LEAPMOTOR(09863) 国金证券·2025-03-12 00:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1]. Core Insights - The company's Q4 performance exceeded expectations, with significant growth in vehicle deliveries and revenue, driven by improved cost efficiency and product mix [2][3]. - The company is expected to continue its growth trajectory, with new vehicle launches planned for 2025 and a strong outlook for profitability in both domestic and international markets [3][4]. Summary by Sections Financial Performance - In Q4, the company delivered 120,863 vehicles, representing a year-on-year increase of 147.9% and a quarter-on-quarter increase of 40.3%. Revenue for Q4 reached 13.455 billion yuan, up 144.6% year-on-year and 36.5% quarter-on-quarter [1]. - The average selling price (ASP) per vehicle in Q4 was 111,300 yuan, showing a year-on-year increase of 12.5% but a slight decrease of 2.7% from the previous quarter [1]. - For the full year 2024, total vehicle sales are projected at 294,000 units, a year-on-year increase of 103.8%, with revenue expected to reach 32.16 billion yuan, up 92% year-on-year [1]. Cost and Profitability - Q4 R&D, sales, and management expenses were 900 million, 370 million, and 690 million yuan respectively, with a decrease in expense ratios compared to the previous quarter [1]. - The gross margin for Q4 was 13.3%, an increase of 6.6 percentage points year-on-year and 5.2 percentage points quarter-on-quarter. The company achieved a net profit of 80 million yuan in Q4, marking its first profitable quarter [1][2]. Growth Potential - The company plans to launch three new models in 2025, which are expected to enhance scale effects and platform reuse, potentially exceeding Q4 2024 sales and gross margin figures [3]. - The international expansion is anticipated to contribute significantly to profitability by 2026, with the domestic segment already positioned for breakeven [3]. - The company is advancing its autonomous driving capabilities, with plans to launch a city NOA solution by the end of 2025, positioning itself competitively against major players [3]. Long-term Projections - Revenue forecasts for the company are set at 59.72 billion yuan for 2025, 81.48 billion yuan for 2026, and 105.58 billion yuan for 2027, reflecting strong growth rates [4].