LEAPMOTOR(HK:09863) CAITONG SECURITIES·2024-09-26 05:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The launch of the C10 and T03 models in Europe marks a significant step in the company's international expansion strategy, supported by Stellantis [4] - The company plans to leverage Stellantis' distribution channels to increase its sales points to 350 by Q4 2024, with over 200 in Europe [4] - The C10 and T03 models are equipped with leading electric technology, offering high performance, efficiency, safety, and range [4] Financial Summary - The closing price as of September 25, 2024, is HKD 26.00, with a circulating share capital of 1.116 billion shares [2] - The projected revenue for 2024 is CNY 29.906 billion, with a growth rate of 78.58% [6] - The company expects to achieve a net profit of CNY 1.023 billion by 2026, with a corresponding PE ratio of 30.76 [5][6]