LEAPMOTOR(09863) 开源证券·2025-03-12 08:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its investment in intelligent driving to ensure a competitive advantage, while expanding its components and export business to enhance long-term profitability [5] - The revenue forecasts for 2025 and 2026 have been slightly adjusted downwards due to intense competition in the domestic new energy vehicle market, with 2025 revenue projected at 556.7 billion and 2026 at 681.4 billion [5] - The company aims for a breakeven point in 2025, with a delivery target of 500,000 to 600,000 vehicles, including 50,000 to 60,000 for export [7] Financial Summary and Valuation Metrics - For 2023, the company reported revenue of 16,747 million, with a year-on-year growth of 35.2%. The projected revenue for 2025 is 55,665 million, reflecting a growth rate of 73.1% [8] - The Non-GAAP net profit is expected to improve from a loss of 3,518 million in 2023 to a loss of 423 million in 2025, with a significant turnaround projected for 2027 with a profit of 1,921 million [8] - The gross margin is expected to increase from 0.5% in 2023 to 10.6% in 2025, indicating improved cost management and product mix [8]