Analyst Ji Shi from CMB International Securities maintained a Buy rating on Zhejiang Leapmotor Technology Co., Ltd. Class H and keeping the price target at HK$60.00.
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Ji Shi has given his Buy rating due to a combination of factors related to Leapmotor’s solid growth trajectory and improving profitability. He views first-quarter 2026 results as broadly matching expectations, with revenue slightly ahead of forecasts and losses narrower than projected, while management’s second-quarter guidance for higher sales volumes and margins underpins confidence in a record quarterly profit and a clearer path to earnings growth.
In addition, Ji Shi highlights stronger-than-expected overseas demand, prompting an upward revision to the company’s 2026 sales volume outlook and reinforcing the view that international expansion will become a meaningful profit driver from 2027 onward. He also argues that the strategic partnership with Stellantis and cooperation with other automakers could unlock additional revenue streams over time, and despite trimming the 2026 profit estimate slightly, he maintains an unchanged target price of $60 based on attractive valuation versus expected earnings.