<div id="readability-page-1"><div><p>JPMorgan issued a report stating that LEAPMOTOR (09863.HK)<span> </span><span> -3.540 (-7.828%)  </span> <span> Short selling $356.05M; Ratio 30.203%  </span> 's 1Q results were largely in line with the banks expectations and better than the market-expected loss of RMB460 million. Despite industry weakness, rising raw material prices and intense competition during the quarter, the company demonstrated prudent cost control capabilities and delivered record overseas performance. Management maintained an optimistic tone during the earnings call and reiterated its ambitious FY26 sales target of 1 million units.</p><p>The bank noted that LEAPMOTORs 2Q sales guidance of 240,000 to 250,000 units implies approximately 120% QoQ growth, representing the strongest momentum among Chinese EV makers. This is mainly driven by solid order momentum for the A10 and B19 models, the upcoming launch of the D99 MPV, and facelifts of existing models. JPM believes this signals the company is entering a strong product cycle and growth inflection point. On overseas expansion, with more than 1,000 sales outlets globally, management is confident of reaching the upper end of its 150,000-unit export target, while the acquisition progress of Stellantis N.V. Common Shares (STLA.US)<span> </span>  <span> </span>  's Spain plant remains on track.</p><p>JPM maintained its Overweight rating on LEAPMOTOR with a TP of HKD90. The bank kept its FY26 sales forecast at 955,000 units, representing 60% YoY growth, and expects profitability to resume in 2Q. Although raw material inflation remains a key variable for full-year margins, JPM maintained its FY26 net profit forecast at RMB2.6 billion, implying a 384% YoY increase. (da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p></div></div>

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CARZ

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<p>JPMorgan reported that LEAPMOTOR's 1Q results exceeded market expectations, with a smaller loss than anticipated. The company aims for 1 million unit sales by FY26, supported by strong order momentum and overseas expansion. JPM maintained an Overweight rating with a target price of HKD90, forecasting 60% YoY growth and a net profit of RMB2.6 billion for FY26, despite raw material inflation concerns.</p>

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JPM: LEAPMOTOR  1Q Results Beat Market Expectations, Reiterates Overweight with TP HKD90