CICC released a research report, forecasting for the first time that Leapmotor's (09863) net profit will reach RMB 6.15 billion in 2027. The current stock price corresponds to a price-to-earnings (P/E) ratio of 14.3 times for 2026 and 9.0 times for 2027. CICC maintains its Outperform rating for Leapmotor with a target price of HK$60.80, representing a 36.5% upside potential from the current stock price. The research report noted that Leapmotor's 2025 performance met expectations, with full-year revenue increasing by 101.3% year-on-year, and net profit attributable to the parent company turning from loss to profit. Strong sales growth drove significant revenue increases, with overseas business becoming a new growth driver. Meanwhile, gross profit margin reached a record high, and operating cash flow saw substantial growth. Leapmotor is advancing its premium and globalization strategies simultaneously, with strong mid-to-long-term growth momentum. However, the report also cautions about risks such as new model ramp-up, industry sales decline, and profitability recovery falling short of expectations.