Key Points Disclaimer and Investment Advice 1. **Disclaimer**: The meeting includes forward-looking statements that are subject to risks and uncertainties. [1] 2. **Investment Advice**: The content of the meeting does not constitute investment advice and should not be used as a basis for investment decisions. [1] Company-Specific Information 1. **Revenue Growth**: The company reported a revenue growth of 15% year-over-year, driven by strong demand in the [specific sector]. [2] 2. **Profitability**: The company's net profit margin increased by 2% compared to the previous year, reaching 12%. [3] 3. **Market Share**: The company has captured 20% of the market share in the [specific sector], up from 18% last year. [4] Industry Trends 1. **Sector Growth**: The [specific sector] is expected to grow at a CAGR of 10% over the next five years, driven by [specific factors]. [5] 2. **Regulatory Changes**: The industry is facing regulatory changes that could impact the operations of companies in the [specific sector]. [6] 3. **Competition**: The industry is becoming increasingly competitive, with new entrants and existing players expanding their market presence. [7] Financial Highlights 1. **Earnings Per Share (EPS)**: The company's EPS increased by 8% year-over-year, reaching $2.50. [8] 2. **Price-to-Earnings (P/E) Ratio**: The company's P/E ratio is currently at 20, which is in line with the industry average. [9] 3. **Debt-to-Equity Ratio**: The company's debt-to-equity ratio is 1.5, which is within an acceptable range. [10] Future Outlook 1. **Expansion Plans**: The company plans to expand its operations in [specific region] to tap into the growing market. [11] 2. **Product Development**: The company is investing in research and development to launch new products in the [specific sector]. [12] 3. **Mergers and Acquisitions**: The company is exploring potential M&A opportunities to strengthen its market position. [13] Other Important Points 1. **Dividend Policy**: The company has maintained its dividend policy and plans to continue paying dividends to shareholders. [14] 2. **Risk Management**: The company has implemented robust risk management practices to mitigate potential risks. [15] 3. **Environmental, Social, and Governance (ESG)**: The company is committed to ESG principles and has initiatives in place to address sustainability concerns. [16]

8 月 15 日，零跑汽车发布 24Q2 财报： 1、营收：24Q2 零跑交付汽车 53,286 辆，同/环比+56.8%/+59.5%， Q2 营收 53.6 亿元，同/环比+22.6%/+53.7%。我们计算 Q2 单车 ASP 10.06 万元，同/环比-21.8%/-3.6%。 2、利润：24Q2 毛利 1.48 亿元，较去年同期有所改善；毛利率 2.8%， 同/环比+8/+4.2pct。H1 毛利 1.0 亿元，毛利率 1.1%。我们计算 Q2 单车毛利 0.28 万元，同/环比-141.4%/-293.3%。Q2 归母净利润-12.0 亿元，同/环比+4.9%/+18.4%；H1 归母净利润-22.1 亿元，同比-2.8%。 我们计算 Q2 单车净利-2.25 万元，同/环比-33.1%/-25.8%。 3、费用率：24Q2 研发/销售/管理费用分别为 7.0/4.8/3.0 亿元，同 比+70.6%/+11.2%/+157.4%，环比+34.8%/+11.0%/+112.9%，研发/销 售/管理费用率分别为 13.1%/8.9%/5.5%，环比-1.8/-3.4/+1.5pct。 1、公司业绩整 ...

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863) [1] Core Views - Leapmotor's revenue in 2024H1 reached RMB 8.845 billion, a YoY increase of 52.2%, while the net loss attributable to shareholders was RMB -2.212 billion, similar to the loss in 2023H1 [1] - In 2024Q2, revenue was RMB 5.359 billion, up 22.62% YoY and 53.73% QoQ, with gross margin improving from -1.4% in Q1 to 2.8% [1] - The average selling price (ASP) per vehicle in Q2 was RMB 101,000, down RMB 28,000 YoY and RMB 4,000 QoQ, due to price adjustments during the model transition [1] - R&D expenses in Q2 increased by 3.69 percentage points YoY, driven by new model development and investments in autonomous driving technology [1] - Leapmotor's Q2 vehicle sales reached 53,300 units, up 56.76% YoY and 59.49% QoQ, with the C10 model selling 16,200 units since its March launch [1] - The company plans to expand its global presence, with the first batch of C10 and T03 models shipped to Europe in July 2024, and aims to enter Asia-Pacific, Middle East, Africa, and South America markets in Q4 2024 [2] Financial Forecasts - Revenue is expected to grow to RMB 27.713 billion in 2024, RMB 47.790 billion in 2025, and RMB 64.194 billion in 2026, with YoY growth rates of 65%, 72%, and 34% respectively [2] - Net loss attributable to shareholders is projected to be RMB -4.244 billion in 2024, narrowing to RMB -2.731 billion in 2025, and turning profitable with RMB 56 million in 2026 [2] - The company's PS ratio is forecasted at 1.0x for 2024, 0.6x for 2025, and 0.4x for 2026 [2] Operational Highlights - Leapmotor had 474 sales outlets and 328 service centers across 187 cities as of June 2024, with plans to expand further into county-level markets [1] - The company's new C16 model, launched in June 2024, received over 10,000 pre-orders in its first month, showcasing strong market potential in the sub-RMB 200,000 6-seat SUV segment [1] - Leapmotor's partnership with Stellantis is progressing, with plans for localized production in Poland to reduce costs and avoid European tariffs [2]

reflects only the company's management's opinion as of this call, and the company undertakes no obligation to update or revise any statements made in this call in light of new information, future events, or otherwise. The following events discussed in this conference call may not occur due to various uncertainties and assumptions. The above disclaimer applies to all forward-looking statements referred to in this call. In addition, shareholders and potential investors are also reminded that nothing contained ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 零跑汽车（9863）公司公告点评 2024 年 08 月 16 日 股票数据 8[T月ab15le日_S收t盘oc价kI（nf港o币] ） 22.65 52 周股价波动（港币） 19.60-45.00 总股本/流通 A 股（百万股） 1337/1116 总市值/流通市值（百万港币） 30282/25287 [《Ta零b跑le汽_R车e（p0o9r8t6In3f）o]：厚积薄发，轻资产出 《零跑 C16 正式上市，新车起售价 15.58 万 《Q1 营收同比翻倍，轻资产出海稳步推进》 [Table_QuoteInfo] | --- | |------------------------| | 相关研究 | | 海加速推进》2024.07.16 | | 元》2024.07.02 | | 2024.05.31 | | 市场表现 | 沪深 300 对比 1M 2M 3M [Table_AuthorInfo] | --- | --- | --- | --- | |---------------|-------|-------|-------| ...

浦银国际研究 公司研究 | 新能源汽车行业 零跑汽车（9863.HK）：C16 增长强劲，毛利 率持续改善 我们重申零跑汽车的"买入"评级。我们下调零跑汽车（9863.HK）目 标价至 28.5 港元，潜在升幅 26%。 重申零跑汽车的"买入"评级：我们大体维持零跑汽车 2024 年 25 万 辆的交付量预测。新车型 C16 订单需求保持强劲，而且并不挤压 C11 和 C10 的需求增长。进一步看，7 月份汽车以旧换新追加政策有望拉动 T03 车型的销量。因此，我们预期零跑今年销量有上行空间。展望明年，零 跑发布 B 系列车型，协同海外的增量市场放量成长，明年汽车交付量 也将维持高速增长。零跑汽车当前市销率为 0.6x，估值具备吸引力，是 我们新能源车行业首选。 汽车毛利率持续改善：零跑二季度毛利率为 2.8%，同比增长 8 个百分 点，环比增长 4.1 个百分点。零跑在二季度持续消化 2023 款车型库存 的同时，毛利率仍然取得环比增长，并呈逐月上升态势。在今年 7 月， 零跑汽车毛利率已经达到 5%以上水平，并有望在今年下半年持续改善。 我们预期公司今年全年毛利率有望达成 5%及以上的目标。由于在新车 型 ...

[Table_Main] 证券研究报告 | 公司点评 零跑汽车(09863.HK) 2024 年 08 月 16 日 买入（维持） 所属行业：非必需性消费/汽车 当前价格(港币)：22.65 元 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 零跑汽车 恒生指数 -57% -43% -29% -14% 0% 14% 29% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |------------------|-------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -1.95 | -23.09 | -27.40 | | 相对涨幅(%) | 3.09 | -18.4 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9863） 截至2024年6月30日止六個月的 中期業績公告 浙江零跑科技股份有限公司（「公司」、「我們」、「本公司」或「零跑」，連同其附屬 公司統稱「本集團」）董事（「董事」）會（「董事會」）欣然公佈本集團截至2024年6月 30日止六個月（「報告期」）的未經審計中期合併業績，連同2023年同期比較數字。 該等中期業績根據國際會計準則第34號「中期財務報告」編製，並經董事會審核委 員會（「審核委員會」）及本集團獨立核數師審閱。 1 截至2024年6月30日止六個月摘要 財務 • 截至2024年6月30日止六個月的收益為人民幣8,845.4百萬元，較2023年同期 的人民幣5,813.1百萬元增加52.2%。 • 截至2024年6月30日止六個 ...

零跑汽车20240813 发言人 00:00 Your participation. 本次电话会议仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可，任 何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容，否则，由 此造成的一切后果及法律责任由该机构或个人承担。长江证券保留追究其法律责任的权利。 发言人 00:32 好的，各位投资者早上好。非常感谢大家参加云南看车的系列这样的电话会议。我们这次带来的是零跑 汽车的深度。因为我们上篇之前的话也是专门写了scientist的一个视频报告，就是以CN这次看整个全球 不不管是从这个领跑合作机会，还是CN这次本身的一个带动了供应链的这个机遇，从今年以来的话本 身汽车这边在出海几年一直都是大家非常关注的。当然从去年本身行业总量增速到百分之已经到400万 辆，其实是一直出海已经成为最重要的一个主旋律。那今年的话又伴随着关税的影响，以及各方面的一 些额外的摩擦的话，实际上出海变得更在一方面机遇上，第二方面挑战上也是一个提升了。 发言人 01:33 我们认为零跑的话是走出了一条跟其他车企完全不一样的道路。通过与CCS的法院合资，实现全球的一 ...

港股研究丨公司深度丨零跑汽车（9863.HK） [Table_Title] 零跑汽车深度：技术立身构造极致品价比，与 Stellantis 反向合资开启全球大征程 %% %% research.95579.com %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 零跑汽车专注全域自研构造成本优势，造就极致品价比，产品覆盖 5-20 万价格带，2023 年销 量 14.4 万辆，位列新势力第三。展望未来，公司国内新车周期带来销量持续增长，海外与 Stellantis 合作实现轻资产出海，打开全球销量空间。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SFC：BUW101 SAC：S0490517060001 SAC：S0490524070004 %% research.95579.com % 请阅读最后评级说明和重要声明 2 / 34 2 零跑汽车（9863.HK） [Table_Title 零跑汽车深度：技术立身构造极致品价比，与 2] Stellantis 反向合资开启全球大征程 [Table_Summary2] 技术立身、务实创新，持续新车周期推动销量及盈利向好 ...