LEAPMOTOR(HK:09863) KAIYUAN SECURITIES·2025-08-19 08:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Views - The company is expected to maintain strong revenue growth driven by robust brand demand, with revenue forecasts for 2025-2027 adjusted to 66.23 billion, 96.58 billion, and 111.23 billion CNY, representing year-on-year growth rates of 105.9%, 45.8%, and 15.2% respectively [5]. - The company's gross profit margin is expected to improve, leading to a significant increase in Non-GAAP net profit forecasts for 2025-2027, revised to 1 billion, 1.96 billion, and 4.30 billion CNY, with corresponding EPS of 0.8, 1.5, and 3.0 CNY [5]. - The company aims to achieve sales of 1 million vehicles by 2026, supported by a comprehensive domestic product matrix and a doubling of export sales [6]. Financial Summary and Valuation Metrics - The company's revenue for 2023 was 16.75 billion CNY, with projections of 32.16 billion CNY for 2024, 66.23 billion CNY for 2025, 96.58 billion CNY for 2026, and 111.23 billion CNY for 2027, reflecting year-on-year growth rates of 35.2%, 92.1%, 105.9%, 45.8%, and 15.2% respectively [7]. - Non-GAAP net profit is projected to turn positive in 2025, with estimates of 997 million CNY for 2025, 1.96 billion CNY for 2026, and 4.30 billion CNY for 2027, indicating significant year-on-year growth [7]. - The company's gross margin is expected to reach 14%-15% for the full year of 2025, with a target net profit of 500 million to 1 billion CNY [6].