LEAPMOTOR(09863) 申万宏源·2025-03-16 13:36Investment Rating - The report maintains a "Buy" rating for Leap Motor (零跑汽车) [1] Core Insights - Leap Motor's total sales for 2024 reached 293,700 units, a year-on-year increase of 103.8%, with total revenue of 32.16 billion yuan, up 92.0% year-on-year. The gross margin improved to 8.4%, an increase of 7.9 percentage points year-on-year, and the net loss was reduced to 2.82 billion yuan, a decrease of 1.4 billion yuan year-on-year [4][5] - The B10 model, which is Leap Motor's first intelligent vehicle, has a pre-sale price range of 109,800 to 139,800 yuan, and is expected to significantly boost sales with its competitive features [4] - The company is expected to further improve its gross margin to over 10% in 2025, driven by scale effects, product structure optimization, and cost reductions [4] Financial Data and Profit Forecast - For 2024, the company forecasts total revenue of 32.16 billion yuan, with a projected growth rate of 92%. By 2025, revenue is expected to reach 57.01 billion yuan, with a growth rate of 77% [5] - The net profit forecast for 2025 is 98 million yuan, with a significant turnaround from previous losses, and is expected to grow to 3.12 billion yuan by 2027 [5][6] - The earnings per share (EPS) is projected to be 0.07 yuan in 2025, turning positive for the first time [5][6]