机构：招银国际 We have turned more optimistic about its FY25E sales volume and earnings. We raise our FY25E sales volume forecast from 0.48mn units to 0.55mn units, given stronger-than-expected sales performance and order intake during Apr to May. We lift our FY25E GPM forecast from 11.2% to 12.1%, taking into account the contribution from strategic cooperation with other OEMs and better-than-expected cost reduction capabilities related to the Leap 3.5 architecture. Management indicated that the Leap 3.5 could cut ...