Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company is entering a rapid growth phase, with expected continuous improvement in performance. The recent launch of the B10 model has generated significant market interest, with over 15,000 orders within the first hour of pre-sale [7]. - The company focuses on high cost-performance products, establishing a competitive advantage in the market. It maintains a self-research approach for over 70% of its core components, supporting rapid product iteration [7]. - The company is projected to achieve profitability in 2025, with net profits expected to reach 1.89 billion RMB, 22.4 billion RMB, and 43.9 billion RMB for the years 2025, 2026, and 2027 respectively [7][9]. Company Overview - The company operates in the automotive industry, with a current stock price of HKD 41.50 as of March 10, 2025. The market capitalization is approximately 34.76 billion RMB [2]. - The company has a total share issuance of 1,336.97 million shares, with 1,116.41 million shares listed as H shares [2]. - Major shareholder includes Chen Ailing, holding 25.09% of the shares [2]. Financial Performance - For the year 2024, the company reported a revenue of 32.16 billion RMB, a year-on-year increase of 92.1%. The net loss was reduced to 2.82 billion RMB, an improvement of 1.39 billion RMB compared to 2023 [7][9]. - The company achieved a gross margin of 8.38% for the year, with a significant increase in quarterly gross margin to 13.3% in Q4 2024 [7]. - Free cash flow turned positive at 6.32 billion RMB, a substantial increase from a negative cash flow of 320 million RMB in the previous year [7]. Sales Projections - The company aims to sell between 500,000 to 600,000 vehicles in 2025, with a projected monthly sales volume of 20,000 to 25,000 units for the B10 model after its official launch [7]. - The sales target reflects a doubling of sales volume compared to the previous year, supported by new model launches and upgrades [7].

2025年3月11日 CMB国际全球市场 | 股票研究 | 公司更新 Leapmotor (9863 HK) 竞争性定价 B10 在2024年第四季度实现强劲的 利润率。 Leapmotor 推出了其 B10 3月10日的EV发布，预售价范围在人民币109,800-1 39,800。具备激光雷达和城市NOA功能型号的价格低至人民币129,800。我们 认为这样的价格具有竞争力。考虑到Leapmotor利用Qualcomm 8650芯片进行 自主研发的自动驾驶，我们认为许多投资者仍然低估了Leapmotor的研发能力 。因此，我们将其在FY25E年的B系列销量上调25,000单位。我们还将其在FY2 5E年的总销量上调30,000单位至0.48mn单位。 在FY25E实现可能的盈亏平衡，得益于规模经济的扩大和强劲的2024年第 四季度利润率。 Leapmotor的2024年第四季度毛利率环比上升5.2个百分点至1 3.3%，符合其盈利预警。其2024年第四季度收入环比增长37%至人民币135亿 元，净利润为人民币8100万元，甚至强于预期。 我们之前的预测 我们预计， 凭借Leap 3.5架构在降低成本方面的帮 ...

11 Mar 2025 CMB International Global Markets | Equity Research | Company Update Leapmotor (9863 HK) Competitive pricing for B10 with strong 4Q24 margins Maintain BUY. Leapmotor's aggressive pre-sale price for its new B10 EV, along with its in-house autonomous driving (AD) and chassis capabilities, gives us more confidence about its sales. We revise up its FY25E sales volume by 7% to 0.48mn units. We also project a minimal net loss in FY25E and a net profit of RMB1.26bn in FY26E with more new A and D series ...

其中，第四季度零跑月均交付超4万台，毛利率达13.3%，创单季度新高；更实现净利润转正，提前一 年达成单季度盈利目标，成为第二家盈利的新势力公司。 人民财讯3月11日电，近日，零跑汽车发布2024年年度财报，期内，公司营业收入为321.6亿元，保持强 劲增长；毛利率达8.4%，创历史新高；全年交付达293724台，超额完成年度目标；经营现金流和自由 现金流双转正，在手资金充裕，达204.2亿元。 ...

Zhejiang Leapmotor Technology (09863) Q4 2024 Earnings Call March 10, 2025 04:39 PM ET Operator This meeting is a closed door meeting of China International Capital Corporation Limited, CICC, and only invited guests allowed to attend. Without the written permission of CICC and the speaker, no organization or individual is allowed to punish, forward, reprint, disseminate, copy, edit or modify the meeting contents and relevant information in any form. CICC reserves the right to investigate the relevant legal ...

撰 文 / 钱亚光 设 计 / 琚 佳 2月10日，比亚迪宣布"天神之眼"智驾系统将覆盖全系车型，并一口气推出21款智驾车型，甚至将 高速NOA功能覆盖到10万元车型。 2025年被认为是"智能驾驶元年"，中国汽车行业正从"电动化上半场"快速转向"智能化下半场"， 而"智驾平权"正在成为多数车企智能化的发展方向。 2月9日，长安汽车正式发布智能化战略"北斗天枢2.0"计划，从2025年起不再开发非数智化新产 品，全系标配开通智驾接口，未来3年长安汽车将推出35款数智新汽车产品。 同日，零跑汽车表示将推动智驾全民普及，即将上市的零跑B10车型是15万元级首款搭载激光雷达 并支持城区智能驾驶的车型。 3月3日，吉利汽车举办"吉利AI智能科技发布会"，并发布了"千里浩瀚"安全高阶智能驾驶系统，规 划了5级智驾方案，将覆盖吉利集团各品牌全系不同价位车型。 而智能驾驶的普及，离不开必不可少的"装备"——传感器性能的提高和成本的降低。 天神之眼C将是比亚迪应用最广泛的智驾系统，在硬件上搭载5个毫米波雷达、12个超声波雷达、 包括前视三目摄像头在内全车12个摄像头，在算力芯片方面选择了英伟达Orin N和地平线J6M。 轩 ...

Financial Performance - In Q4 2024, the company achieved a net profit of RMB 80 million, marking the second new car manufacturer to turn profitable[6]. - Revenue for 2024 was RMB 32.16 billion, up 92.0% from RMB 16.75 billion in 2023[6]. - The gross margin for 2024 improved to 8.4%, a significant increase of 7.9 percentage points from 0.5% in 2023[6]. - The gross profit for 2024 was RMB 2.69 billion, a significant increase of 3,262.5% from RMB 80 million in 2023, with the gross margin improving from 0.5% to 8.4%[28]. - The adjusted net loss for the year ended December 31, 2024, was RMB 2.35 billion, compared to an adjusted net loss of RMB 3.52 billion for the year ended December 31, 2023[51]. - The net loss attributable to equity holders of the company for 2024 was RMB 2,820,796 thousand, down from RMB 4,216,274 thousand in 2023, showing a decrease of approximately 33.1%[65]. - Total expenses for the year ended December 31, 2024, were RMB 35,641,487,000, up from RMB 21,238,714,000 in 2023, reflecting an increase of approximately 67.9%[91]. - The basic loss per share for the year ended December 31, 2024, was RMB (2.11), an improvement from RMB (3.62) in 2023, indicating a reduction in losses per share[98]. Vehicle Deliveries and Sales - Total vehicle deliveries for 2024 reached 293,724 units, a 103.8% increase from 144,155 units in 2023, ranking among the top three new car manufacturers[6]. - The C10 model delivered 75,469 units in 2024, with a monthly average sales of nearly 10,000 units in Q4[8]. - C series vehicles accounted for 76.6% of total sales in 2024, with a year-on-year growth of 112.9%[9]. - The company achieved a cumulative sales volume of 50,457 units in January-February 2025, representing a 167.8% growth compared to the same period in 2023[25]. Cash Flow and Investments - The company reported a net cash inflow from operating activities of RMB 8.47 billion in 2024, an increase of RMB 7.39 billion from RMB 1.08 billion in 2023[9]. - Free cash flow for 2024 was RMB 6.32 billion, a remarkable increase of 2,058.5% compared to a negative RMB 320 million in 2023[38]. - The cash flow from investing activities resulted in a net outflow of RMB 13,322,997 thousand in 2024, compared to RMB 4,860,373 thousand in 2023, indicating a significant increase in investment expenditures[72]. - The company reported a net cash outflow from financing activities of RMB 503,450 thousand in 2024, contrasting with a net inflow of RMB 8,551,699 thousand in 2023, highlighting a shift in financing strategy[72]. Research and Development - Research and development expenses rose to RMB 2.90 billion in 2024, a 51.0% increase from RMB 1.92 billion in 2023, reflecting increased investment in R&D[31]. Expansion and Market Presence - The company plans to launch the B series products in 2025, targeting a sales goal of 500,000 units for that year[10]. - The company expanded its sales network to 695 stores and 427 service centers, covering 264 cities, an increase of 82 cities from 2023[15]. - The company exported 13,726 vehicles overseas by the end of December 2024, with plans to establish over 550 sales and service channels globally by 2025[20]. - The company aims to accelerate its international market presence with the launch of models C10 and T03 in Europe in September 2024[119]. Financial Position - Total assets increased to RMB 37,646,520 thousand in 2024 from RMB 28,453,417 thousand in 2023, marking a growth of around 32.4%[66]. - The company's cash and cash equivalents decreased to RMB 6,378,268 thousand in 2024 from RMB 11,731,389 thousand in 2023, a decline of approximately 45.5%[66]. - The total liabilities increased to RMB 27,575,854 thousand in 2024 from RMB 15,955,221 thousand in 2023, representing a growth of approximately 73.2%[67]. - The company's equity attributable to equity holders decreased to RMB 10,070,666 thousand in 2024 from RMB 12,498,196 thousand in 2023, a decline of about 19.4%[67]. Employee and Operational Metrics - The total number of full-time employees as of December 31, 2024, was 15,551, with employee welfare expenses amounting to approximately RMB 4.15 billion during the reporting period[54]. - Employee benefit expenses for the year ended December 31, 2024, were RMB 4,153,966,000, compared to RMB 3,478,637,000 in 2023, marking an increase of 19.5%[91]. Compliance and Governance - The company plans to enhance training for directors and senior management regarding compliance with listing rules to prevent future incidents related to securities trading[60]. - The company received an MSCI ESG AA rating in January 2025, maintaining its position as a leader among global peers for two consecutive years[22]. Future Outlook - The company plans to launch the new B-series model B10, which is set for pre-sale on March 10, 2025, featuring the latest LEAP 3.5 technology architecture[119]. - The annual performance conference call is scheduled for March 10, 2025, at 17:15 Beijing/Hong Kong time[118].

以下文章来源于高工产研 ，作者GGII 高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产 业主要包括锂电池、储能、氢能与氢燃料电池、新能源汽车、智能汽车、LED照明与显示、机器人、新 材料等。 摘要 小鹏汽车登新势力榜首。 高工产业研究院（GGII）依据新能源车部分品牌官方披露的交付量&销量显示，受春节因素影响， 销量数据较上月有所回落， 在统计的11家车企数据中环比增速为负的有5家。从本月造车新势力 竞争格局来看，小鹏汽车 交付新车30,453辆，同比增长570.0%，环比增长0.3% ， 成为中国市 场新势力品牌月交付量冠军，理想、零跑、小米紧随其后。 2025年2月，小鹏汽车共交 付新车 30,453台 ，同比增长 570% 。小鹏汽车已 连续4个月交付量 突破30,000台 ，小鹏MONA M03连续3个月交付超15,000台，小鹏P7+上市3个月，累计交付超 30,000台，打破同级最快交付纪录。2025年1月-2月，小鹏汽车累计交付新车共 60,803台 ，同 比增长 375% 。 45 台 同比增长570% 全新小鹏 G6 今日到店 XP ...

Group 1 - The core point of the article is that Leap Motor has officially announced its continued sponsorship of Zhejiang FC for the 2025 season, reinforcing its commitment to the partnership [1] - Leap Motor will serve as the exclusive naming partner on the front of the match jerseys for the Zhejiang Green Town team, which competes in the Chinese Super League and the FA Cup [1]

Summary of Leap Motor Conference Call Company Overview - **Company**: Leap Motor - **Industry**: Automotive, specifically electric vehicles (EVs) Key Points and Arguments - **Market Performance**: Leap Motor has shown significant growth since its establishment in 2015, with the T03 model launched in 2020 marking a turning point in sales. The company is now among the top new force brands in terms of sales, with upcoming models CC11, C01, 410, and 416 expected to further enhance its market position [3][4] - **Revenue Growth**: Leap Motor's revenue increased from a few hundred million in 2019 to 16.7 billion in 2023, with a forecast of at least 30.5 billion for 2024. The first three quarters of 2024 saw revenues of 18.7 billion, with Q4 expected to exceed 12 billion due to subsidy policies, marking the first quarter of profitability [4][5] - **Gross Margin Improvement**: The company's gross margin has improved, with an average of 4.87% in the first three quarters of 2024, rising to over 8% in Q3. The overall gross margin for the year is expected to exceed 8% [4][5] - **Sales Model**: Leap Motor primarily uses a dealer model, which allows for rapid expansion of its sales network despite potential management challenges. This model has helped the company quickly capture market share [7][9] - **International Expansion**: The company is actively expanding into international markets, particularly Europe, through a partnership with Stellantis, which provides support in local market adaptation and channel development [6][11] - **Sales Projections**: For 2025, Leap Motor aims for domestic sales of 420,000 units and international sales of 60,000 to 80,000 units, totaling 500,000 units. By 2026, the overall sales target approaches 1 million units [4][25] - **Revenue Forecast**: Expected revenues for 2024, 2025, and 2026 are projected at 31.4 billion, 56.1 billion, and 81.4 billion respectively, with a break-even point anticipated in 2025 and a net profit of 2.4 billion expected in 2026 [4][26] Additional Important Insights - **Product Line and Development**: Leap Motor plans to introduce a series of high-cost performance B-series models to replace some microcar demand, ensuring a robust revenue structure. The company has a production capacity of 800,000 vehicles annually with new factories in Jinhua and Hangzhou [5][8] - **Competitive Landscape**: Leap Motor's competitive edge lies in its strong product capabilities, high cost performance, and advanced technology integration, including electronic architecture and battery integration [10][12] - **Challenges and Opportunities**: While the dealer model presents challenges in profit margins due to dealer incentives, it also allows for a low-cost strategy and effective inventory management. The company is well-positioned to leverage the growing demand for economical vehicles in Europe, especially given the high energy prices [9][19] - **Consumer Preferences**: European consumers show a strong preference for small cars, with a significant market for A-class vehicles. Leap Motor's strategy to offer competitive pricing in this segment could tap into a potential market space of 3 million units annually [15][16] This summary encapsulates the key insights from the conference call regarding Leap Motor's current status, future projections, and strategic initiatives in the automotive industry.