LEAPMOTOR(09863) 东吴证券·2025-03-17 04:20Investment 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 net loss of 9.5 million 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 strong sales performance in Q4, with 121,000 vehicles sold, represents a year-on-year growth of 118.4% [7] - The gross margin for Q4 was 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's overseas expansion is progressing, with 13,726 vehicles exported and plans to establish over 550 overseas sales and service outlets by 2025 [7] - The launch of the B10 model received over 31,688 orders within 48 hours, indicating strong market demand [7] - The report projects a significant increase in net profit for 2025 and 2026, with estimates of 2.0 billion yuan and 25.4 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is reported at 16.747 billion yuan, with projections of 32.164 billion yuan for 2024, representing a growth rate of 92.06% [1] - The net profit for 2024 is expected to be a loss of 2.821 billion yuan, but a profit of 204.24 million yuan is projected for 2025 [1] - The earnings per share (EPS) is forecasted to improve from a loss of 3.15 yuan in 2023 to a profit of 2.72 yuan by 2027 [1] - The company's asset-liability ratio stands at 73.25%, indicating a relatively high level of debt [6]