LEAPMOTOR(09863) 海通国际证券·2025-03-16 13:56Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [3][11]. Core Insights - Leapmotor achieved a revenue of RMB 32.16 billion in 2024, a 92% year-over-year increase, aligning with the forecast of at least RMB 30.5 billion [3][11]. - The company reported a narrowed net loss of RMB 2.82 billion for the year, with Q4 2024 showing a revenue of RMB 13.46 billion, up 155% year-over-year and a net profit of RMB 80 million, marking a positive turnaround [3][11]. - The gross profit margin (GPM) for the year was 8.4%, up 7.9 percentage points year-over-year, with Q4 GPM reaching 13.3%, driven by product mix optimization and cost management [3][11]. - Leapmotor's strategic cooperation with Stellantis Financial Services aims to enhance financial services for distributors and consumers, while the company plans to expand its sales service network to 550 outlets by 2025 [3][11]. Financial Data and Forecast - The company forecasts revenues of RMB 55.3 billion, RMB 86.5 billion, and RMB 100 billion for 2025, 2026, and 2027 respectively, with net profits projected at RMB 400 million, RMB 1.7 billion, and RMB 4.4 billion for the same years [3][11]. - The report highlights a significant increase in vehicle deliveries, with a total of 294,000 new cars delivered in 2024, a 104% increase year-over-year [3][11]. - The average selling price (ASP) per vehicle in Q4 was approximately RMB 111,000, reflecting a year-over-year increase of RMB 16,000 [3][11]. Market Position and Strategy - Leapmotor is positioned as a leading smart electric vehicle company in China, focusing on innovation and self-developed technology to create value for users [3][11]. - The company is expanding its product lineup, with the recent pre-sale of the B10 model, which features advanced intelligent driving capabilities at a competitive price point [3][11]. - The report emphasizes the potential growth opportunities in the RMB 100,000-200,000 economic smart car market, supported by the company's light asset overseas model in collaboration with Stellantis [3][11].