LEAPMOTOR(09863) 国海证券·2024-08-17 08:36Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863) [1] Core Views - Leapmotor's revenue in 2024H1 reached RMB 8.845 billion, a YoY increase of 52.2%, while the net loss attributable to shareholders was RMB -2.212 billion, similar to the loss in 2023H1 [1] - In 2024Q2, revenue was RMB 5.359 billion, up 22.62% YoY and 53.73% QoQ, with gross margin improving from -1.4% in Q1 to 2.8% [1] - The average selling price (ASP) per vehicle in Q2 was RMB 101,000, down RMB 28,000 YoY and RMB 4,000 QoQ, due to price adjustments during the model transition [1] - R&D expenses in Q2 increased by 3.69 percentage points YoY, driven by new model development and investments in autonomous driving technology [1] - Leapmotor's Q2 vehicle sales reached 53,300 units, up 56.76% YoY and 59.49% QoQ, with the C10 model selling 16,200 units since its March launch [1] - The company plans to expand its global presence, with the first batch of C10 and T03 models shipped to Europe in July 2024, and aims to enter Asia-Pacific, Middle East, Africa, and South America markets in Q4 2024 [2] Financial Forecasts - Revenue is expected to grow to RMB 27.713 billion in 2024, RMB 47.790 billion in 2025, and RMB 64.194 billion in 2026, with YoY growth rates of 65%, 72%, and 34% respectively [2] - Net loss attributable to shareholders is projected to be RMB -4.244 billion in 2024, narrowing to RMB -2.731 billion in 2025, and turning profitable with RMB 56 million in 2026 [2] - The company's PS ratio is forecasted at 1.0x for 2024, 0.6x for 2025, and 0.4x for 2026 [2] Operational Highlights - Leapmotor had 474 sales outlets and 328 service centers across 187 cities as of June 2024, with plans to expand further into county-level markets [1] - The company's new C16 model, launched in June 2024, received over 10,000 pre-orders in its first month, showcasing strong market potential in the sub-RMB 200,000 6-seat SUV segment [1] - Leapmotor's partnership with Stellantis is progressing, with plans for localized production in Poland to reduce costs and avoid European tariffs [2]