LEAPMOTOR(09863) 信达证券·2025-01-15 08:22Investment Rating - The investment rating for Leap Motor (09863.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on expected financial performance and growth prospects [2][3]. Core Insights - Leap Motor anticipates a significant increase in revenue, projecting at least 30.5 billion RMB for 2024, representing a year-on-year growth of over 80% [2][3]. - The company expects a gross margin of no less than 8% for 2024, with a notable improvement in Q4 2024 gross margin projected to be at least 13% [2][3]. - Leap Motor achieved positive net profit in Q4 2024, ahead of its target by one year, driven by strong sales and effective cost management [2][3]. - The B series, based on the Leap 3.5 architecture, is expected to contribute significantly to new growth, with the first model, the Leap B10, set to launch in Q1 2025 [3]. - The company is expanding its presence in overseas markets, having established over 400 sales outlets in 13 European countries, with plans to reach 500 by the end of 2025 [3]. Financial Summary - For 2024, Leap Motor forecasts revenue of 30,500 million RMB, with a year-on-year growth rate of 82% [4]. - The projected net profit for 2024 is -2,851 million RMB, improving to 461 million RMB in 2025 and 2,407 million RMB in 2026 [4]. - The earnings per share (EPS) is expected to improve from -3.62 RMB in 2023 to 1.80 RMB by 2026 [4]. - The company’s total assets are projected to grow from 28,453 million RMB in 2023 to 53,489 million RMB in 2026 [5]. Key Financial Ratios - The gross margin is expected to rise from 0.48% in 2023 to 14.00% by 2026 [6]. - The price-to-earnings (P/E) ratio is projected to shift from -9.27 in 2023 to 17.70 in 2026, indicating a potential recovery in profitability [6].