LEAPMOTOR(09863) 长江证券·2025-01-20 09:40Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company focuses on self-research to create cost advantages, resulting in an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. It is expected that the revenue for 2024 will not be less than 30.5 billion CNY, with an annual gross margin of no less than 8%. The company achieved a positive net profit in Q4 2024, one year ahead of its target for quarterly profitability [1][3][6] Summary by Relevant Sections Event Description - The company announced that it achieved a positive net profit in Q4 2024, one year ahead of its target for quarterly profitability [3] Financial Performance - The company expects to achieve sales of 294,000 units in 2024, a year-on-year increase of 103.8%. Revenue is projected to be no less than 30.5 billion CNY, a year-on-year increase of no less than 80%. The annual gross margin is expected to be no less than 8%, an increase of over 7.5 percentage points year-on-year. In Q4 2024, sales are expected to reach 121,000 units, a year-on-year increase of 118.4% and a quarter-on-quarter increase of 40.3%. Revenue for Q4 is projected to be no less than 11.79 billion CNY, a year-on-year increase of over 123.5% and a quarter-on-quarter increase of over 19.6% [6][7] Growth Drivers - The significant improvement in profitability in Q4 is attributed to three main factors: (1) Average monthly sales exceeded 40,000 units, with a quarter-on-quarter increase of over 40%. (2) The product structure continues to optimize, with high-priced C-series models accounting for over 77% of sales in Q4. (3) The company is continuously improving cost management and operational efficiency [6][7] Future Outlook - The company is expected to enter a strong new car cycle globally, with plans to launch 2-3 new products each year over the next three years. In 2025, three models from the B series are planned for launch, with prices ranging from 100,000 to 150,000 CNY. The company is also expanding its domestic and international sales channels, with a total of 860 stores in China and 339 stores in Europe by the end of October 2024 [6][7]