Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance was in line with expectations, with a clear strategy for overseas expansion [1][3] - Revenue for Q1 2024 was RMB 3.486 billion, a year-on-year increase of 141.7%, but a quarter-on-quarter decrease of 33.9% [3] - The company reported a net loss of RMB 1.013 billion in Q1 2024, with a per-vehicle loss of RMB 30,000, showing a reduction in losses compared to the previous year [3] - The company's gross margin for Q1 2024 was -1.4%, slightly below expectations due to the impact of the Spring Festival holiday and increased discounts on older models [3] - The company plans to expand its sales network to 200 outlets by the end of 2024, including Stellantis & You networks, and aims to reach 500 outlets by 2026 [3] - The company's long-term strategy includes deepening its presence in the mainstream market in China, accelerating overseas expansion through a light-asset model with Stellantis, and expanding into new business areas by supplying core components to other OEMs [4] Financial Forecasts and Valuation - Revenue for 2024E is projected to be RMB 33.024 billion, a year-on-year increase of 96.15% [2] - Net profit attributable to the parent company is expected to be RMB -3.298 billion in 2024E, improving to RMB 882.44 million in 2025E and RMB 2.955 billion in 2026E [2] - EPS for 2024E is forecasted to be RMB -2.47, improving to RMB 0.66 in 2025E and RMB 2.21 in 2026E [2] - The company's P/E ratio for 2024E is -9.37, improving to 35.01 in 2025E and 10.45 in 2026E [2] Market and Operational Data - The company's closing price on the Hong Kong stock exchange was HKD 31.30, with a market capitalization of HKD 34.94376 billion [5] - The company's net asset per share is RMB 9.35, with a total share capital of 1.33697 billion shares [6] - The company's asset-liability ratio is 56.07%, with total assets of RMB 28.45342 billion and total liabilities of RMB 15.95522 billion [6][8] Overseas Expansion - The company plans to start sales in 9 European countries from September 2024, with further expansion into South America, Asia-Pacific, the Middle East, and Africa in Q4 2024 [3] - The company aims to launch 6 new models globally by 2027, with the C10 and T03 being the first models to go global [3] Long-term Strategy - The company will focus on the mainstream market in China, leveraging its self-developed cost advantages and pursuing a strategy of high product value for price [4] - The company will adopt a light-asset model for overseas expansion, utilizing Stellantis' global network and after-sales service system [4] - The company plans to supply core components to other OEMs, creating new business growth opportunities [4]

汽车/乘用车 公 司 研 零跑汽车（09863.HK） 国内新车周期启动，海外业务前景可期 究 2024年05月20日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 日期 2024/5/17 证 书编号：S0790521110001 证书编号：S0790122090026 港 当前股价(港元) 31.300  2024年国内新车周期陆续启动，海外业务前景可期，维持“买入”评级 股 一年最高最低(港元) 48.500/19.600 基于公司新车周期启动、C16性价比突出有望冲击国内月销3万辆水平，我们将 公 司 总市值(亿港元) 418.47 2024-2025年收入预测由269/507上调至315/547亿元，2026年收入预测维持在 信 流通市值(亿港元) 349.44 714亿元，同比增速为88%/74%/31%；智能化功能推进及整体销售规模提升导致 息 总股本(亿股) 13.37 营业费用可能增加，将 2024-2025 年 Non-GAAP 净利润预测由-30/-11 亿元下调 更 新 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating issued [2]. Core Insights - The company focuses on a cost-performance strategy, targeting the mainstream electric vehicle market priced between 100,000 to 300,000 yuan, with a strong emphasis on both pure electric and range-extended vehicles [10][11]. - The partnership with Stellantis is expected to accelerate overseas growth, enhancing the company's market presence and profitability [12][14]. - The company has a robust product lineup, with plans to introduce 2-3 new models annually over the next three years, ensuring comprehensive coverage across various price segments [14][32]. Summary by Sections Company Overview - The company is positioned as a value-for-money player in the electric vehicle market, focusing on the 100,000 to 300,000 yuan price range [10]. - It has transitioned from pure electric vehicles to include range-extended models, with a strategic partnership with Stellantis initiated in 2023 to enhance growth [11][12]. - The company has established a solid foundation for self-research and development, with a significant portion of its components produced in-house [12][17]. Overall Recognition - The company benefits from vertical integration and a high degree of commonality in vehicle architecture, leading to significant cost advantages [15][20]. - The founder's technical background and collaboration with Dahua Technology provide a strong technological foundation for the company's self-research capabilities [15][17]. Growth Logic - Domestic Demand - The company targets a market with low electric vehicle penetration, particularly in the 100,000 to 200,000 yuan segment, where there is substantial potential for growth [26]. - The range-extended vehicles are positioned to alleviate consumer concerns about electric vehicle range anxiety, providing a competitive edge [29][30]. - The company plans to expand its dealership network significantly, with an expected increase of 200 stores in 2024, enhancing its market reach [13][32]. Growth Logic - Export - The partnership with Stellantis is expected to facilitate entry into international markets, leveraging Stellantis's established distribution channels [12][19]. - The company anticipates significant export potential, with projections indicating a long-term export volume of 10 million units [19][20]. - The higher profit margins associated with exporting vehicles compared to domestic sales present a lucrative opportunity for the company [19][20]. Financial Projections - Revenue forecasts indicate substantial growth, with expected revenues of 32.54 billion yuan in 2024 and 64.61 billion yuan in 2025, reflecting a year-on-year growth rate of 94.3% and 98.6% respectively [2][3]. - The company is projected to achieve profitability by 2025, with net profits expected to reach 2.09 billion yuan [2][3].

2024 年 05 月 19 日 公司研究 评级：增持 (维持 ) 研究所： [Table_Title] 销量业绩环比承压，新品上市静待反弹 2024Q1 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn ——零跑汽车（ ） 点评报告 09863 2024Q1 最近一年走势 事件 : 零跑汽车 2024 年5月 17日发布 2024年第一季度业绩公告：2024Q1 实现营收34.86亿元，同比增长141.7%；实现归母净利润-10.13亿元， 相比2023Q1的-11.33亿元亏损收窄。 投资要点 :  2024Q1公司营收、毛利率同比大幅提升，环比有所下降。 1） 2024Q1公司实现营收34.86亿元，同/环比为+141.7%/-33.9%；实 相对恒生指数表现 2024/05/17 现归母净利润-10.13 亿元，同比亏损收窄，环比亏损扩大。公司 表现 1M 3M 12M 2024Q1毛利率-1.4%，同比改善明显，相比2023Q4的6.73%下降 零跑汽车 33.5% 35.2% -15.1% 主要原因系：2024Q1公司开展促销消化2023款老车库存，2024Q1 ...

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，並明確表示概不會就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） 有關2024年第一季度未經審核財務業績的公告 及 業務最新進展 2024年第一季度未經審核財務業績 本公告為浙江零跑科技股份有限公司（「本公司」或「零跑汽車」，連同其附屬公司 統稱為「本集團」）董事會（「董事會」）自願作出。本公司欣然公佈本集團截至2024 年3月31日止三個月（「2024年第一季度」）的未經審核財務業績。 2024年第一季度的主要摘要 季度總收益達人民幣3,486.2百萬元 季度交付量達33,410輛 2024年第一季度的營運摘要 2024年第一季度的汽車總交付量為33,410輛，較2023年同期的10,509輛增加 217.9%。 • 2024年第一季度的T03交付量為9,433輛，較2023年同期的3,925輛增 ...

大家晚上好啊,我是海通汽车首席刘一鸣,那今天也是这也是我们今天晚上第三场电话会,前面前面两场主要讲的是仲卡,那本场呢,给大家讲一下我们这个,呃,关于灵好汽车的观点,那同时在线的还有我们团队的这个汽车分析师张学也。 那么我们是今年4月份开始去关注过然后推荐领跑汽车的那么大家也看到近期领跑4月份取得了1万5左右的销量近期的表现也不错所以现在市场关注度要比以前高了一些那么我们也是借着这个机会给大家去梳理汇报一下我们关于领跑汽车的现在的推荐的要点 我们觉得其实主要是有两点第一点就是说它所主推的经济型的这种或者说能让大众消费得起的智能电动车这个市场本身仍然是一个蓝海并且近期的这种置换的优化新的政策对于它所在的价位拉动力度是比较大的 第二呢是我们认为林郝目前他的这种自言但不全自治的这样的一个模式其实可复制性是比较低的 即使是科技巨头也未必能够在很短的时间内去把它的方式方法和车型全部的都复制到位所以我们认为公司的目前通过这一批经济型智能车所获得到的这样的一个放量的趋势应该不太可能在短期被颠覆所以我们觉得值得重点关注一下 那么简单说一下这个公司的背景相信可能大家也都比较熟悉领好是2015年由朱江明先生创立的然后最初是一些小行 ...

Financial Performance - Revenue for 2023 reached RMB 16,746.7 million, a 35.2% increase from RMB 12,384.6 million in 2022[5] - Gross profit turned positive at RMB 80.5 million, compared to a gross loss of RMB 1,911.3 million in 2022, marking a 104.2% improvement[5] - Operating loss decreased by 16.3% to RMB 4,377.4 million from RMB 5,226.8 million in the previous year[5] - The company achieved a significant reduction in net loss attributable to equity holders, decreasing by 17.3% to RMB 4,224.9 million from RMB 5,108.9 million in the previous year[5] - The adjusted net loss for 2023 was RMB 3,518.5 million, an improvement from RMB 4,565.5 million in 2022[40] - The company reported a net profit margin of 12% for the last fiscal year, reflecting strong operational performance and cost management[177] Research and Development - Research and development expenses totaled RMB 1,919.8 million, reflecting the company's commitment to innovation and technology[7] - Research and development expenses rose by 36.1% to RMB 1,919.8 million in 2023, up from RMB 1,410.6 million in 2022[36] - The company is investing heavily in R&D, with a budget allocation of 15% of total revenue aimed at developing new technologies and electric vehicle models[181] - The company has a commitment to innovation in automotive technology, particularly in autonomous driving and electric drive systems[189] Production and Sales - The company delivered over 300,000 vehicles by the end of 2023, showcasing rapid growth in production and sales[8] - In 2023, the company delivered 144,155 electric vehicles, a year-on-year increase of 29.7%, with a compound annual growth rate of 243.4% since the launch of its first model in 2019[12] - The number of electric vehicles delivered increased from 111,168 in 2022 to 144,155 in 2023[31] - The company launched its first range-extended model, C11, in February 2023, marking the implementation of its "pure electric + range-extended" dual-power strategy[21] Strategic Partnerships and Expansion - A strategic partnership was established with Stellantis to create a joint venture named "Leapmotor International" aimed at global expansion[8] - The company plans to launch its brand of electric vehicles in Europe in 2024, leveraging Stellantis' resources for market entry[9] - The company plans to establish a joint venture with Stellantis Group, focusing on global expansion and leveraging Stellantis' extensive distribution network[26] - The company aims for global expansion, particularly entering the European market, to establish its international presence[149] Financial Position - Total assets increased to RMB 28,453.4 million, up from RMB 19,267.8 million in 2022, indicating strong growth in the company's financial position[7] - Net financial income rose by 47.9% to RMB 157.1 million, compared to RMB 106.3 million in 2022[5] - Operating cash flow turned positive in 2023, amounting to RMB 1,081.6 million, an increase of RMB 3,481.4 million compared to 2022[15] - The company's free cash flow for 2023 was RMB 322.7 million, an increase of RMB 3,495.2 million compared to RMB 3,817.9 million in 2022[43] Corporate Governance - The company has established a remuneration committee to formulate compensation policies for directors and senior management[82] - The supervisory board has conducted independent reviews of the company's operations and found that decision-making processes are legal and compliant with internal control systems[165] - The supervisory board emphasized the importance of legal education for management personnel to ensure compliance with laws and regulations[164] - The company adheres to high standards of corporate governance to protect shareholder interests and enhance transparency[195] Shareholder Structure - Stellantis holds approximately 21.26% of the company's issued share capital, making it the major shareholder[102] - The total percentage of shares held by the top three shareholders exceeds 58%, indicating a concentrated ownership structure[114] - The company has established a unified voting agreement among major shareholders to ensure coordinated decision-making[118] Employee Management - As of December 31, 2023, the company has 9,314 full-time employees, with 48.72% in manufacturing and 31.45% in R&D[109] - Employee welfare expenses during the reporting period amounted to approximately RMB 3,478.6 million[109] - The company provides competitive compensation and participates in various government-mandated employee benefit programs[110] Future Outlook - Future outlook indicates a projected revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[179] - The company aims to reduce production costs by 20% through improved supply chain efficiencies and automation technologies[175] - A new electric vehicle model is set to launch in Q2 2024, with an expected sales target of 100,000 units in the first year[176] Technology and Innovation - The company upgraded its technology architecture from LEAP1.0 to LEAP3.0 in 2023, introducing several industry-first technologies[23] - The "Four-Leaf Clover" architecture integrates multiple domains using a single SOC chip and a single MCU chip, achieving high efficiency in smart electric vehicles[24] - The company emphasizes the importance of supply chain management, with a dedicated Vice President overseeing this critical area[189]

大家好欢迎参加西部汽车深度报告纪录第147零跑汽车全域自研优势见险海外发展开启第二增长曲线目前所有参会者均处于静音状态下面播报免责声明播完毕后主持人可直接发言谢谢 本次电话会议服务于西部证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险西部证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作 或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经西部证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议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本公司保留追究其法律责任的权利 各位投资人晚上好我是西部证券的汽车分析师齐鼎翔那么今天的话现场还有我们同事张欢欢我们一起向各位领导汇报一下我们新发的一篇报告就领跑汽车的一个深度报告那么领跑汽车来讲的话也是造车新势力里面一个非常优秀的公司那么整个公司来讲的话在整个 零部件那边的话自主可控率还是非常高的尤其是在电子电气架构方面其实也还是有比较突出的一个优势那么我们对公司来讲的话也还 ...

汽车/乘用车 公 司 研 零跑汽车（09863.HK） 全域自研驱动技术降本，汽车出口盈利前景可期 究 2024年04月18日 ——港股公司首次覆盖报告 投资评级：买入（首次） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 日期 2024/4/17 证 书编号：S0790521110001 证书编号：S0790122090026  国内主流市场力求稳中有升，借力Stellantis出口有望于2026年利润放量 港 当前股价(港元) 23.450 2024 年 C10、C16 新车型发布，2024H2 T03、C10 车型有望实现出口，预计 股 一年最高最低(港元) 48.500/19.600 2024-2026年销量为24.4/44.3/60.9万辆，对应2024-2026年总收入为269/507/714 公 司 总市值(亿港元) 313.52 亿元，同比增长 60%/89%/41%；基于规模效应提升、技术迭代及原物料降本有 首 流通市值(亿港元) 261.80 望驱动单车成本下降，预计2024-2026年Non-GAAP净利润为-30/-1 ...

证券研究报告 | 年报点评报告 2024年04月09日 零跑汽车（09863.HK） 持续降本增效，盈利逐步改善 销量同比大幅增长，盈利改善超出预期。公司Q4销量录得55328辆，同 买入（维持） 比增长135%；全年销量突破14万辆，同比增长30%，主要得益于公司 股票信息 “纯电+增程”双动力战略落地，2023年3月/9月发布C11增程/C01超 级增程等车型。2023Q4收入同比增长 75%至52.8 亿，毛利率环比大幅 行业 智能驾驶及制造 提升5.5pct至6.7%。全年毛利实现转正，2023年毛利率录得0.5%。公 前次评级 买入 司全年归母净亏损进一步收窄至 42 亿人民币，归母净亏损率同比改善 4月8日收盘价(港元) 24.05 16pct至-25%。公司现金充裕，2023年实现经营现金流转正，现金及现 总市值(百万港元) 32,154.03 金等价物为117亿人民币。展望2024Q1，公司实现销量33410辆，同比 总股本(百万股) 1,336.97 增长218%，收入亦有望大幅增长。 其中自由流通股(%) 100.00 双动力战略助力销量成长，新车持续迭代。已有车型端：公司在2023年 3 ...