Sealand: Maintaining "buy" rating on LEAPMOTOR (09863) Management's increased holdings demonstrate confidence in development.

Sealand released a research report stating that they are optimistic about the future development of LEAPMOTOR (09863) and maintain a "buy" rating. The company is pragmatic and efficient, achieving a half-year profit in the first half of 2025. The bank predicts that the company will achieve operating income of 64.19, 1002.6, and 1281.3 billion yuan from 2025 to 2027, with year-on-year growth rates of 100%, 56%, and 28%; achieving a net profit attributable to shareholders of 9.4, 44.2, and 64.1 billion yuan, with year-on-year profit growth rates of +371%, +45%; and an EPS of 0.66, 3.11, and 4.51 yuan. The bank stated that on October 16, LEAPMOTOR released the flagship D platform and the D19 flagship model for the first time. On October 20, the company announced that based on their strong confidence in the company's future development, the company's shareholders, chairman and CEO, Mr. Zhu Jiangming and shareholder Mr. Fu Liquan collectively purchased 3.2435 million H shares of the company at an average price of about HK$63.19 per share. The bank believes that the management's increase in holdings reflects their strong confidence in the company's future development and is optimistic about the company's long-term growth.