09863 Overview

Delivery Performance: LEAPMOTOR reported a total delivery volume of 28,067 units for February 2026, with nearly 600,000 units delivered in 2025, marking a 103% year-over-year increase and setting a new annual sales record.

Export Success: The company achieved over 67,000 units in overseas exports for 2025, leading among new car-making forces in export numbers.

LEAPMOTOR Initiative: LEAPMOTOR has launched an initiative to combat online black PR activities by opening a public reporting channel, effective immediately.

Reward System: The company is offering rewards ranging from RMB50,000 to RMB5 million for individuals who provide valid leads related to these activities.

Chinese Automakers' Market Share Decline: Chinese automakers, including BYD and SAIC's MG, saw a decrease in their hybrid model market share in Europe, dropping to 15% in January, down nearly 3 percentage points from December.

LEAPMOTOR's Growth Slowdown: LEAPMOTOR experienced a slowdown in growth in January after a strong performance last year, indicating potential challenges for the brand in maintaining momentum.

Chancellor's Visit: German Chancellor Friedrich Merz visited Hangzhou, engaging with Chinese companies like Yushu Technology and LEAPMOTOR.

LEAPMOTOR's Expansion: LEAPMOTOR has established a significant international presence, exporting over 67,000 vehicles last year and operating in 35 countries with more than 800 outlets.

BYD's Upcoming Launch: BYD COMPANY is set to launch the "Super e-Platform" in early March, which is expected to improve technical standards, particularly in range and efficiency, and influence competitive strategies in the second quarter.

Market Trends and Caution: Preliminary data from mid-February should be interpreted cautiously due to the Lunar New Year impact, with expectations for trends to normalize in March and April.

Investment Recommendations: HSBC Global Investment Research recommends investing in companies with scale and clear catalysts, favoring BYD, LEAPMOTOR, XPeng, HORIZONROBOT, CATL, and TUOPU GROUP.

Stock Ratings and Target Prices: The report includes investment ratings and target prices for various stocks, with BYD COMPANY rated as a "Buy" with a target price of HK$139.

Market Outlook: JP Morgan predicts the Chinese automobile market will experience a mixed performance in 2023, with potential negative growth similar to 2018, but also volatility driven by new model releases and seasonal trends akin to 2025.

Top Picks: The broker's top stock picks include GEELY AUTO and SINOTRUK, while they see potential in BYD COMPANY, LEAPMOTOR, XPENG-W, and NIO for future positioning.

Investment Ratings: JP Morgan has assigned various investment ratings and target prices for several automobile stocks, with BYD COMPANY and SINOTRUK rated as "Overweight," while LI AUTO-W has been downgraded to "Underweight."

Short Selling Data: The report includes short selling data for the stocks mentioned, indicating varying levels of market sentiment and potential risks associated with each stock.