LEAPMOTOR(09863) 长江证券·2025-01-09 02:04Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - In December, the company achieved a record monthly delivery of 42,517 vehicles, representing a year-on-year growth of 128.4% and a month-on-month increase of 5.8% [3][6]. - For the entire year, the company delivered over 294,000 vehicles, exceeding its annual target of 250,000 by 17% and showing a year-on-year growth of 103.8% [6][7]. - The company is expected to continue its strong sales growth due to a robust new car cycle domestically and a partnership with Stellantis for overseas expansion, which opens up global sales opportunities [6][7]. Summary by Sections Sales Performance - December deliveries reached 42,517 units, marking a 128.4% increase year-on-year and a 5.8% increase month-on-month [3][6]. - Cumulative sales for the year totaled 294,000 units, surpassing the target by 17% [6][7]. Future Outlook - The company aims for a sales target of 500,000 units in 2025, indicating a continued high growth trajectory [6][7]. - The introduction of new models and expansion into international markets are key strategies for future growth [6][7]. Product and Market Strategy - The company plans to launch 2-3 new products globally each year over the next three years, with a focus on the B series models priced between 100,000 to 150,000 yuan [6][7]. - The domestic market strategy includes a "1+N" channel development model, with a significant number of sales and service outlets established [6][7].