【招银国际】Sustainable profit ahead on strong sales momentum-250819（5页）.pdf

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1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 19 Aug 2025 CMB International Global Markets|Equity Research|Company Update Leapmotor(9863 HK)Sustainable profit ahead on strong sales momentum Maintain BUY.Leapmotor

2、 posted a net profit of RMB163mn in 2Q25,beating our forecast by RMB115mn.We expect its strong sales momentum to continue throughout FY26E,aided by new models rollout and overseas production.The B01 sedan could be well received given managements 3Q25 sales volume guidance.The success of the C16 also

3、 gives us more confidence in its upcoming D-series models.We raise our FY25-26E net profit forecasts by 220%/129%to RMB927mn/3.3bn,respectively,amid greater economies of scale and more meaningful contribution from high-margin other revenue.2Q25 earnings beat on higher GPM and other income.Leapmotors

4、 2Q25 revenue rose 42%QoQ to RMB14.2bn,in line with our prior forecast.Gross margin in 2Q25 only fell 1.3ppts QoQ to 13.6%despite wider discounts amid model transition and prolonged price war,0.9ppts stronger than our estimates.Leapmotor achieved a positive operating profit of RMB61mn in 2Q25,the fi

5、rst time in history,partially aided by government grants.Although we projected a positive net profit in 2Q25,it still beat our forecast by RMB115mn.Strong sales momentum throughout FY26E.Managements guidance of 170,000-180,000 units in 3Q25,or a monthly volume of 60,000-65,000 units in Aug-Sep,was s

6、tronger than our prior expectation.We raise our FY25E sales volume forecast by 50,000 units to 0.6mn units,following such strong sales momentum.The new D-series SUV is scheduled to debut in Oct 2025 and start deliveries in 1Q26,which is earlier than we had expected.The success of the C16,a typical e