance in the fourth quarter drives the company's total delivery volume for 2024 to about 0.19 million units (representing a 34% year-on-year increase), slightly higher than the company and this firm's expectations. Looking ahead, Xiaopeng aims to deliver 0.35 million Autos this year, far exceeding Daiwa's estimate of 0.23 million units. The firm mentions that the significant sales target for Xiaopeng this year shows divergence from its expectations, mainly due to the strong sales of the affordable model Mona M03 and the launch of other affordable models under the Mona sub-brand. Daiwa has adjusted Xiaopeng's auto delivery forecasts for 2024 to 2026 from 0.188 million, 0.23 million, and 0.28 million units, respectively, to 0.19 million, 0.35 million, and 0.4 million units; net loss forecasts have been reduced by 1%, 36%, and 47%, respectively. The firm has increased Xiaopeng's Target Price from HKD 35 to HKD 43, and upgraded the rating from 'Sell' to 'Hold.'