LEAPMOTOR(09863) 海通国际·2025-03-17 10:56Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [11]. Core Insights - Leapmotor achieved a revenue of RMB 32.16 billion in 2024, a 92% year-over-year increase, and a net loss of RMB 2.82 billion, significantly narrowing from the previous year [11]. - The company reported a quarterly revenue of RMB 13.46 billion in Q4 2024, marking a 155% year-over-year increase and a net profit of RMB 80 million, turning positive ahead of schedule [11]. - The gross profit margin for the year was 8.4%, up 7.9 percentage points year-over-year, with Q4 gross profit margin reaching 13.3% [11]. - Leapmotor's strategic partnerships and international expansion efforts are accelerating, with over 400 sales service outlets established and a target of 550 by 2025 [11]. - The company launched the B10 model, featuring advanced intelligent driving technology, with pre-sale orders reaching 31,688 units within 48 hours [11]. Financial Data and Forecast - Revenue projections for the company are as follows: RMB 55.3 billion in 2025, RMB 86.5 billion in 2026, and RMB 100 billion in 2027, with net profits expected to be RMB 400 million, RMB 1.7 billion, and RMB 4.4 billion respectively [11]. - The report estimates a price-to-sales (PS) ratio of 1.1 for 2025, with a target price of HKD 59.07 based on the current market conditions [11]. - The company is expected to benefit from the expansion of the economic smart car market in the RMB 100,000-200,000 range [11].