Investment Rating - The report maintains a "Buy" rating for Leap Motor (零跑汽车) [1] Core Insights - Leap Motor's total sales for 2024 reached 293,700 units, a year-on-year increase of 103.8%, with total revenue of 32.16 billion yuan, up 92.0% year-on-year. The gross margin improved to 8.4%, an increase of 7.9 percentage points year-on-year, and the net loss was reduced to 2.82 billion yuan, a decrease of 1.4 billion yuan year-on-year [4][5] - The B10 model, which is Leap Motor's first intelligent vehicle, has a pre-sale price range of 109,800 to 139,800 yuan, and is expected to significantly boost sales with its competitive features [4] - The company is expected to further improve its gross margin to over 10% in 2025, driven by scale effects, product structure optimization, and cost reductions [4] Financial Data and Profit Forecast - For 2024, the company forecasts total revenue of 32.16 billion yuan, with a projected growth rate of 92%. By 2025, revenue is expected to reach 57.01 billion yuan, with a growth rate of 77% [5] - The net profit forecast for 2025 is 98 million yuan, with a significant turnaround from previous losses, and is expected to grow to 3.12 billion yuan by 2027 [5][6] - The earnings per share (EPS) is projected to be 0.07 yuan in 2025, turning positive for the first time [5][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8%. The company anticipates continued sales growth driven by a strong new car cycle and overseas expansion through collaboration with Stellantis [2][4][6]. Summary by Sections Sales Performance - The company achieved a delivery of 25,287 vehicles in February, marking a year-on-year growth of 285.1% and a slight month-on-month growth of 0.5%. The total deliveries for January and February reached over 50,000 vehicles, which is a 167.8% increase year-on-year [2][4]. Future Outlook - The company is optimistic about future sales growth, with a target of 500,000 vehicles for 2025. The upcoming launch of the B10 model on March 10 is expected to further boost sales. The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series planned for 2025 [6]. Market Strategy - The company is focusing on a strong new car cycle and competitive pricing to enhance sales. It has established a "1+N" channel development model in China, with 860 stores as of the end of 2024. Internationally, the company has 339 stores in Europe and aims to exceed 500 globally by 2025 [6]. Technological Advancements - The company is investing in advanced driving technology, planning to implement high-level driving functions based on a new architecture in the first half of 2025. The B10 model will be the first in its price range to feature laser radar for urban driving [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February, the company delivered 25,287 vehicles, representing a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. Cumulatively, the company delivered over 50,000 vehicles in the first two months of the year, reflecting a year-on-year growth of 167.8% [2][4][7]. - The company is expected to continue benefiting from a strong new car cycle domestically, with plans for the B10 model to be launched in March, which is anticipated to drive further sales growth. Additionally, the partnership with Stellantis is expected to facilitate overseas expansion and enhance global sales potential [2][7]. Summary by Sections Sales Performance - February deliveries reached 25,287 units, marking a year-on-year increase of 285.1% and a month-on-month increase of 0.5%. The cumulative delivery for January and February exceeded 50,000 units, with a year-on-year growth of 167.8% [2][4][7]. Future Outlook - The company aims to achieve a sales target of 500,000 vehicles in 2025, with expectations for continued rapid growth driven by new vehicle launches and increased demand for high-priced models [7]. - The company plans to introduce 2-3 new products globally each year over the next three years, with three models from the B series set to launch in 2025, priced between 100,000 to 150,000 RMB [7]. Strategic Initiatives - The company is focusing on enhancing its competitive advantage through technological innovation and maintaining a strong price-performance ratio. The domestic market is expected to see a rapid increase in sales, while the overseas strategy with Stellantis aims to leverage global resources for efficient market entry [7].

丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车点评：四季度实现净利润转正，B10 发 布即爆款 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，2024 年四 季度营收 135 亿元，毛利率 13.3%。B10 发布 1 小时后，订单突破 1.5 万辆，订单火爆。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 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 零跑汽车点评：四季度实现净利润转正， 2] B10 发 布即爆款 [Table_Summary2] 事件描述 公司 2024 年年报发布，同时零跑 B10 正式发布上市。 事件评论 丨证券研究报告丨 2025-03-14 港股研究 ...

4[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 48.0 64.3 68.4 零跑汽车（9863）公司公告点评 2025 年 03 月 14 日 [Table_InvestInfo] 股票数据 | 0[3Ta月b1le3_日S收to盘ck价I（nf港o]币） | 50.10 | | --- | --- | | 52 周股价波动（港币） | 18.64-50.40 | | 总股本/流通股本（百万股） | 1337/1116 | | 总市值/流通市值（百万港币） | 55932/66982 | 相关研究 [《Ta提b前le一_R年e净p利or转tI正nf，o]Q4 毛利率预计 13%》 2025.01.14 《24Q3 销量创历史新高，毛利率环比大幅 改善》2024.11.15 《经营稳健向好，智驾投入加大，全方位与 Stellantis 开展合作》2024.08.16 市场表现 资料来源：海通证券研究所 分析师:刘一鸣 Tel:(021)23154145 Email:lym15114@hai ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company has upgraded its technology with the release of the LEAP 3.5 architecture, enhancing smart driving capabilities and overall vehicle performance [20][23] Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06% [4][8] - The gross profit margin for 2024 was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The company sold over 293,300 vehicles in 2024, with a quarterly average of over 40,000 units sold [14][17] Sales and Revenue Projections - The company expects to achieve revenues of 58.3 billion yuan, 84.0 billion yuan, and 116.3 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 81.3%, 44.1%, and 38.5% [35] - The projected net profit for 2025 is estimated at -0.72 billion yuan, transitioning to 24.88 billion yuan in 2026 and 50.81 billion yuan in 2027 [35] Product Development and Market Strategy - The B10 model is positioned to compete strongly in the market with a starting price of 10.98 million yuan for the base model and up to 13.98 million yuan for the lidar version, emphasizing high cost-performance [6][28] - The company plans to expand its product lines with the introduction of multiple models in the B and C series, aiming for annual sales exceeding 500,000 units by 2025 [31][33] Valuation and Market Position - The reasonable valuation for the company is set between 56.16 and 60.84 Hong Kong dollars, reflecting a potential upside of 12.1% to 21.4% from the current stock price [35] - The company is expected to maintain a gross margin of over 10% with monthly sales of 40,000 units or more, supported by cost control and product structure optimization [33]

证券研究报告 | 2025年03月14日 零跑汽车（09863.HK） 优于大市 2024Q4 单季度扭亏为盈,新车型 B10 开启预售 核心观点 公司研究·海外公司财报点评 汽车·乘用车 | 证券分析师：唐旭霞 | 证券分析师：贾济恺 | | --- | --- | | 0755-81981814 | 021-61761026 | | tangxx@guosen.com.cn | jiajikai@guosen.com.cn | | S0980519080002 | S0980524090004 | | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | 56.16 - 60.84 港元 | | 收盘价 | 50.10 港元 | | 总市值/流通市值 | 66982/55932 百万港元 | | 52 周最高价/最低价 | 50.40/18.64 港元 | | 近 3 个月日均成交额 | 270.36 百万港元 | 市场走势 资料来源：Wind、国信证券经济研究所整理 相关研究报告 | 《零跑汽车（09863.HK）-深度报告：新品周期叠加渠道扩容， | | | --- | --- ...

| 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 12 日│中国香港 | 乘用车 | 证券研究报告 零跑汽车 (9863 HK) 港股通 Q4 毛利率新高并盈利，B10 有望爆款 公司 24 年营收/归母净利+321.6/-28.2 亿，同比+92.0%/减亏 14.0 亿，毛利 率达 8.4%；24Q4 营收/归母净利+134.6/+0.8 亿，同比+155.0%/转正；符 合此前公司业绩预告(24 年营收不低于 305 亿元且毛利率不低于 8%，Q4 实现净利润转正)。25 年公司将迎全球化新车周期，叠加渠道端提前布局和 下沉，LEAP3.5 架构进一步集成降本，我们预计公司 25-27 年营收将保持 高速增长且毛利率持续提升，25 年有望实现全年盈利。维持买入评级。 规模效应+销量结构优化+成本管理，Q4 毛利率创新高并盈利 公司 24Q4 毛利率和净利率达 13.3%和 0.6%，提前一年实现单季度净利润 转正的目标。主要系：①24Q4 销量 12.09 万辆，同/环比+118.5%/+40.3%， 规模效应放大；我们预计 25 年公司销量有望大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its investment in intelligent driving to ensure a competitive advantage, while expanding its components and export business to enhance long-term profitability [5] - The revenue forecasts for 2025 and 2026 have been slightly adjusted downwards due to intense competition in the domestic new energy vehicle market, with 2025 revenue projected at 556.7 billion and 2026 at 681.4 billion [5] - The company aims for a breakeven point in 2025, with a delivery target of 500,000 to 600,000 vehicles, including 50,000 to 60,000 for export [7] Financial Summary and Valuation Metrics - Revenue for 2023 was 16,747 million, with a projected increase to 55,665 million in 2025, reflecting a year-on-year growth of 73.1% [8] - Non-GAAP net profit is expected to improve from -3,518 million in 2023 to -423 million in 2025, with a significant increase to 1,921 million by 2027 [8] - The gross margin is projected to rise from 0.5% in 2023 to 10.6% in 2025, indicating improved cost management and product mix [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its investment in intelligent driving to ensure a competitive advantage, while expanding its components and export business to enhance long-term profitability [5] - The revenue forecasts for 2025 and 2026 have been slightly adjusted downwards due to intense competition in the domestic new energy vehicle market, with 2025 revenue projected at 556.7 billion and 2026 at 681.4 billion [5] - The company aims for a breakeven point in 2025, with a delivery target of 500,000 to 600,000 vehicles, including 50,000 to 60,000 for export [7] Financial Summary and Valuation Metrics - For 2023, the company reported revenue of 16,747 million, with a year-on-year growth of 35.2%. The projected revenue for 2025 is 55,665 million, reflecting a growth rate of 73.1% [8] - The Non-GAAP net profit is expected to improve from a loss of 3,518 million in 2023 to a loss of 423 million in 2025, with a significant turnaround projected for 2027 with a profit of 1,921 million [8] - The gross margin is expected to increase from 0.5% in 2023 to 10.6% in 2025, indicating improved cost management and product mix [8]