LEAPMOTOR(09863) CAITONG SECURITIES·2024-10-15 05:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high in September sales, delivering 33,767 units, representing a year-on-year growth of 113.7%. The new models were officially launched in Europe [3] - The company is benefiting from new product launches and government policies promoting vehicle trade-ins, which have contributed to strong sales growth. The global expansion strategy is gaining momentum, with the debut of the B-series model, the Leap B10, at the Paris Auto Show [3] - The company has introduced an AI-powered voice model in collaboration with Alibaba Cloud, enhancing the smart cabin experience in its vehicles [3] - The forecast for the company's net profit attributable to shareholders for 2024-2026 is projected at -3.528 billion, -922 million, and 1.068 billion RMB, respectively, with a PE ratio of 36.72 times in 2026 [3] Financial Summary - The company reported a revenue of 16.747 billion RMB for 2023, with projections of 29.906 billion RMB for 2024, 54.203 billion RMB for 2025, and 79.932 billion RMB for 2026, indicating a revenue growth rate of 35.22% in 2023 and 78.58% in 2024 [6] - The net profit attributable to shareholders is expected to improve from -4.216 billion RMB in 2023 to 1.068 billion RMB in 2026, reflecting a significant turnaround [6] - The company's total assets are projected to grow from 28.453 billion RMB in 2023 to 62.581 billion RMB in 2026, with a corresponding increase in total liabilities [7]