LEAPMOTOR(09863) 申万宏源·2024-12-22 03:38Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is positioned as a technology-driven smart electric vehicle manufacturer with comprehensive self-research and manufacturing capabilities, covering vehicle design, R&D, manufacturing, intelligent driving, and battery systems [9] - The company is accelerating its globalization efforts, with plans to launch new models in Europe, including the B10, C10, and T03, which are expected to enhance its market presence [10][28] - The company has established a strategic partnership with Stellantis to leverage its global market resources and enhance competitiveness in overseas markets [55][62] Summary by Sections Section 1: Market Contribution - The overseas market, particularly Europe, is expected to contribute significantly to the company's growth, with a focus on meeting the 2025 carbon emission standards [5][35] - The T03 model has shown strong sales growth due to government policies promoting vehicle trade-in programs, achieving a year-on-year increase of 120% in sales [24] Section 2: Financial Performance and Forecast - In 2023, the company delivered 144,000 electric vehicles, a year-on-year increase of 29.7%, with the C series models accounting for over 73.3% of total deliveries [15] - The company anticipates a significant increase in deliveries in 2024, with a projected total of 87,000 vehicles, reflecting a year-on-year growth of 94.8% [15] Section 3: Product Development and Strategy - The company is developing seven new models, with a focus on enhancing product offerings and market competitiveness [10][53] - The C10 model is positioned to fill a gap in Stellantis's B-segment SUV lineup, expected to perform well in the European market due to its competitive pricing and features [59] Section 4: Strategic Partnerships - The partnership with Stellantis includes joint development and tuning of vehicle chassis to improve global competitiveness [30] - The establishment of a joint venture with Stellantis aims to facilitate the company's entry into international markets, with a focus on leveraging Stellantis's distribution network [55][62]