LEAPMOTOR(HK:09863) Changjiang Securities·2025-07-25 15:27Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The official launch of the Leap B01 is set for July 24, 2025, with a pricing range of 89,800 to 119,800 CNY, making the high-end version with LiDAR available at 113,800 CNY, which continues the company's strategy of offering exceptional price-performance ratio and has the potential to become a best-seller [2][4]. Summary by Sections Event Description - The Leap B01 will officially launch on July 24, 2025 [4]. Sales Growth and Market Strategy - The company is experiencing a strong new car cycle domestically, with a focus on exceptional price-performance ratio driving rapid sales growth. The proportion of high-priced models is increasing, leading to solid improvements in financial metrics. The strong new car cycle is expected to continue boosting sales, with a positive outlook for the company to achieve profitability domestically [6]. - Internationally, the company has partnered with Stellantis, the fourth-largest automotive group globally, leveraging its extensive sales and service network and production capacity for a low-investment, rapid, and flexible global expansion. The company plans to utilize exports, SKD, and localized production to tap into significant overseas market potential, with expectations for high per-vehicle profitability contributing to substantial profit [6]. Sales Forecast - Projected sales for the company are 570,000, 890,000, and 1,210,000 vehicles for the years 2025, 2026, and 2027, respectively [6]. Product Features and Innovations - The Leap B01 features a length of 4,770 mm and a wheelbase of 2,735 mm, with a spacious interior and 26 storage compartments. It offers three versions of range: 430 km, 550 km, and 650 km, with the lowest energy consumption version at 11.4 kWh/100 km. Both LiDAR versions are equipped with high-speed NAP capabilities and advanced Qualcomm chips [9]. - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 and B01 already launched. A new model in the B series is expected in 2025, priced between 100,000 and 150,000 CNY [9].