LEAPMOTOR(09863) 财通证券·2024-10-17 14:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has established significant self-research capabilities in both hardware and software, enhancing its product lineup and opening growth opportunities through international expansion [3][4] - The company has formed a joint venture with Stellantis to facilitate its global strategy, leveraging Stellantis' extensive distribution network [3][4] - Revenue is projected to grow significantly, with expectations of reaching 299.06 billion RMB in 2024, 542.03 billion RMB in 2025, and 799.32 billion RMB in 2026 [4][34] Summary by Sections 1. Self-Research and Product Development - The company, founded in 2015, has developed comprehensive self-research capabilities in core technologies for electric vehicles, including the production of key components and cloud-based solutions [3][8] - The product matrix includes five pure electric models and four extended-range models, with significant delivery growth from 1.7 thousand units in 2021 to 17.3 thousand units in the first nine months of 2024, reflecting a year-on-year increase of 94.6% [8][12] 2. Revenue Growth and Financial Performance - The company’s revenue has increased from 631 million RMB in 2020 to 16.75 billion RMB in 2023, with a 52.16% year-on-year growth in the first half of 2024 [12][13] - The net loss has narrowed from 5.11 billion RMB in 2020 to 2.21 billion RMB in the first half of 2024, indicating improving financial health [12][13] 3. Market Expansion and Sales Network - The company has rapidly expanded its sales network from 49 stores in 2019 to 560 stores by 2023, covering 182 cities [16][17] - The penetration rate of new energy vehicles in China is expected to reach 60.1% by 2026, indicating a favorable market environment for the company [18][19] 4. Strategic Partnerships and Globalization - The partnership with Stellantis involves a joint venture, with Stellantis holding 51% and the company holding 49%, aimed at expanding into international markets [11][30] - The company plans to establish 500 sales points in Europe by the end of 2025 and expand into Asia-Pacific, the Middle East, Africa, and South America starting in the fourth quarter of 2024 [31][32] 5. Financial Projections and Valuation - The company is expected to achieve vehicle sales of 250,000 units in 2024, 440,000 units in 2025, and 630,000 units in 2026, with a corresponding increase in average selling price [33][34] - The projected price-to-sales ratios for 2024, 2025, and 2026 are 1.17, 0.65, and 0.44 respectively, indicating a favorable valuation compared to peers [36][37]