On February 1, 2026, Leapmotor released its January sales figures. Leapmotor delivered a total of 32,000 units in January, representing a year-on-year increase of 27.4%.
According to Zhitong Finance APP, Guohai Securities released a research report stating that Leapmotor (09863) is pragmatic and efficient. The company is expected to achieve operating revenues of 66.27 billion, 104.12 billion, and 135.41 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 106%, 57%, and 30%. The net profit attributable to shareholders is projected to reach 720 million, 4.15 billion, and 6.32 billion yuan, turning losses into profits year-on-year with growth of +476% and +52%. Earnings per share (EPS) will be 0.51, 2.92, and 4.45 yuan, corresponding to PS valuations of 0.8x, 0.5x, and 0.4x the current stock price. The firm expresses optimism about the company’s future development and maintains an “Outperform” rating.
The main viewpoints of Guohai Securities are as follows:
Event
On February 1, 2026, Leapmotor released its January sales figures. Leapmotor delivered a total of 32,000 units in January, representing a year-on-year increase of 27.4%.
Deliveries exceeded 30,000 units in January 2026, maintaining rapid year-on-year growth.
In January 2026, Leapmotor delivered 32,000 units across its entire product range, representing a year-on-year increase of 27.4%, demonstrating solid performance during the off-season. Looking ahead to 2026, the company aims to achieve a sales target of 1 million vehicles.
Major new models will be launched successively, accelerating brand channel development.
In 2026, Leapmotor will launch multiple new models including D19, D99, and A10, covering all categories from sedans, SUVs, to MPVs. The A10 model is positioned as a global vehicle and will be available for sale in both domestic and overseas markets. Lafa5 Ultra further strengthens its sporty positioning; D19 is positioned as a large six-seat SUV targeting family customers; D99 will be the company's first MPV product, expected to be launched and delivered by mid-year. Channel development is accelerating, with 85 new stores recently added. As of January 5, the total number of stores nationwide reached 1,068, ensuring more users can conveniently experience Leapmotor products and services.
New models debut in Europe, accelerating the brand’s globalization process.
On January 11, Leapmotor A10 made its debut at the Brussels Motor Show in Belgium, positioned as a smart premium long-range SUV that precisely meets the needs of European urban commuters. Through strategic collaboration with Stellantis Group, Leapmotor is rapidly expanding its global business. It 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, it launched three models, established over 800 sales outlets, and registered vehicle sales exceeding 35,000 units.
Risk Warning: Potential risks include lower-than-expected sales volumes, difficulty in maintaining cost-performance advantages amid industry price wars, failure to meet sales targets, quality control evaluations below expectations, unstable international market demand, foreign exchange fluctuations, underperformance in overseas market expansion, and the direct impact of reduced subsidies for new energy vehicles on price-sensitive key consumer groups.
