LEAPMOTOR(HK:09863) Changjiang Securities·2024-11-11 09:06Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a record monthly delivery of 38,177 vehicles in October, representing a year-on-year growth of 109.7% and a month-on-month increase of 13.1%. The total cumulative sales from January to October reached 211,000 vehicles, up 97.2% year-on-year [4][5]. - The company is in a strong new vehicle cycle with plans to launch 2-3 new products annually over the next three years, including the B10 model debuting at the Paris Auto Show. The T03 and C10 models have already been launched overseas [5][6]. - The company is expanding its marketing network under the "1+N" model, with 474 sales stores and 328 service stores covering 187 cities as of June 2024. It is also increasing investment in intelligent driving technology [5][6]. - The partnership with Stellantis aims to leverage global resources for efficient overseas expansion, with projected sales of 300,000, 500,000, and 750,000 vehicles for the years 2024 to 2026 respectively [6]. Summary by Sections Sales Performance - October deliveries reached 38,177 vehicles, marking a historical high with a year-on-year growth of 109.7% and a month-on-month growth of 13.1%. The single-month orders exceeded 42,000 vehicles, indicating strong demand [4][5]. Product Development - The company is set to launch multiple new models, including three B-series vehicles priced between 100,000 to 150,000 RMB by 2025. The T03 and C10 models are already available in international markets [5][6]. Market Expansion - The company is enhancing its marketing and service network, with significant growth in sales and service locations. The focus on intelligent driving technology is expected to bolster future sales [5][6]. Strategic Partnerships - The collaboration with Stellantis is designed to facilitate a low-investment, rapid expansion into global markets, with a focus on high profitability per vehicle sold [6].