17 Mar 2026 CMB International Global Markets | Equity Research | Company Update Leapmotor (9863 HK) Eyes on new models, especially D19 Maintain BUY. We view Leapmotor's 4Q25 earnings as largely in line and management guidance upbeat. We believe the upcoming two D-series models could be key to its margins and valuation, although A-series may contribute more sales volume. We maintain our FY26E sales volume forecast of 0.9mn units. We also expect revenue and profit from other automakers including R&D support, ...