LEAPMOTOR(09863) 海通证券·2024-07-03 00:31Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's new model, C16, is competitively priced and offers strong features in terms of range, driving experience, and intelligence, which is expected to positively impact the company's ASP and unit gross margin [5] - The company is expected to benefit from the expansion of the 10-20 million yuan economy smart car market in China, and its light-asset overseas model in collaboration with Stellantis will open new growth opportunities [6] - The report forecasts the company's revenue for 2024/25/26 to be 300/576/901 billion yuan, with net profits of -26/-3/7 billion yuan, and a PS valuation of 1.1/0.6/0.4 times for 2024/25/26 [6] Financial Performance and Forecast - The company's revenue is expected to grow significantly, with YoY growth rates of 79%, 92%, and 57% for 2024, 2025, and 2026 respectively [7] - The company's gross margin is projected to improve from 0.5% in 2023 to 14.5% in 2026 [7] - The net profit margin is expected to turn positive by 2026, reaching 0.82% [9] - The company's ROE is forecasted to improve from -33.74% in 2023 to 4.54% in 2026 [9] Valuation and Comparables - The report values the company at 1.4-1.5 times PS for 2024, corresponding to a fair value range of 34.54-37.01 HKD [6] - Compared to peers like Tesla, Li Auto, NIO, and XPeng, the company's PS ratio is lower, indicating potential undervaluation [8] Product Analysis - The C16 model, launched on June 28, 2024, is a flagship six-seat SUV with both extended-range and pure electric versions, priced competitively at 15.58-18.58 million yuan [5] - The C16 offers a range of 200km (pure electric) and 1095km (extended-range), with advanced features such as an 800V high-voltage silicon carbide platform and intelligent driving capabilities [5] - The C16's design includes a 2+2+2 seating layout, achieving a 67.2% space utilization rate, the highest in its class, and features advanced suspension systems for improved driving comfort [5] Market Position - The C16 competes in the six-seat SUV market against both traditional fuel-powered vehicles like the Buick Enclave and Volkswagen Talagon, as well as new energy vehicles like the BYD Tang, AITO M7, Li L8, and Dongfeng Eπ 008 [5] - The company's strategic focus on the 10-20 million yuan price segment and its collaboration with Stellantis for overseas expansion are key drivers for future growth [6]