Sealand Securities has issued a research report stating that LEAPMOTOR (09863) is pragmatic and efficient. The firm forecasts the company's operating revenue for 2025-2027 to reach RMB 66.27 billion, RMB 104.12 billion, and RMB 135.41 billion, representing year-on-year growth rates of 106%, 57%, and 30%, respectively. Net profit attributable to shareholders is projected to be RMB 720 million, RMB 4.15 billion, and RMB 6.32 billion, indicating a turnaround to profitability followed by increases of 476% and 52%. Earnings per share (EPS) are estimated at RMB 0.51, RMB 2.92, and RMB 4.45. The corresponding price-to-sales (PS) valuations based on the current share price are 0.8x, 0.5x, and 0.4x, respectively. The securities firm is optimistic about the company's future development and maintains an "Overweight" rating. Key points from Sealand Securities are as follows:
On February 1, 2026, LEAPMOTOR announced its delivery figures for January. The company delivered 32,000 vehicles across its model lineup in January, a year-on-year increase of 27.4%. Surpassing 30,000 deliveries in January 2026 demonstrates sustained rapid growth compared to the previous year. Despite being an off-peak season, the performance was relatively robust. Looking ahead to 2026, the company aims to achieve a sales target of 1 million vehicles.
Major new models are set to be launched successively, and brand channel development is accelerating. In 2026, LEAPMOTOR will introduce several new models, including the D19, D99, and A10, covering the full spectrum from sedans and SUVs to MPVs. The A10 model is positioned as a global vehicle and will be sold simultaneously in domestic and international markets. The Lafa5 Ultra further strengthens its sporty positioning. The D19 is a large six-seater SUV targeting family customers. The D99 will be the company's first MPV product, expected to launch and begin deliveries around mid-year. The company is accelerating its channel expansion, having recently added 85 new stores. As of January 5th, the total number of stores nationwide reached 1,068, ensuring more users can conveniently experience LEAPMOTOR's products and services.
New models debuted in Europe, accelerating the brand's globalization. On January 11th, the LEAPMOTOR A10 was unveiled at the Brussels Motor Show in Belgium. Positioned as an intelligent, premium, long-range SUV, it precisely meets the urban mobility needs of European users. Through strategic synergy with the Stellantis Group, LEAPMOTOR is rapidly expanding its global operations. The company has now entered over 35 international markets, with more than 1,800 global sales and service outlets. Within 12 months of entering the European market, LEAPMOTOR launched three models, established over 800 sales points, and achieved vehicle registrations exceeding 35,000 units.
Risk warnings include: the company's product sales falling short of expectations; difficulty in showcasing cost-performance advantages amid industry price wars; sales failing to meet target goals; product quality control assessments being lower than anticipated; instability in international market demand; exchange rate fluctuation risks; overseas market business development underperforming expectations; and the phase-out of new energy vehicle subsidies directly impacting price-sensitive core consumer groups.