LEAPMOTOR(HK:09863) Changjiang Securities·2025-09-08 23:30Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - In August, the company delivered 57,066 vehicles, representing a year-on-year growth of 88.3% and a month-on-month growth of 13.8%. Cumulatively, from January to August, the total sales reached 329,000 vehicles, up 136.4% year-on-year. The company is expected to continue benefiting from a strong new car cycle domestically and a partnership with Stellantis for overseas expansion, which will enhance global sales potential [2][10]. Summary by Sections Sales Performance - The company achieved record sales in August with 57,066 vehicles delivered, marking an 88.3% increase year-on-year and a 13.8% increase month-on-month. Cumulative sales for the first eight months of 2025 reached 329,000 vehicles, reflecting a 136.4% year-on-year growth [2][5][10]. Future Outlook - The company is set to launch the B10 model in Europe, with plans for its debut at the Munich International Motor Show on September 8. This move is part of the company's global strategy to enhance its market presence. The strong demand for new vehicles and an expanding product lineup are expected to drive continued sales and revenue growth [10]. Product Strategy - The company plans to introduce 2-3 new products globally each year over the next three years. The B10 and B01 models have already been launched in 2025, with another B-series model expected to be introduced at a price range of 100,000 to 150,000 RMB [10]. Distribution Network - As of June 30, 2025, the company has established 806 sales outlets in China, including 315 core stores and 491 experience centers, covering 286 cities. Internationally, the company exported 25,000 vehicles from January to July and has over 600 sales and service points across more than 24 countries [10]. Technological Investment - The company is increasing its investment in intelligent driving technology, with a nearly 100% increase in team size and computational resources in the first half of 2025. The goal is to achieve city NOA (Navigation on Autopilot) capabilities by the end of 2025 [10].