LEAPMOTOR(HK:09863) Tebon Securities·2024-08-16 08:43Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a revenue of 5.36 billion yuan in Q2 2024, representing a year-on-year increase of 22.6% and a quarter-on-quarter increase of 53.7%. However, the net profit attributable to the parent company was -1.2 billion yuan, indicating a slight increase in losses compared to the previous year [5]. - The gross margin for Q2 2024 was 2.8%, an increase of 8.0 percentage points year-on-year and 4.1 percentage points quarter-on-quarter [5]. - The company is expected to see significant sales growth in Q3 2024, with over 28,000 new orders in July and plans to launch new models at the Paris Auto Show in October 2024 [5]. - The international expansion is progressing steadily, with nearly 2,000 units of C10 and T03 shipped to Europe, and plans to establish over 200 sales outlets in Europe by the end of 2024 [5]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 27.49 billion yuan, 47.22 billion yuan, and 68.28 billion yuan, respectively. The corresponding net profits are expected to be -4.18 billion yuan, -2.56 billion yuan, and 130 million yuan [6][8]. - The gross margin is projected to improve to 5.5% in 2024, 9.0% in 2025, and 11.5% in 2026 [8]. - The company’s total assets are estimated to reach 30.23 billion yuan in 2024, with a projected total market value of 30.28 billion yuan [7][8].