In "Major Banks," China International Capital Corporation (CICC): Leapmotor's performance in the first quarter is impressive, with the target price raised by 46% to 80 yuan

According to a research report by CICC, Leapmotor (09863.HK) saw its revenue grow 1.87 times in the first quarter, mainly due to a 1.62 times increase in sales and optimization of product structure; the gross profit margin exceeded market expectations, primarily due to enhanced economies of scale and strong profitability from external strategic partnerships, with net profit also meeting market expectations during the period. The firm expects sales in the second quarter to exceed 130,000 vehicles, reaching a historical high.

Overseas, the number of overseas stores increased by more than 100 quarter-on-quarter in the first quarter, with a total of over 500 stores. In the first four months of this year, approximately 1.36 vehicles were exported. As the company's local supply capabilities overseas strengthen, the advantages in channels and products are expected to be further released.

Due to the increase in sales on the B platform, the firm has raised its revenue forecasts for 2025 and 2026 by 7.4% and 5.7%, respectively, and net profit forecasts by 8.6% and 52.8%. It maintains an "outperform industry" rating, considering that smart driving enhances valuation and the model cycle is upward, raising the target price by 46% to HKD 80