LEAPMOTOR(09863) Ge Long Hui·2025-05-22 01:51Core Viewpoint - Leap Motor reported impressive performance in Q1 2025, driven by new vehicle launches and accelerated overseas market expansion, maintaining a "Buy" rating [1] Financial Performance - In Q1 2025, Leap Motor achieved revenue of 10.02 billion yuan, a year-on-year increase of 187% but a quarter-on-quarter decrease of 26% [1] - The net loss for Q1 2025 was 130 million yuan, significantly narrowed compared to previous periods [1] - The gross margin reached 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, marking a historical high [1] Sales and Delivery - Leap Motor delivered 88,000 new vehicles in Q1 2025, a year-on-year increase of 162% but a quarter-on-quarter decrease of 28% [2] - The C series accounted for 68,000 units, representing approximately 76% of total sales, with a year-on-year increase in sales proportion by 5.7 percentage points [2] - The average revenue per vehicle was 114,000 yuan, up by 1,000 yuan year-on-year and 300 yuan quarter-on-quarter [2] Export and Global Expansion - In the first four months of 2025, Leap Motor became the top new energy vehicle exporter, with 13,632 units exported, including 7,546 units in Q1 2025 [2] - The company has established over 500 sales and after-sales service points overseas [2] - By the end of 2025, Leap Motor plans to start assembling the right-hand drive version of the C10 model in Gurun, Kedah, Malaysia, aiming for deeper penetration in the Southeast Asian market [2] - The company aims to achieve localized manufacturing in Europe by 2026 to accelerate market expansion [2]