LEAPMOTOR(HK:09863) Ge Long Hui·2025-08-19 08:26Core Viewpoint - Leap Motor (9863.HK) has seen a significant stock price increase, reaching a historical high of 73.3 HKD, with a year-to-date gain of 125% [1][2] Financial Performance - For the six months ending June 30, 2025, the company's revenue reached 24.25 billion HKD, a year-on-year increase of 174%, driven by higher vehicle and spare parts deliveries, strategic partnerships, and carbon credit trading [1] - The net profit attributable to equity holders was 30 million HKD, marking a turnaround from a loss, making it the second Chinese new car manufacturer to achieve semi-annual profitability [1] Analyst Upgrades - Citigroup initiated a 90-day upward catalyst observation for Leap Motor, raising the target price from 86.4 HKD to 100 HKD, based on adjustments in sales volume, gross margin, and net profit [1] - The sales forecasts for 2025 to 2027 were increased to 600,000, 1.2 million, and 1.8 million vehicles, with revenue projections raised by 9% to 19% to 66.7 billion, 133 billion, and 192.9 billion HKD [1] - Net profit forecasts were adjusted upward by 11% to 26% to 1.1 billion, 4.17 billion, and 6.32 billion HKD, with gross margin expectations increased by 2.4 to 4.8 percentage points to 14.8%, 15.4%, and 15.5% [1] Sales Targets - Bank of America reported that Leap Motor's management set a third-quarter sales target of 170,000 to 180,000 vehicles and raised the annual sales target from 500,000-600,000 to 580,000-650,000 vehicles [2] - The company anticipates improved gross margins in the second half of the year, with a target of 14% to 15% for the overall gross margin [2] - Bank of America also raised its target price for Leap Motor from 79 HKD to 90 HKD, maintaining a "buy" rating [2]