Grilonghui December 2nd | CICC stated that Xiaopeng's recent launch of the Mona M03 and P7+ models has had good sales performance, with next year's sales forecast being raised to 0.39 million units, of which the new models will account for 75%, driving the company to achieve profitability in 2026. OCBC Bank is optimistic about Xiaopeng Motors' sales growth over the next two years, expecting sales growth rates of 65% and 25% in 2025 and 2026 respectively. Based on the good sales and profit outlook, Xiaopeng Motors' stock target price has been raised, with H shares increased to 67 Hong Kong dollars and US shares increased to 17 US dollars, maintaining a "buy" rating. Goldman Sachs pointed out that in the past two months, due to strong new orders and delivery growth, Xiaopeng Motors' H shares and US shares have performed well. Given the industry competitive situation, Xiaopeng H shares and US shares have been downgraded from "buy" to "neutral", but the target price has been raised to 49 Hong Kong dollars and 12.5 US dollars, while revenue forecasts for 2024 to 2026 have been raised by 5% to 9%. As for NIO, the report from Lyon Securities shows a third-quarter gross margin of 10.7%, in line with market expectations, with a projected fourth-quarter automotive profit margin of 15% and a target of 20% next year. Goldman Sachs believes that NIO's slow channel expansion for new models and slow capacity expansion at the Hefei plant, coupled with intensified industry competition and increased sales and R&D expenses, will impact the company's short-term profitability.