According to a research report released by Guolian Securities on November 7th, Xiaopeng Motors delivered a total of 122478 new cars in the first 10 months of this year, a year-on-year increase of 21%. Guolian Securities expects its sales volume to be 18/45/67000 vehicles in 2024/2025/2026, corresponding to operating revenue of 43.6/793/104.6 billion yuan, with year-on-year growth rates of 42%/82%/32% respectively. The net profit attributable to the parent company is -50.5/-5/2.3 billion yuan respectively. Maintain a 'buy' rating.