LEAPMOTOR(09863) 东吴证券·2024-11-14 23:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance exceeded expectations, with significant revenue growth driven by increased sales volume and higher average selling prices (ASP) [2][3] - The company is making progress in its globalization strategy and accelerating its smart driving technology development [4] - The financial forecasts for 2024-2026 have been adjusted upwards due to better-than-expected Q3 results, reflecting a strong position in the mainstream new energy vehicle market [5] Summary by Sections Financial Performance - Q3 2024 revenue reached RMB 9.86 billion, with year-on-year growth of 74.3% and quarter-on-quarter growth of 83.9% [2] - The net loss attributable to equity holders for Q3 was RMB 690 million, an improvement from RMB 990 million in Q3 2023 and RMB 1.2 billion in Q2 2024 [2] - Adjusted net loss for Q3 was RMB 540 million, compared to RMB 790 million in Q3 2023 and RMB 1.08 billion in Q2 2024 [2] Sales and Margins - The company sold 84,000 vehicles in Q3, representing a year-on-year increase of 89.2% and a quarter-on-quarter increase of 57.4% [3] - The gross margin for Q3 was 8.1%, with improvements driven by economies of scale and a higher proportion of high-margin models [3] - The company reported a reduction in per-vehicle loss to RMB 8,000 in Q3, down from RMB 22,000 in both Q3 2023 and Q2 2024 [3] Globalization and Technology Development - As of October 2024, the company has opened 339 dealerships in Europe, all offering sales and after-sales services [4] - The company plans to expand its presence in the Asia-Pacific, Middle East, Africa, and South America markets, aiming for over 500 channels by 2025 [4] - The company is investing in advanced smart driving technology, with plans to implement high-level driving functions based on a large model by mid-2025 [4] Financial Projections - The revised net profit forecasts for 2024-2026 are RMB -3.33 billion, RMB 1.0 billion, and RMB 2.41 billion, respectively [5] - The company is positioned well in the new energy vehicle market, with clear advantages in R&D, channel management, and supply chain [5]