Zhejiang Leapmotor Technology Co (9863) Fair Value & Analysis
Consumer Cyclical · HK · Market cap HK$49.8B
Fair value as of: Aug 13, 2026
From 23 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from HK$10.60 to HK$13.13 (+23.9%) since Jul 7, 2026. Share price +10.7% over the past month.
Below-average quality, and screening another 67% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (HK$13.26). The favourable scenario is already priced in.
- Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The models converge in a tight band (HK$12.98 to HK$13.26), unusually little disagreement for a valuation.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
46‑month range HK$17.90 – HK$73.50 · fair‑value band HK$12.98 – HK$13.26 · the HK$40.18 price screens above the HK$13.13 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Zhejiang Leapmotor Technology Co (9863) currently trades at HK$40.18, while our model-based Fair Value estimate is HK$13.13, implying the stock looks roughly 67.3% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Zhejiang Leapmotor Technology Co generated revenue of HK$64.7B at a net margin of 0.8%. Revenue grew 73.6% year over year. It earns a return on equity of 4.5%. The balance sheet holds a net cash position of HK$9.7B. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$12.98 (bear case) to HK$13.26 (bull case); at HK$40.18, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 47% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 32% fair-value upside, at -67%, 9863 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 23 models by family
Widest divergence: DCF Models (HK$94.34) versus Asset-Based (HK$8.37). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 31
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Zhejiang Leapmotor Technology Co., Ltd. engages in the research and development, production, and sale of new energy vehicles in Mainland China and internationally. The company offers four major series"A, B, C, and D covering sedans, SUVs, and MPVs, with current models on sale such as A10, Lafa5, B01, B10, D19, C16, C10, C11, C01, and T03.
Full company description
Zhejiang Leapmotor Technology Co., Ltd. engages in the research and development, production, and sale of new energy vehicles in Mainland China and internationally. The company offers four major series"A, B, C, and D covering sedans, SUVs, and MPVs, with current models on sale such as A10, Lafa5, B01, B10, D19, C16, C10, C11, C01, and T03. It is also involved in the manufacture and sale of electric vehicles and components; providing electric vehicle charging operation and aftersales services; new energy vehicle retail; technical service and development; and warehousing and sorting. The company was incorporated in 2015 and is headquartered in Hangzhou, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Zhejiang Leapmotor Technology Co reported revenue of HK$64.7B in FY2025 versus HK$3.1B in FY2021, a compound +113.2%/yr. Reported net income was HK$524M in FY2025.
9863 screens 67% overvalued. Compare with Toyota Motor Corporation →
Peer Group
Auto Manufacturers · 119 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Auto Manufacturers median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Auto Manufacturers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Toyota Motor Corporation TM | $188.22 | $247.83 | +32% |
| BYD Company 81211 | HK$76.90 | HK$48.59 | -37% |
| Hyundai Motor Company 005380 | 418,500 KRW | 567,393 KRW | +36% |
| Bayerische Motoren Werke Aktiengesellschaft BMWM5N | 1,909 MXN | 2,610 MXN | +37% |
| Volkswagen AG VOW | 2,149 CZK | 7,783 CZK | +262% |
| Maruti Suzuki India Limited MARUTI | ₹13,875 | ₹8,236 | -41% |
| Kia Corporation 000270 | 135,600 KRW | 341,751 KRW | +152% |
| Weichai Power Co 2338 | HK$36.40 | HK$28.46 | -22% |
| Geely Automobile Holdings 80175 | HK$15.50 | HK$19.14 | +23% |
| Bajaj Auto Limited BAJAJAUTO | ₹11,700 | ₹4,574 | -61% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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