信达国际控股港股晨报-20250430

Company Recommendations - Leap Motor (9863) is recommended for purchase with a current price of 54.85 HKD and a short-term target price of 60.00 HKD, indicating a potential upside of 13.6% [2][9] - The company has seen a strong response to the launch of its SUV B10, with over 20,000 orders in the first month, which is expected to positively impact its Q2 2025 performance [9] - Leap Motor has formed strategic partnerships with international automotive group Stellantis and domestic giant FAW Group, enhancing its market position and potential for future growth [2][9] Financial Performance - Leap Motor's Q4 2024 results met market expectations, with revenue and net profit turning positive for the first time at 80 million RMB, achieving a gross margin of 13.3%, the highest since its inception [9] - The company has raised its sales guidance for 2025 from 500,000 to 500,000-600,000 units, projecting an annual growth of 87% based on a midpoint estimate of 550,000 units [9] - The first quarter of 2025 saw a year-on-year increase in deliveries by 1.6 times to 87,552 units, representing 16% of the updated annual sales guidance [9] Market Outlook - The market anticipates a compound annual growth rate (CAGR) of 49% for Leap Motor's revenue from FY24 to FY27, with the current price corresponding to a forecasted price-to-sales ratio of 1.2x for FY25, slightly below its historical average [9] - The company is expected to benefit from economies of scale and improved profitability as new vehicle sales continue to rise [9] Macro Environment - The Hang Seng Index is facing initial resistance at 23,000 points, influenced by recent announcements from the U.S. regarding tariffs and economic stimulus measures [2][5] - The Chinese government is expected to increase efforts to stabilize the economy, which may positively impact domestic demand and market sentiment [2][5]