Core Viewpoint - Leap Motor's performance has shown significant improvement, with a revenue increase of 92.1% year-on-year in 2024, reaching 32.16 billion, and a delivery growth of 103.8%, totaling 294,000 vehicles. However, the company still faces challenges in profitability and R&D investment compared to competitors [3][39][43]. Group 1: Financial Performance - In 2024, Leap Motor reported a revenue of 32.16 billion, a 92.1% increase year-on-year, and a net loss of 2.82 billion, with a loss rate narrowing to 8.8% [3][39]. - The company achieved a record gross profit margin of 13.3% in Q4 2024, with a net profit of 80 million, marking its first quarterly profit [3][39]. - As of March 2025, Leap Motor's cumulative deliveries reached nearly 690,000 vehicles, with a delivery ratio of C-series to T03 models approximately 6:4 [9]. Group 2: Sales and Market Position - In Q1 2025, Leap Motor delivered approximately 88,000 vehicles, ranking third among new energy vehicle manufacturers, with March deliveries reaching 37,100, making it the top performer in that month [5][6]. - The average selling price of vehicles has decreased from 116,000 in 2023 to 108,000 in 2024, indicating a shift away from the "mid-to-high-end" market segment [12][15]. Group 3: Cost Structure and Profitability - Leap Motor's raw material costs accounted for over 90% of total costs, making it difficult to significantly reduce per-vehicle costs despite increased production scale [21][25]. - The company's "idiot index" for raw material costs is 1.16, indicating a relatively low markup compared to competitors, which limits its ability to improve gross profit margins [25]. - R&D expenditures remain significantly lower than competitors, with 2023 spending at 2.9 billion, which raises concerns about future technological competitiveness [28][43]. Group 4: Comparison with Competitors - Compared to Li Auto, Leap Motor's gross profit margin is significantly lower, despite similar delivery numbers in Q1 2025 [18][39]. - In 2024, Leap Motor's gross profit was 2.69 billion, with a gross profit margin of 8.4%, while Li Auto's gross profit margin was 20.5% [35][43]. - Leap Motor's financial situation is better than Xiaopeng and NIO, but it still lags behind Li Auto in terms of profitability and R&D investment [43].