Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][7][26] Core Views - The company achieved a revenue of 10.02 billion yuan in Q1 2025, representing a year-on-year growth of 187.1%, primarily driven by a 162.1% increase in sales volume and product mix optimization [4][9] - The gross margin reached a historical high of 14.9% in Q1 2025, up from 8.38% for the entire year of 2024 and -1.4% in the same quarter of 2024 [5][12] - The company is expected to continue its rapid growth trajectory, with projected revenues of 66.8 billion, 99.9 billion, and 124.4 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 107.6%, 49.5%, and 24.5% [7][29] Summary by Sections Financial Performance - In Q1 2025, the company reported a net loss of 130 million yuan, significantly narrowing from a loss of 1.01 billion yuan in Q1 2024 [4][9] - The average revenue per vehicle in Q1 2025 was 114,400 yuan, with a historical low cost per vehicle of 97,400 yuan, resulting in a gross profit of 17,100 yuan per vehicle [19][29] Product Development - The new C10 model was officially launched on May 15, 2025, featuring comprehensive upgrades in electric and intelligent technology, with a price range of 122,800 to 142,800 yuan [6][24] - The B01 model, the first sedan in the B series, was unveiled at the Shanghai Auto Show in April 2025, showcasing a youthful and technological design [25][26] Future Projections - The company anticipates sales to exceed 500,000 units in 2025, with a long-term goal of reaching 1 million annual sales [26][30] - The gross margin is expected to remain between 11% and 12% for 2025, despite potential uncertainties due to changes in product mix with the introduction of the B series [30][34]

Market Performance - A-shares experienced slight fluctuations with major indices mostly rising, while the Shanghai Composite Index fell by 0.05% to 3346.84 points [1] - Total trading volume in the A-share market was 10,339 billion, down from 11,826 billion on the previous Friday [1] - The automotive sector saw significant declines, with leading stocks like BYD dropping by 5.93% and other major players also experiencing losses [1] Sector Analysis - The controllable nuclear fusion concept stocks led the market, while sectors such as gaming, cultural media, jewelry, and communication services performed relatively well [1] - The automotive sector faced pressure due to recent price cuts, particularly from BYD, which raised concerns about profit margins across the industry [1] External Market Influences - U.S. stock indices fell slightly, with the Dow and S&P 500 down less than 1%, and the Nasdaq down 1% [2] - Concerns regarding Trump's tariff negotiations, particularly with the EU, have contributed to market volatility, although recent news indicated a potential extension of tariff deadlines [2] - The offshore RMB appreciated significantly by 0.45%, reaching its highest level since November, which historically supports A-shares by attracting foreign investment [2] Investor Sentiment - Current market conditions suggest a cautious outlook, with investors likely to maintain their positions and await further developments [3] - The slow recovery of the domestic economy and pressures in the real estate market are contributing to a lack of upward momentum in stock prices [3]

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 73, corresponding to a valuation of HKD 977 billion, which is 1.5x the estimated price-to-sales (P/S) ratio for 2025 [4][6]. Core Insights - Leap Motor's Q1 2025 gross margin exceeded expectations, achieving 14.9%, a significant improvement from -1.4% year-on-year, driven by increased sales volume and cost control measures [1][4]. - The company reported a Q1 revenue of CNY 10.02 billion, a year-on-year increase of 187.1%, with vehicle sales rising 162% to 87,552 units [1][4]. - The outlook for Q2 2025 anticipates sales of 130,000 to 140,000 units, with a gross margin expected to decline slightly [1][4]. Sales Performance - In Q1 2025, Leap Motor's sales reached 87,552 units, with the C series accounting for 77.5% of total sales, reflecting a 5.7 percentage point increase [2]. - The launch of new models, including the B10 and upgraded C series vehicles, is expected to drive continued sales growth [2][3]. International Expansion - Leap Motor exported 13,632 units from January to April 2025, leading among new energy vehicle manufacturers in China [3]. - The company has established over 500 sales and service points internationally, with plans for localized production in Malaysia and Europe by 2026 [3]. Component Business Outlook - Leap Motor's collaboration with major automotive players, including a strategic partnership with FAW and Stellantis, is expected to enhance its component business and improve economies of scale [4]. - The company anticipates significant growth in sales volume, projecting 550,000 units in 2025, with revenues reaching CNY 60 billion [4][5]. Financial Projections - The report forecasts Leap Motor's revenue to grow from CNY 16.75 billion in 2023 to CNY 99.81 billion by 2027, with a projected net profit of CNY 6.62 billion in 2027 [5][12]. - The gross margin is expected to improve from 0.5% in 2023 to 14% by 2027, indicating a positive trend in profitability [12][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company focuses on self-research and cost advantages, achieving an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. The revenue for Q1 2025 is projected to reach 10 billion CNY, with a gross margin of 14.9% [2][4]. - The domestic new car cycle is expected to drive continuous sales growth, while overseas expansion through collaboration with Stellantis opens up global sales opportunities [2][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 10.02 billion CNY, a year-on-year increase of 187.4%, and a gross margin of 14.9%, which is a 16.2 percentage point increase year-on-year. The average revenue per vehicle reached 114,000 CNY, up by 10,000 CNY year-on-year [7]. - The company reported a net loss of 130 million CNY in Q1 2025, significantly reducing losses compared to the previous year, with a corresponding profit margin of -1.3% [7]. Sales and Market Strategy - The company sold 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1%. The C series accounted for approximately 77.5% of total sales, reflecting a 5.7 percentage point increase year-on-year [7]. - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 model already launched and two additional B series models planned for 2025 [7]. Channel Development - As of the end of March 2025, the company has established 756 sales outlets, including 289 core centers and 467 experience centers, covering 279 cities. The company aims to increase coverage to 90% of cities above the county level by the end of 2025 [7]. - The overseas channel count exceeded 500 in Q1 2025, with plans for local assembly in Malaysia and localized manufacturing in Europe by 2026 [7].

Group 1: Financial Performance - In Q1 2025, Leap Motor reported revenue of 10.02 billion, a year-on-year increase of 187% [1] - The net profit for Q1 2025 was -130 million, showing a significant reduction in losses compared to the previous year [1] - The overall gross margin reached a historical high of 14.9%, a substantial improvement from -1.4% in Q1 2024, driven by increased sales, cost management, and product optimization [1] Group 2: Research and Development - Leap Motor achieved a high-efficiency self-research model, developing an auxiliary driving solution based on Qualcomm 8650 within six months [1] - The company’s self-developed end-to-end auxiliary driving system, combined with Qualcomm 8650 chips and Hesai LiDAR, will support upcoming features like urban memory commuting and urban NOA [1] Group 3: Market Expansion - From January to April 2025, Leap Motor exported 13,632 units, making it the leading new car manufacturer in terms of export volume [2] - As of March 2025, Leap Motor has established over 500 sales and after-sales service points overseas, with more than 450 in Europe and nearly 50 in the Asia-Pacific region [2] - The Malaysian factory is expected to start local assembly of the C10 model by the end of 2025, while the European factory aims for local production in 2026 [2] Group 4: Product Planning and Outlook - The B10 model was launched on April 10, 2025, with over 10,000 units delivered; additional models B01 and B05 are set to be released in the second half of the year [2] - For 2025, the company anticipates total deliveries of 500,000 to 600,000 vehicles, with a gross margin of 10-12%, aiming for breakeven [2] - Revenue projections for 2025-2027 are 59.6 billion, 83.1 billion, and 101.6 billion respectively, with year-on-year growth rates of 85%, 40%, and 22% [2]

Group 1 - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [1] - Total revenue reached 10.02 billion yuan in Q1 2025, up 187.4% year-on-year, but down 25.6% quarter-on-quarter [1] - The gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, despite a decline in sales volume [1] Group 2 - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a notable collaboration with China FAW Group to develop new energy vehicles and components [1] - The B10 model, the company's first intelligent vehicle, received over 30,000 orders within 48 hours of its launch, indicating strong market demand [2] - The company aims to achieve total sales exceeding 500,000 vehicles in 2025, driven by the launch of new models such as B01 and B05 [2] Group 3 - The company is recognized as a quality new energy vehicle manufacturer, with a focus on cost-effective models priced mainly between 100,000 to 200,000 yuan [3] - Revenue forecasts for 2025-2027 have been revised upwards to 62.6 billion, 81.4 billion, and 99.9 billion yuan respectively, alongside increased net profit estimates [3] - The company maintains a "buy" rating based on its growth potential and market positioning [3]

Investment Rating - The report maintains a "Buy" rating for Leap Motor (零跑汽车) [2][7][17] Core Insights - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [5] - Total revenue for Q1 2025 reached 10.02 billion RMB, up 187.4% year-on-year but down 25.6% quarter-on-quarter [5] - Gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, exceeding expectations despite a decline in sales volume [5][7] - The net profit attributable to shareholders was -130 million RMB, a reduction in losses by 880 million RMB year-on-year but an increase in losses by 210 million RMB quarter-on-quarter [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 16.75 billion RMB - 2024: 32.16 billion RMB - 2025E: 62.59 billion RMB - 2026E: 81.44 billion RMB - 2027E: 99.89 billion RMB - Year-on-year growth rates are projected at 35% for 2023, 92% for 2024, and 95% for 2025 [6][8] - The net profit attributable to shareholders is expected to turn positive in 2025 with a forecast of 155 million RMB, followed by 1.75 billion RMB in 2026 and 3.34 billion RMB in 2027 [6][8] Strategic Developments - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a target of achieving over 10% gross margin for the full year of 2025 [7] - The launch of the B10 model, which is positioned as a high-value intelligent vehicle, has generated significant interest, with over 30,000 orders within 48 hours of its release [7] - The company aims to increase its sales volume to over 500,000 vehicles in 2025, supported by the introduction of new models and expansion into overseas markets [7]

中华人民共和国工业和信息化部公告 2025年 第10号 2.享受车船税减免优惠的节约能源 使用新能源汽车车型目录（第七十三批） 3.减免车辆购置税的新能源汽车车型目录（第十七批） 更多减免购置税的新能源汽车车型点击"阅读原文"查看 根据《中华人民共和国行政许可法》、《国务院对确需保留的行政审批项目设定行政许可的决定》、 《财政部 税务总局 工业和信息化部 交通运输部关于节能 新能源车船享受车船税优惠政策的通知》（财 税〔2018〕74号）、《工业和信息化部 财政部 税务总局关于调整享受车船税优惠的节能 新能源汽车产 品技术要求的公告》（2024年第10号）、《财政部 税务总局 工业和信息化部 科技部关于免征新能源汽 车车辆购置税的公告》（2017年第172号）、《财政部 税务总局 工业和信息化部关于延续和优化新能源 汽车车辆购置税减免政策的公告》（2023年第10号）、《工业和信息化部 财政部 税务总局关于调整减 免车辆购置税新能源汽车产品技术要求的公告》（2023年第32号）等有关规定，现将许可的《道路机动 车辆生产企业及产品》（第394批）以及经商国家税务总局同意的《享受车船税减免优惠的节约能源 使 用新 ...

Core Viewpoint - Leap Motor has reported its best-ever first-quarter performance, with significant growth in sales and revenue, indicating strong market demand and effective operational strategies [2][4]. Financial Performance - In Q1 2025, Leap Motor achieved a sales volume of 87,600 units, representing a year-on-year increase of 162% [4]. - Revenue for the same period exceeded 10 billion RMB, reaching 10.02 billion RMB, a year-on-year growth of 187.1% [2][4]. - The gross margin reached a historical high of 14.9%, compared to -1.4% in Q1 2024 and 13.3% in Q4 2024, reflecting improvements in scale effects, cost management, and product mix optimization [4][5]. Market Expansion - Leap Motor has expanded its presence to 23 international markets, including Europe, the Middle East, Africa, Asia-Pacific, and South America, with over 550 sales and service outlets [2][7]. - The company aims to accelerate its global expansion, with plans to introduce three new models (B10, B01, B05) in 2025 to cater to diverse global customer needs [3][7]. Product Performance - The C series has been a standout performer, accounting for 77.5% of total sales in Q1 2025, with 67,800 units delivered [5]. - The B10 model, launched in April 2025, has already seen over 10,000 units delivered by the announcement date [5]. Strategic Partnerships and Production - Leap Motor is collaborating with Stellantis Group to localize production in Malaysia, with plans to start producing the C10 model by the end of 2025 and to establish manufacturing in Europe by 2026 [7][8]. - The company is focusing on maintaining a balance between market penetration and profitability, with an emphasis on long-term growth rather than immediate high profits [8]. Sales and Distribution Strategy - The company aims to exceed 1,000 sales outlets by the end of 2025, having nearly 800 currently, and is implementing a pixel model and online systems to enhance sales capabilities [9]. - Leap Motor prioritizes dealer profitability in its channel management strategy, ensuring a competitive edge in the industry [9].

Core Viewpoint - The company reported significant growth in revenue and a reduction in net loss for Q1 2025, indicating a positive trend in financial performance and operational efficiency [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 10.02 billion, a year-on-year increase of 187.1% [1]. - The net profit attributable to shareholders was -130 million, a substantial improvement from -1.01 billion in the same period of 2024 [1]. - The gross margin reached a historical high of 14.9% in Q1 2025, compared to -1.4% in Q1 2024 and 13.3% in Q4 2024, reflecting a 1.6 percentage point increase quarter-on-quarter [1]. Sales and Delivery - The company reported a significant increase in vehicle deliveries, with a total of 87,552 units delivered in Q1, representing a year-on-year growth of 162.1% [2]. - The C series models accounted for 67,812 units delivered, making up 77.5% of total sales, which is an increase of 5.7 percentage points compared to the same period in 2024 [2]. - The newly launched B platform model, B10, has seen over 10,000 units delivered since its launch on April 10, 2025, indicating strong market demand [2]. Future Outlook - The company is projected to achieve net profits of 407 million, 1.457 billion, and 3.131 billion for the years 2025 to 2027, with corresponding price-to-earnings ratios of 188.20, 52.52, and 24.44 [2].