Citigroup: Maintain "buy" rating on LEAPMOTOR (09863) and raise target price to HK$50.1

Citi released a research report, maintaining a "buy" rating for LEAPMOTOR (09863) with a target price raised from HK$45.6 to HK$50.1. The bank pointed out that LEAPMOTOR achieved a turn from losses to profits in the fourth quarter of last year, ahead of the previous target for turning a profit in the fourth quarter of this year. In addition, LEAPMOTOR recently launched the global smart and fun long-endurance SUV B10, which includes five versions and is targeted at models such as the Geely Galaxy E5, BYD Company Limited Yuan UP, and Deepal S05, with pre-sale prices ranging from 109,800 to 139,800 yuan. The bank expects the monthly sales volume of B10 to be between 8,000 and 10,000 units due to its competitive pricing and ADAS function as standard equipment.