LEAPMOTOR(HK:09863) Haitong Securities·2025-03-14 11:02Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company achieved a significant revenue increase of 92% year-on-year, reaching 32.16 billion yuan, and narrowed its net loss to 2.82 billion yuan [7] - The gross margin reached a record high of 13.3% in Q4, driven by product mix optimization, cost management, and increased sales volume [7] - The company is expanding its global presence and has established over 400 sales service points, with plans to increase to 550 by 2025 [7] Financial Data and Forecast - Revenue projections for 2025, 2026, and 2027 are 55.318 billion yuan, 86.536 billion yuan, and 100.033 billion yuan respectively, with year-on-year growth rates of 72%, 56%, and 16% [6][10] - The net profit is expected to turn positive in 2025, with estimates of 368 million yuan, and grow to 4.824 billion yuan by 2027 [6][10] - The gross margin is projected to improve to 15.1% by 2027, reflecting ongoing operational efficiencies [6][10] Market Performance - The company's stock price has shown a significant absolute increase of 68.4% over the last three months [4] - The average selling price (ASP) per vehicle increased to approximately 111,000 yuan in Q4, indicating a positive trend in revenue per unit sold [7] Strategic Developments - The company has launched the B10 model, which features advanced driving technology at a competitive price point, receiving strong pre-sale interest [7] - Strategic partnerships, including collaboration with Stellantis, are expected to enhance the company's market position and growth potential [7]