LEAPMOTOR(HK:09863) Changjiang Securities·2024-09-26 01:40Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company has officially launched its T03 and C10 models in Europe, with sales starting in 13 countries. The T03 has a starting price of €19,000, while the C10 starts at €36,000, with both prices meeting expectations [5][6]. - The T03 model features a 37.3 kWh battery with a WLTP range of 265 km, and it is equipped with enhanced intelligent driving capabilities compared to its domestic version. The C10 model offers a 69.9 kWh battery with a WLTP range of 420 km, and its pricing is competitive against rivals [5][6]. - The company is expected to expand its international sales channels to 350 by Q4 2024, with over 200 channels in Europe, indicating a strong growth strategy [5]. Summary by Sections Event Description - On September 24, the company launched the T03 and C10 in Europe, with sales commencing in 13 countries including France, Germany, and the UK. The T03 is priced at €19,000 and the C10 at €36,000, with expectations for order taking to begin in October [5]. T03 Model Analysis - The T03 European version has a competitive price and superior range compared to competitors. It features a 37.3 kWh battery, a WLTP range of 265 km, and enhanced intelligent driving capabilities with additional sensors [5][6]. C10 Model Analysis - The C10 is available only in electric version with a starting price of €36,400. It has a WLTP range of 420 km and is priced lower than competitors like the Volkswagen ID.4. The model maintains similar dimensions and intelligent features as its domestic counterpart [6]. Domestic and International Growth - The company is experiencing a strong new car cycle domestically, which is expected to drive sales growth. The partnership with Stellantis allows for a low-investment, rapid expansion strategy in international markets, with projected sales of 250,000, 410,000, and 510,000 units from 2024 to 2026 [6].