Sealand: Maintaining a "Buy" rating for LEAPMOTOR (09863), optimistic about the company's future development.

Sealand released a research report stating that LEAPMOTOR (09863) is pragmatic and efficient, with projected operating revenues of 66.27, 104.12, and 135.41 billion yuan from 2025 to 2027, representing a year-on-year growth rate of 106%, 57%, and 30% respectively; achieving net profits attributable to owners of 7.2, 41.5, and 63.2 billion yuan, resulting in a year-on-year turn-around, +476%, and +52%, respectively; with EPS of 0.51, 2.92, and 4.45 yuan, corresponding to PS valuation multiples of 0.8, 0.5, and 0.4 times the current stock price. The company's future development outlook is optimistic, and the rating of "buy" is maintained. Sealand's main points are as follows: Events On February 1, 2026, LEAPMOTOR released its January sales figures. LEAPMOTOR delivered 32,000 vehicles in January, an increase of 27.4% year-on-year. Breaking through the 30,000 vehicle mark in January 2026, maintaining rapid growth year-on-year In January 2026, LEAPMOTOR delivered 32,000 vehicles, an increase of 27.4% year-on-year, showing stable performance in the off-season. Looking ahead to 2026, the company aims to achieve a sales target of 1 million vehicles. Launch of heavyweight new models will be gradually rolled out, accelerating brand channel construction In 2026, Zero Run will launch multiple new models including the D19, D99, and A10, covering all categories from sedan, SUV to MPV. The A10 model is positioned for the global market and will be sold both domestically and overseas; Lafa5 Ultra further strengthens its sporty positioning; the D19 is positioned as a large six-seater SUV targeting family customers; and the D99 is the company's first MPV product, set to be launched and delivered in the middle of the year. The company's channel construction is gaining momentum, with 85 new stores added recently. As of January 5, the total number of stores nationwide has reached 1,068, ensuring that more users can conveniently experience Zero Run products and services. New models debut in Europe, accelerating the brand's global expansion process On January 11, the Zero Run A10 debuted at the Brussels Motor Show in Belgium, positioning itself as an intelligent premium long-range SUV, precisely meeting the needs of European users for urban travel. LEAPMOTOR is rapidly expanding its global business through strategic cooperation with the Stellantis group. It has already entered over 35 international markets, with over 1,800 global sales and service outlets. Within 12 months of entering the European market, it has launched 3 models, established over 800 sales outlets, and exceeded 35,000 vehicle registrations. Risk Warning: Company's product sales may fall short of expectations; cost-effectiveness under industry price wars may not be evident; failure to achieve sales targets; product quality control evaluations are below expectations; unstable international market demand; currency exchange rate fluctuations; overseas market business development falls short of expectations; withdrawal of new energy vehicle subsidies directly affects price-sensitive mainstream consumer groups.