LEAPMOTOR(HK:09863) KAIYUAN SECURITIES·2025-03-12 08:20Investment 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 - Revenue for 2023 was 16,747 million, with a projected increase to 55,665 million in 2025, reflecting a year-on-year growth of 73.1% [8] - Non-GAAP net profit is expected to improve from -3,518 million in 2023 to -423 million in 2025, with a significant increase to 1,921 million by 2027 [8] - The gross margin is projected to rise from 0.5% in 2023 to 10.6% in 2025, indicating improved cost management and product mix [8]