Core Viewpoint - Goldman Sachs reports that XPeng Motors (09868, XPEV.US) met expectations for Q3 performance, but the revenue guidance for Q4 is expected to fall short due to slowing sales growth and increased market competition, leading to a 10% drop in stock price post-earnings announcement [1] Group 1: Financial Performance - XPeng's Q3 performance aligns with expectations, but Q4 revenue guidance is expected to be lower due to sales growth slowdown and intensified competition [1] - After extending the discounted cash flow (DCF) valuation by one year, XPeng's 12-month target price for US shares increased from $24 to $25, and the target price for Hong Kong shares rose from HKD 94 to HKD 96, maintaining a "Buy" rating [1] Group 2: Future Outlook - Despite short-term sales momentum being relatively mild and limited new model releases, XPeng is expected to outperform peers in seasonal performance in Q1 next year, with the launch of three range-extended electric vehicle models (G6, G7, P7+) [1] - Management's comments on pre-order data for the X9 range-extended electric vehicle suggest that orders for these models may be three times higher than for pure electric vehicles [1] - For the full year next year, XPeng is projected to achieve a 40% revenue growth driven by strong new model development and sustainable income contributions from Volkswagen, with economies of scale and ongoing cost reductions expected to enhance gross margins [1] Group 3: Profitability Adjustments - Following Q3 results, Goldman Sachs revised XPeng's profit forecasts for 2025 to 2027, adjusting expected losses and profits due to higher new business R&D expenses [2] - The forecast for operating capital changes was adjusted upwards, reflecting a decrease in accounts payable days [2]