LEAPMOTOR(HK:09863) KAIYUAN SECURITIES·2025-03-12 07:59Investment 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] - Due to intense competition in the domestic new energy vehicle market, revenue forecasts for 2025 and 2026 have been adjusted downwards to CNY 55.67 billion and CNY 68.14 billion, respectively, with a new forecast for 2027 at CNY 81.32 billion, reflecting year-on-year growth rates of 73.1%, 22.4%, and 19.3% [5] - The company achieved its first quarterly profit in Q4 2024, with revenue of CNY 13.46 billion, a year-on-year increase of 155%, and a GAAP net profit of CNY 0.08 billion [6] Financial Summary and Valuation Metrics - Revenue projections for the years 2023 to 2027 are as follows: CNY 16.75 billion (2023), CNY 32.16 billion (2024), CNY 55.67 billion (2025), CNY 68.14 billion (2026), and CNY 81.32 billion (2027) [8] - Non-GAAP net profit forecasts are: CNY -3.52 billion (2023), CNY -2.35 billion (2024), CNY -0.42 billion (2025), CNY 0.39 billion (2026), and CNY 1.92 billion (2027) [8] - The company aims for a gross margin of 10-11% in 2025 and targets to achieve breakeven for the year [7]