LEAPMOTOR(09863) 东吴证券·2025-03-17 04:17Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863.HK) [1] Core Insights - Leapmotor's Q4 2024 performance turned profitable with a net profit of 0.8 million yuan, a significant improvement from a loss of 9.5 billion yuan in Q4 2023 [7] - The company achieved a total revenue of 13.455 billion yuan in Q4 2024, reflecting a year-on-year increase of 154.9% [7] - The sales volume in Q4 reached 121,000 units, marking a year-on-year growth of 118.4% [7] - The gross margin for Q4 was reported at 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's B10 model received over 31,688 orders within 48 hours of its launch, indicating strong market demand [7] - The company plans to expand its overseas channels to over 550 by 2025, having already established 400 sales and service points [7] Financial Projections - Total revenue is projected to grow from 32.164 billion yuan in 2024 to 101.817 billion yuan by 2027, with a compound annual growth rate (CAGR) of 49.03% [1] - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 204.24 million yuan, and further increasing to 3.630 billion yuan by 2027 [1] - The earnings per share (EPS) is forecasted to improve from -2.11 yuan in 2024 to 2.72 yuan in 2027 [1]