LEAPMOTOR(HK:09863) KAIYUAN SECURITIES·2024-11-14 15:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a breakeven point in domestic vehicle sales earlier than anticipated, with local manufacturing overseas likely to boost export growth. The revenue forecasts for 2024-2026 have been revised upwards due to strong order backlog and competitive pricing of B platform models, with projected revenues of 32.49 billion, 55.84 billion, and 77.72 billion yuan respectively, reflecting year-on-year growth rates of 94.0%, 71.9%, and 39.2% [2][3] - The company's gross margin is expected to improve rapidly, with Non-GAAP net profit forecasts adjusted to -2.83 billion, -690 million, and 1.87 billion yuan for 2024-2026, indicating a significant turnaround in profitability [2][3] - The B platform models are expected to solidify the company's competitive edge in terms of smart technology, with the new B10 model set to launch in 2025, which is anticipated to drive sales growth in the coming years [2][3] Financial Summary and Valuation Metrics - The company reported a revenue of 9.86 billion yuan in Q3 2024, a 74% increase year-on-year, with an average selling price (ASP) increase of approximately 15,000 yuan to 115,000 yuan [2] - The Non-GAAP net loss for Q3 2024 was 540 million yuan, better than expected, driven by a gross margin increase of 5.3 percentage points to 8.1% [2] - The company delivered 86,200 vehicles in Q3 2024, with a target of 250,000 deliveries for the full year, indicating strong demand and order growth [2][3]