External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Zhejiang Leapmotor Technologie / Equity Bottom-Up

<ul><li>Maintain BUY. Leapmotor’s 1Q25 net loss of RMB130mn beat our prior forecasts on higher average selling price (ASP) and GPM, as well as unexpected contribution from the strategic cooperation.</li><li>We believe its cost reduction efforts, driven by its undervalued in-house R&amp;D capabilities, have started to be reflected by its 1Q25 GPM and could be even more apparent after all the models are shifted to the Leap 3.5 architecture in mid-2025.</li><li>We raise our FY25E sales volume forecast by 15% to 0.55mn units. We project breakeven at a net level in FY25E, followed by a tenfold increase to RMB1.2bn for FY26E net profit.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Leapmotor’s 1Q25 net loss of RMB130mn beat our prior forecasts on higher average selling price (ASP) and GPM, as well as unexpected contribution from the strategic cooperation.We believe its cost reduction efforts, driven by its undervalued in-house R&amp;D capabilities, have started to be reflected by its 1Q25 GPM and could be even more apparent after all the models are shifted to the Leap 3.5 architecture in mid-2025.We raise our FY25E sales volume forecast by 15% to 0.55mn units. We project breakeven at a net level in FY25E, followed by a tenfold increase to RMB1.2bn for FY26E net profit.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leapmotor (9863 HK) - More Positive on FY25E After 1Q25 Beat

<ul><li>Maintain BUY. Leapmotor’s aggressive pre-sale price for its new B10 EV, along with its in-house autonomous driving (AD) and chassis capabilities, gives us more confidence about its sales.</li><li>We revise up its FY25E sales volume by 7% to 0.48mn units.</li><li>We also project a minimal net loss in FY25E and a net profit of RMB1.26bn in FY26E with more new A and D series models. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maintain BUY. Leapmotor’s aggressive pre-sale price for its new B10 EV, along with its in-house autonomous driving (AD) and chassis capabilities, gives us more confidence about its sales.We revise up its FY25E sales volume by 7% to 0.48mn units.We also project a minimal net loss in FY25E and a net profit of RMB1.26bn in FY26E with more new A and D series models. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leapmotor (9863 HK) - Competitive Pricing for B10 with Strong 4Q24 Margins

<ul><li>Initiate with BUY and TP of HK$40.00. We believe Leapmotor could post faster sales volume growth than most of its peers in the next few years, aided by a plethora of new models and unique overseas expansion model supported by Stellantis (STLA US, NR).</li><li>The company plans to launch three new models (Bseries) based on an upgraded platform in FY25E, and small-size (A-series) and medium-to-large--size (D-series) models from FY26E, following the success of the C-series.</li><li>We estimate Leapmotor to break even at the net profit level in 2H26E amid greater economies of scale, overseas contribution at the JV, and solid R&amp;D capabilities to control costs, which could be earlier than most of its NEV start-up peers</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Initiate with BUY and TP of HK$40.00. We believe Leapmotor could post faster sales volume growth than most of its peers in the next few years, aided by a plethora of new models and unique overseas expansion model supported by Stellantis (STLA US, NR).The company plans to launch three new models (Bseries) based on an upgraded platform in FY25E, and small-size (A-series) and medium-to-large--size (D-series) models from FY26E, following the success of the C-series.We estimate Leapmotor to break even at the net profit level in 2H26E amid greater economies of scale, overseas contribution at the JV, and solid R&amp;D capabilities to control costs, which could be earlier than most of its NEV start-up peersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leapmotor (9863 HK) - Clear Brand Positioning with Unique Overseas Model

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a> is a Chinese premium electric vehicle manufacturer listed across three exchanges. </li>
<li>NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in 2026 is likely to be broken.  </li>
<li>NIO’s valuation is stretched as it trades at a material premium to median Chinese EV peers’ EV/Sales and growth-adjusted EV/Sales multiples. </li>
</ul>



NIO (NIO US) is a Chinese premium electric vehicle manufacturer listed across three exchanges. 
NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in 2026 is likely to be broken.  
NIO’s valuation is stretched as it trades at a material premium to median Chinese EV peers’ EV/Sales and growth-adjusted EV/Sales multiples. 


2025 High Conviction: Short NIO (NIO US/9866 HK)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

China

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

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Zhejiang Leapmotor Technologie (9863 HK)

Leapmotor (9863 HK) - More Positive on FY25E After 1Q25 Beat

Maintain BUY. Leapmotor’s 1Q25 net loss of RMB130mn beat our prior forecasts on higher average selling price (ASP) and GPM, as well as unexpected...

CMB International

Leapmotor (9863 HK) - Competitive Pricing for B10 with Strong 4Q24 Margins

Maintain BUY. Leapmotor’s aggressive pre-sale price for its new B10 EV, along with its in-house autonomous driving (AD) and chassis capabilities,...

CMB International

Leapmotor (9863 HK) - Clear Brand Positioning with Unique Overseas Model

We believe Leapmotor could post faster sales volume growth than most of its peers in the next few years, aided by a plethora of new models

CMB International

2025 High Conviction: Short NIO (NIO US/9866 HK)

NIO will likely struggle to reignite its growth with its three-brand strategy in a fiercely competitive market. Its promise to reach breakeven in...

Arun George

Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest...

Sumeet Singh

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52-week Range

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