Core Viewpoint - Zhaoyin International Research reports that Leap Motor (09863) achieved a net profit of 163 million RMB in Q2, exceeding expectations by 115 million RMB, driven by strong sales momentum expected to continue until 2026 due to new model launches and overseas production expansion [1] Financial Performance - Leap Motor's net profit forecast for the next two years has been raised by 220% and 129% to 927 million RMB and 3.3 billion RMB respectively [1] - The target price has been increased from 72 HKD to 80 HKD while maintaining a "Buy" rating [1] Sales Guidance - Management guidance indicates Q3 sales will reach 170,000 to 180,000 units, with average monthly sales in August and September expected to be between 60,000 and 65,000 units, surpassing previous expectations [1] - The sales forecast for 2025 has been raised to 600,000 units based on the company's Q3 sales guidance [1] Product Outlook - The B01 sedan is anticipated to receive a positive market response, and the success of the C16 model has increased confidence in the upcoming D series models [1]

Core Insights - Zhaoyin International Research reports that Leap Motor (09863) achieved a net profit of 163 million RMB in Q2, exceeding the firm's expectations by 115 million RMB [1] - The firm anticipates strong sales momentum to continue until 2026, driven by new model launches and overseas production expansion [1] - The net profit forecasts for Leap Motor for the next two years have been raised by 220% and 129%, reaching 927 million RMB and 3.3 billion RMB respectively [1] - The firm maintains a "Buy" rating and has increased the target price from 72 HKD to 80 HKD [1] Sales Guidance - Management has guided that Q3 sales are expected to reach between 170,000 to 180,000 units, with average monthly sales in August and September projected at 60,000 to 65,000 units, both exceeding the firm's expectations [1] - The sales forecast for 2025 has been raised to 600,000 units based on the company's Q3 sales guidance [1] Model Performance - The firm believes that the B01 sedan is likely to receive a positive market response, and the success of the C16 model has increased confidence in the upcoming D series models [1]