Citigroup has issued a research report stating that LEAPMOTOR's (09863) performance last year met expectations. The report anticipates three key catalysts for the group in the future, including a sales catalyst in March and a recovery in the second quarter driven by new model cycles and export sales. New business revenue is projected to increase by 55% year-on-year in the 2026 fiscal year. The report also suggests that the group will demonstrate strong gross margin momentum from the second to the third quarter. Citigroup has maintained its target price for LEAPMOTOR at HK$100 and reaffirmed its "Buy" rating.

Given the incremental benefits from LEAPMOTOR's exports, its growing automotive parts business, patent licensing fee income, and recurring revenue from carbon credits, the institution expects the company to exhibit high growth potential starting from the 2027 fiscal year. Citigroup has kept its sales forecasts for LEAPMOTOR unchanged at 1.2 million and 1.8 million vehicles for this year and next, respectively, with 2.1 million vehicles projected for 2028. Revenue forecasts remain steady at RMB 133 billion and RMB 193 billion for the same periods, reaching RMB 220 billion in 2028. After minor adjustments to gross profit and operating expenses, the net profit forecasts are also maintained at RMB 4.2 billion and RMB 6.3 billion for this year and next, respectively, with RMB 7.9 billion expected in 2028.