LEAPMOTOR(09863) Soochow Securities·2025-05-20 11:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 gross margin performance significantly exceeded expectations, driven by a strong new vehicle cycle [8] - The company achieved a revenue of 10.02 billion yuan in Q1 2025, with a year-on-year increase of 187.1% [8] - The company’s Q1 gross margin reached a historical high of 14.9%, with a year-on-year increase of 16.3% [8] - The company is expanding its sales and service network, with 756 sales stores and 449 service stores covering 279 cities as of March 2025 [8] - The company is actively pursuing localization of production in overseas markets, including plans for local assembly in Malaysia and Europe [8] - The new B platform vehicles are performing well, with the first model, B10, achieving over 10,000 deliveries shortly after launch [8] - The profit forecast for 2025-2027 has been revised upwards due to the strong new vehicle cycle, with expected net profits of 613.67 million yuan, 4.40 billion yuan, and 7.67 billion yuan respectively [8] Financial Summary - Total revenue forecast for 2023A is 16.75 billion yuan, with a year-on-year growth of 35.23% [1] - The company is expected to achieve a net profit of 613.67 million yuan in 2025E, marking a significant turnaround from previous losses [1] - The earnings per share (EPS) is projected to be 0.46 yuan in 2025E, with a P/E ratio of 97.41 [1] - The company’s asset-liability ratio is projected to be 76.32% in 2025E [9] - The gross margin is expected to improve to 11.48% in 2025E [9]