对2025财年预期更为乐观，因为2025年第一季度超预期

FY26E63,04683.46.912.112.9206.81,234.5na943.08.8286.871.31.266.0 Target PriceHK$72.00(Previous TPHK$50.00)Up/Downside15.8%Current PriceHK$62.20China AutoWenjing DOU, CFA(852)6939 4751douwenjing@cmbi.com.hkJi SHI, CFA(852) 3761 8728shiji@cmbi.com.hkAustin Liang(852) 3900 0856austinliang@cmbi.com.hkStock DataMkt Cap (HK$ mn)83,159.3Avg 3 mths t/o (HK$ mn)52w High/Low (HK$)65.80/19.54TotalIssued Shares (mn)Source: FactSetShareholding StructureMr. Jiangming Zhu and hisconcert partieStellantis N.V.Source: HKExShare PerformanceAbsoluteRelative38.4%79.8%106.3%Source: FactSet12-mth Price PerformanceSource: FactSetRelated Report“Leapmotor(9863 HK)-Competitivepricingfor B10 with strong 4Q24margins”-11 Mar2025 695.71337.025.0%21.3%1-mth26.9%3-mth76.8%6-mth73.9% FY27E67,9057.712.8350.11,563.426.6108.861.152.7 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEDisclosures& DisclaimersAnalyst CertificationThe research analyst who is primary responsible for the content of thisresearch report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the codeof conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s)covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of theHongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report.CMBIGM RatingsBUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGMOUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad marketbenchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimitedAddress: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel:(852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank)Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluateparticular investmentsand strategies, and encourages investors to consult with a professional financial advisor in order to make their own investment decisions.This report or any information contained herein, have been prepared by theCMBIGM, solely forthe purpose of supplying information to the clients ofCMBIGMor its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this report does so entirely at their own risk.The information and contents contained in this report are based on the analyses and interpretations of information believed to be publicly available and reliable.CMBIGMhas exerted every effort in its capacity to ensure, but not to guarantee, their accuracy, completeness, timeliness or correctness.CMBIGMprovidesthe information, advices and forecasts on an "AS IS" basis.Theinformation and contents are subject to change without notice.CMBIGM