LEAPMOTOR(HK:09863) GUOTAI HAITONG SECURITIES·2025-07-29 11:46Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Views - The launch of the Leap B01 electric sedan is expected to drive sales growth, with over 10,132 units locked in within 72 hours of its release [2][11]. - The company is projected to achieve significant revenue growth, with estimated revenues of 64.8 billion RMB in 2025, 93.49 billion RMB in 2026, and 113.01 billion RMB in 2027 [10][11]. - The report highlights the competitive pricing of the B01, which ranges from 89,800 to 119,800 RMB, making it more attractive compared to competitors like Xpeng Motors and BYD [11]. Financial Summary - Total revenue is expected to grow from 16.75 billion RMB in 2023 to 64.8 billion RMB in 2025, reflecting a growth rate of 101% [10]. - The net profit is projected to turn positive in 2025, reaching 940 million RMB, and further increasing to 3.08 billion RMB in 2026 and 6.43 billion RMB in 2027 [10][12]. - The report uses a price-to-sales (PS) ratio of 1.5 for valuation, leading to a target price of 79.85 HKD for 2025 [11]. Market Performance - The company achieved a record delivery of 48,000 vehicles in June 2025, marking a year-on-year increase of 138% [11]. - The B01's long-range version accounted for 70% of the initial orders, indicating strong consumer interest [11].