LEAPMOTOR(09863) 申万宏源证券·2025-05-23 10:15Investment Rating - The report maintains a "Buy" rating for Leap Motor (零跑汽车) [2][7][17] Core Insights - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [5] - Total revenue for Q1 2025 reached 10.02 billion RMB, up 187.4% year-on-year but down 25.6% quarter-on-quarter [5] - Gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, exceeding expectations despite a decline in sales volume [5][7] - The net profit attributable to shareholders was -130 million RMB, a reduction in losses by 880 million RMB year-on-year but an increase in losses by 210 million RMB quarter-on-quarter [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 16.75 billion RMB - 2024: 32.16 billion RMB - 2025E: 62.59 billion RMB - 2026E: 81.44 billion RMB - 2027E: 99.89 billion RMB - Year-on-year growth rates are projected at 35% for 2023, 92% for 2024, and 95% for 2025 [6][8] - The net profit attributable to shareholders is expected to turn positive in 2025 with a forecast of 155 million RMB, followed by 1.75 billion RMB in 2026 and 3.34 billion RMB in 2027 [6][8] Strategic Developments - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a target of achieving over 10% gross margin for the full year of 2025 [7] - The launch of the B10 model, which is positioned as a high-value intelligent vehicle, has generated significant interest, with over 30,000 orders within 48 hours of its release [7] - The company aims to increase its sales volume to over 500,000 vehicles in 2025, supported by the introduction of new models and expansion into overseas markets [7]