LEAPMOTOR(HK:09863) Changjiang Securities·2024-12-03 05:53Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a record monthly delivery of 40,169 vehicles in November, representing a year-on-year growth of 117.0% and a month-on-month increase of 5.2%. Cumulatively, from January to November, the total sales reached 251,000 vehicles, marking a 100.1% increase year-on-year, thus exceeding the annual target of 250,000 vehicles ahead of schedule [6][8]. - The company is expected to continue its strong sales growth due to a robust order backlog, a rich new vehicle lineup, and the anticipated launch of high-priced models like the C16. The sales target for 2025 is set at 500,000 vehicles, indicating a sustained high growth rate [6][8]. - The company is expanding its product offerings globally, with plans to launch 2-3 new models each year over the next three years. The B series, including the compact SUV B10, is scheduled for release in Q1 2025 [7][8]. - The domestic market is characterized by a strong new vehicle cycle and competitive pricing, which is expected to drive sales growth and improve financial metrics. The partnership with Stellantis for overseas expansion is anticipated to enhance profitability through a low-investment, flexible approach [8]. Summary by Sections Sales Performance - November deliveries reached 40,169 units, a record high, with a year-on-year increase of 117.0% and a month-on-month increase of 5.2%. Total sales from January to November amounted to 251,000 units, achieving a 100.1% year-on-year growth [6][8]. Future Outlook - The company has a strong order pipeline and plans to introduce new models, with a sales target of 500,000 vehicles for 2025. The anticipated growth is supported by the launch of high-priced models and expansion into overseas markets [6][8]. Product Development - The company plans to launch 2-3 new models annually over the next three years, with the B series set to debut in early 2025. The focus is on expanding its product range to cater to different market segments [7][8]. Market Strategy - The domestic market strategy emphasizes competitive pricing and a strong new vehicle cycle, while the international strategy involves collaboration with Stellantis to leverage its global resources for efficient market entry [8].