CLSA: Maintains LEAPMOTOR (09863) "Outperform" rating, target price HK$60

CLSA released a research report stating that LEAPMOTOR (09863) held a technology launch event, unveiling multiple new technologies, with the first seven new models equipped with the related technologies expected to debut in 2027. The bank believes that the company's integrated in-house development should strengthen its cost advantage and product differentiation, and sales momentum. It maintains its 2026/2027 delivery forecasts of 1 million/1.35 million units, reiterates its "Outperform" rating and target price of HK$60. The bank noted that the company plans to launch about seven new models under its main brand next year, including five-seat/six-seat SUVs, and to introduce a sub-brand model with a flexible space via the LEAP 5.0 platform. Of the 2027 sales forecast, about 400,000 units are exports and about 950,000 units are domestic sales. The bank maintains its net profit forecasts for 2026/2027/2028 at RMB 2.8 billion/4.1 billion/4.6 billion, respectively, and noted that management reiterated that all overseas profits from 2026 to 2027 will be reinvested, and overseas joint ventures may begin contributing revenue in 2028.