LEAPMOTOR(HK:09863) 海豚投研·2025-03-11 14:00Financial Overview - The company reported a revenue of 14.4 billion in Q2 2023, with a year-on-year decrease of 28% [1] - Gross profit was -1.1 billion, with a gross margin of -7.8% [1] - The net profit for Q4 2024 was -11.3 billion, reflecting a year-on-year decline of 78.5% [1] Delivery and Sales Performance - In 2024, the total delivery volume reached 293,724 units, a year-on-year increase of 163.8% [2] - The C series accounted for 76.6% of total sales, with cumulative deliveries of 225,071 units, up 112.9% from 2023 [2] - In January and February 2025, cumulative sales reached 50,457 units, a growth of 167.8% compared to the same period in 2024 [2] Product and Technology Innovations - The company launched new models C10 and C16 based on a new platform in 2024, achieving significant safety certifications and design awards [3] - The LEAP3.0 central control technology was successfully applied, leading to strong market performance with monthly sales exceeding 30,000 units in Q4 2024 [3] Future Product Plans - The company plans to launch three new models on the B platform in 2025, with the B10 model starting pre-sales on March 10, 2025 [10] - The C platform will see updated versions of C10 and C16 in the first half of 2025 [10] Global Expansion Strategy - A joint venture with Stellantis was established in May 2024 to enhance overseas market presence, with over 400 sales and service points globally by the end of 2024 [8] - The company aims for overseas sales of 50,000 to 60,000 units in 2025 [9] Strategic Collaborations - A strategic cooperation memorandum was signed with China FAW Group on March 3, 2025, focusing on joint development of new energy vehicles and component collaboration [9] R&D and Investment in Smart Driving - The smart driving team is set to expand from 500 to over 600 members in 2025, with an investment of over 800 million in smart driving technologies [12] - The company aims to achieve full integration of urban NOA by the end of 2025 [5]