LEAPMOTOR(09863) 财通证券·2024-11-14 10:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - In October 2024, the company achieved a significant year-on-year increase in vehicle deliveries, reaching 38,177 units, which is a 109.7% growth. The monthly order volume also set a record, exceeding 42,000 units, with all three models C10, C11, and C16 each receiving over 10,000 orders [3] - The B10 model was officially unveiled overseas, marking a key step in the company's global strategy. The B10 is designed for young global users and is built on the latest LEAP3.5 technology architecture, emphasizing intelligence, style, fun, and quality. The company has established over 200 dealerships across 13 European countries and plans to expand to 500 dealerships by the end of 2025 [3] - The company remains among the top three in sales among new energy vehicle manufacturers, with continuous improvements in user experience. Recent models have received high praise from consumers and media, and the C16 model has won multiple awards for its chassis and body design [4] - The company forecasts a net profit attributable to shareholders of -3.703 billion RMB in 2024, -1.08 billion RMB in 2025, and a positive profit of 854 million RMB in 2026, with a corresponding PE ratio of 46.37 in 2026 [4][5] Financial Summary - The company expects to achieve operating revenue of 29.906 billion RMB in 2024, with a growth rate of 78.58%. By 2026, the revenue is projected to reach 79.932 billion RMB, with a growth rate of 47.47% [5][6] - The net profit attributable to shareholders is projected to improve from -4.216 billion RMB in 2023 to a positive 854 million RMB in 2026, indicating a significant turnaround [5][6] - The company's total assets are expected to grow from 32.563 billion RMB in 2024 to 61.452 billion RMB in 2026, reflecting a strong growth trajectory [6][7]