LEAPMOTOR(HK:09863) Changjiang Securities·2024-10-09 00:38Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a record monthly delivery of 33,767 vehicles in September, representing a year-on-year growth of 113.7% and a month-on-month increase of 11.4% [6]. - Cumulative sales for Q3 reached 86,000 vehicles, up 94.4% year-on-year and 61.7% month-on-month, while total sales from January to September amounted to 173,000 vehicles, reflecting a year-on-year increase of 94.6% [6]. - The company is experiencing a strong new vehicle cycle, with plans to launch 2-3 new products annually over the next three years, including three models from the B series in 2025 priced between 100,000 to 150,000 yuan [6]. - The company is expanding its marketing network under the "1+N" model, with 474 sales stores and 328 service centers covering 187 cities as of June 2024 [6]. - The partnership with Stellantis is expected to facilitate global expansion with low initial investment and rapid deployment, enhancing profitability through overseas sales [6]. Summary by Sections Sales Performance - September deliveries reached 33,767 units, marking a historical high with a year-on-year growth of 113.7% and a month-on-month growth of 11.4% [6]. - Cumulative sales for Q3 were 86,000 units, a 94.4% increase year-on-year, while total sales for the first nine months were 173,000 units, up 94.6% year-on-year [6]. Product Development - The company is set to launch multiple new models, including the B10 at the Paris Auto Show, with plans for 2-3 new products each year for the next three years [6]. - The T03 and C10 models have officially launched overseas and are now accepting orders [6]. Market Strategy - The company is enhancing its marketing network with a total of 474 sales stores and 328 service centers across 187 cities as of mid-2024 [6]. - The collaboration with Stellantis aims to leverage its global resources for a more efficient market entry strategy [6].