CLSA has issued a research report indicating that LEAPMOTOR (09863) held a technology launch event where multiple new technologies were introduced, with the first batch of seven new models equipped with these technologies expected to debut by 2027.

The brokerage believes that the company's integrated in-house research and development should strengthen its cost advantages and product differentiation, which could translate into sales momentum. CLSA maintains its delivery forecasts of 1 million and 1.35 million vehicles for 2026 and 2027 respectively, reaffirming the "Outperform" rating with a target price of HK$60.

According to the report, the company plans to launch approximately seven new models under its main brand next year, including five-seat and six-seat SUVs, and will introduce sub-brand models with variable space features based on the LEAP 5.0 platform. Within the 2027 sales forecast, around 400,000 units are expected to be exported while approximately 950,000 units are targeted for domestic sales.

CLSA maintains its net profit forecasts of RMB 2.8 billion, RMB 4.1 billion, and RMB 4.6 billion for 2026, 2027, and 2028 respectively. The report also notes that management has reiterated that all overseas profits will be reinvested from 2026 to 2027, with overseas joint ventures potentially beginning to contribute revenue in 2028.