LEAPMOTOR(HK:09863) Changjiang Securities·2025-12-07 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The launch of the Leopaard Lafa5 on November 27, 2025, is priced between 97,800 to 121,800 CNY, targeting a niche market for 100,000-level electric sedans, with strong potential for becoming a bestseller. The company is expected to see continuous sales growth driven by the domestic new car cycle and overseas expansion through collaboration with Stellantis, opening up global sales opportunities [2][4]. Summary by Sections Event Description - The Leopaard Lafa5 was officially launched on November 27, 2025 [4]. Event Commentary - The Lafa5 is positioned as a 100,000-level electric sedan, emphasizing extreme price-performance ratio, with significant promotional offers at launch. The pricing for the Lafa5 has decreased by 13,000 to 15,000 CNY compared to pre-sale versions, with a starting price of 92,800 CNY for a limited time. The vehicle features a spacious design, strong product capabilities, and competitive advantages in price, space, and configuration compared to rivals. The Lafa5 is built on the Leap3.5 architecture and offers impressive range and energy consumption metrics, with a CLTC range of 515 km and 605 km, and a minimum energy consumption of 12.3 kWh/100 km [7]. Company Outlook - The company is in a strong new car cycle, with plans to launch 2-3 new products globally each year over the next three years. The domestic market strategy includes a "1+N" channel development model, with 866 sales outlets as of September 30, 2025. The company has also established over 700 sales and service points in approximately 30 international markets, including Europe and Asia-Pacific. The investment in intelligent driving technology has increased significantly, with a nearly 100% rise in team size and computational resources in the first half of 2025 [7]. Financial Projections - The company is projected to achieve net profits of 630 million, 5 billion, and 8.37 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 107.9X, 13.7X, and 8.2X [7].