LEAPMOTOR(HK:09863) Ge Long Hui·2025-12-09 20:22Core Viewpoint - Leap Motor's Lafa5 officially launched on November 27, 2025, with promotional pricing significantly lower than pre-sale versions, indicating a strong market entry strategy [1][2]. Group 1: Product Launch and Pricing - Lafa5 is priced between 97,800 to 121,800 yuan, with a limited-time promotional price of 92,800 to 116,800 yuan, reflecting a decrease of 13,000 to 15,000 yuan compared to pre-sale prices [1]. - The launch includes substantial promotional benefits, such as a maximum value of 24,900 yuan in launch gifts, including cash discounts and lifetime warranties on key components [1]. Group 2: Product Features and Competitiveness - Lafa5 is positioned as a high-value electric coupe, offering superior space, configuration, and performance compared to competitors, with a length of 4,430 mm and a wheelbase of 2,735 mm [2]. - The vehicle features two versions with CLTC ranges of 515 km and 605 km, and the lowest energy consumption version achieves 12.3 kWh/100 km [2]. - Equipped with advanced driving capabilities, including city and highway navigation assistance, Lafa5 utilizes Qualcomm Snapdragon 8650 and 8295 chips for enhanced smart driving performance [2]. Group 3: Market Strategy and Future Outlook - Leap Motor is in a strong new vehicle cycle, planning to launch 2-3 new products globally each year over the next three years, with Lafa5 being a key model in the 100,000 to 150,000 yuan price range [3]. - The company has established a robust domestic sales network with 866 stores and is expanding internationally, having exported 38,000 vehicles in the first nine months of the year [3]. - Collaborating with Stellantis, Leap Motor aims to leverage global resources for efficient market entry, anticipating significant profit contributions from overseas sales [3]. - Projections indicate a net profit of 630 million, 5 billion, and 8.37 billion yuan for 2025-2027, with corresponding P/E ratios of 107.9X, 13.7X, and 8.2X, maintaining a "buy" rating [3].