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<Research>CICC Reduces LEAPMOTOR (09863.HK) TP to $30.3; 2Q Loss in Line w/ Gross Profit Improvement
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CICC highlighted in a report that LEAPMOTOR (09863.HK)'s revenue for 2Q24 lifted 23% YoY and 54% QoQ. Net loss was RMB1.2 billion, in line with expectations. Gross profit improved on both YoY and QoQ bases. According to CICC, LEAPMOTOR has accelerated its expansion by leveraging the brand and channel resources of Stellantis. However, the broker revised its net loss forecast for this year from RMB3.31 billion to RMB3.87 billion and lowered its net profit forecast for 2025 by 16.3% to RMB311 million due to fierce competition in the market segments. CICC is optimistic about LEAPMOTOR's overseas expansion potential and maintained its Outperform rating, but dropped its target price by 17% to $30.3. AAStocks Financial News |
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