Core Insights - The launch of the new Leapmotor C11 marks a significant advancement for the company, featuring both pure electric and range-extended versions, with prices ranging from 149,800 to 165,800 yuan, aiming to redefine the value standards in the mid-size SUV market [1] - Leapmotor's cumulative sales of the C11 have surpassed 250,000 units since its launch in 2021, making it the second best-selling model in the new energy mid-size SUV segment, following Tesla's Model Y [2] - The company aims for profitability in 2025, with a target gross margin of 10%-11%, supported by improved self-manufactured components and a favorable sales structure [2][3] Product Development - The new C11 features significant upgrades in smart cockpit, intelligent driving systems, and battery performance, including a 17.3-inch 2.8K central control screen and Qualcomm Snapdragon 8295P chip [1] - Leapmotor plans to expand its product matrix with new models across various segments, including the A series, B series, and D series, with a goal of launching at least one new model each year [4][5] Financial Performance - Leapmotor's total revenue for 2024 is projected to reach 32.164 billion yuan, reflecting a year-on-year growth of 92.06%, with the gross margin turning positive for the first time at 1.2% [2] - Analysts predict Leapmotor's sales revenue for 2024-2026 to reach 30.348 billion, 50.243 billion, and 71.770 billion yuan respectively, with a target valuation of 55 billion yuan [3] Global Expansion - Leapmotor has established a joint venture with Stellantis, marking a new model for technology export from Chinese automakers, with plans to expand sales to nine European countries and further into India, Asia-Pacific, Middle East, Africa, and South America by the end of 2024 [3] - The joint venture aims for breakeven by 2025, enhancing confidence in Leapmotor's profitability goals [3]