零跑汽车：借力海外巨头，实现出海共赢

Investment Rating - The report maintains a "Buy" rating for Leapmotor [1] Core Views - Leapmotor is leveraging partnerships with overseas giants to enhance its international presence, particularly through the establishment of Leapmotor International in collaboration with Stellantis, which holds a 49% stake [2][19] - The company is set to launch its models C10 and T03 in Europe by September 2024, with plans for further product introductions in the coming years [2][26] - Leapmotor's strategy focuses on high efficiency across production capacity, distribution channels, and after-sales service, utilizing Stellantis's existing resources to mitigate risks and enhance operational efficiency [2][31] Summary by Sections Export Model - Leapmotor is forming a unique business model by combining Chinese and overseas markets, with Stellantis investing approximately €1.5 billion for a 20% stake in Leapmotor [19] - The establishment of Leapmotor International allows the company to exclusively export and sell vehicles in all markets outside Greater China [19] Core Advantages - Leapmotor is utilizing Stellantis's production facilities in Poland to manufacture electric vehicles, which reduces risks associated with local regulations and enhances production efficiency [2][35] - The company plans to expand its sales network to 350 outlets globally by the end of 2024, with over 200 in Europe, aiming for 500 by 2026 [2][38] - A robust after-sales service system is being developed, leveraging Stellantis's logistics network to ensure quality service for European customers [2][41] Profit Forecast and Investment Advice - The report has adjusted the net profit forecasts for Leapmotor to -3.72 billion, -0.69 billion, and 2.40 billion CNY for 2024 to 2026, reflecting a more optimistic outlook on overseas operations [3] - Leapmotor is expected to achieve a higher valuation compared to its peers due to its strategic positioning in the mainstream electric vehicle market and its clear international expansion strategy [3]