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<Research>BofAS Cuts LEAPMOTOR's TP to HKD59, Reduces 2026 Earnings Forecast
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LEAPMOTOR (09863.HK) announced its 2025 results yesterday and held a conference call, according to a report from BofA Securities. The company's 4Q25 sales revenue grew by 56% YoY or 8% QoQ to RMB21 billion, roughly in line with the broker's expectations. After factoring in LEAPMOTOR's 4Q25 results, BofA Securities lowered its 2026-27 sales forecast for the carmaker by 4% each to reflect weak sales in 1Q26, cut its 2026 gross margin forecast by 0.1 ppt to reflect rising material costs, raised the operating expenses as a percentage of sales forecast by 0.1 ppt to reflect increased R&D expenses, and trimmed the 2027 operating expenses as a percentage of sales forecast by 0.7 ppts to reflect effective expense control. Overall, BofA Securities adjusted its earnings forecast for LEAPMOTOR down by 21% for 2026 and up by 16% for 2027. LEAPMOTOR's target price decreased from HKD60 to HKD59, with a rating reiterated at Buy. AAStocks Financial News |
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