Financial Performance - Revenue for Q3 2024 reached RMB 9.86 billion, an 83.9% quarter-over-quarter increase and a 74.3% year-over-year increase, driven by significant growth in product deliveries and optimized sales structure[1] - Gross margin improved to 8.1% in Q3 2024, up from 2.8% in Q2 2024, due to optimized product sales structure, cost management, and economies of scale[2] - Net loss attributable to equity holders narrowed to RMB 690 million in Q3 2024, compared to RMB 990 million in the same period last year[2] - Operating cash flow for Q3 2024 was RMB 1.96 billion, with free cash flow reaching RMB 1.32 billion, and both are expected to remain positive in Q4[2] - Q3 2024 revenue reached RMB 9.86 billion, a 74.3% increase year-on-year and an 83.9% increase quarter-on-quarter[11] - Q3 2024 gross margin improved to 8.1%, up from 1.2% in Q3 2023 and 2.8% in Q2 2024[12] - Q3 2024 R&D expenses increased to RMB 780 million, up 64.9% year-on-year and 11.4% quarter-on-quarter[13] - Q3 2024 operating loss narrowed to RMB 740 million, compared to RMB 1.03 billion in Q3 2023 and RMB 1.27 billion in Q2 2024[14] - Q3 2024 free cash flow improved to RMB 1.32 billion, up from RMB 1.02 billion in Q3 2023 and RMB 1.01 billion in Q2 2024[16] Vehicle Deliveries and Sales - Vehicle deliveries in Q3 2024 totaled 86,165 units, a 61.7% quarter-over-quarter increase and a 94.4% year-over-year increase, with C-series models accounting for 78.3% of sales[3] - Net orders in October 2024 exceeded 40,000 units, with C-series products accounting for over 80% of orders[11] - October 2024 sales reached 38,177 units, a year-on-year increase of 109.7%[11] Product Development and Technology - C10 and C16 models, launched in 2024, feature advanced technologies such as the LEAP 3.0 architecture, Qualcomm SA 8295P chip, and high-performance autonomous driving capabilities[4][5] - The B10 model, unveiled at the Paris Motor Show, is set to launch in Q1 2025 and will be based on the LEAP 3.5 architecture, targeting the RMB 100,000-150,000 market segment[6] - The company completed multiple OTA updates in Q3 2024, adding and optimizing over 80 features across LEAP 2.0 and LEAP 3.0 architectures, including AI-powered voice assistants and advanced autonomous driving functions[7] - R&D efforts are focused on developing an "end-to-end AI model" for autonomous driving, with plans to expand the R&D team to 500 engineers by the end of 2024[8] Sales and Service Network - Sales channels covered 204 cities with 493 sales outlets and 362 service outlets as of September 2024[9] - 339 dealerships with sales and after-sales services opened in Europe by October 2024, with plans to expand to over 500 dealerships by 2025[10] Milestones and Achievements - The company achieved a milestone of 500,000 cumulative vehicle productions by October 17, 2024[3] Forward-Looking Statements - The company has made forward-looking statements regarding future financial conditions, strategies, plans, objectives, targets, and market developments, identified by terms such as "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," and "may"[19] - These forward-looking statements are based on assumptions about the company's current and future business strategies and the future business environment[19] - The forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond the company's control, potentially leading to significant differences between actual results and those implied or expressed in the statements[19] - The company does not undertake any obligation to update any forward-looking statements except as required by applicable law[19] - Shareholders and potential investors are advised to exercise caution when trading the company's shares[19]

%% %% 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 10 月销量点评：月交付超 3.8 万辆持 续创新高，单月订单超 4.2 万辆 | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 零跑汽车 10 月交付突破 3.8 万辆创历史新高，同比增长 109.7% ，环比增长 13.1% 。展望未 | | 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 零跑汽车（9863.HK） cjzqdt11111 2024-11-10 港股研究丨公司点评 [Table_BaseData] 当前股价（HKD） 31.00 注：股价 ...

证券时报e公司讯，据零跑汽车消息，10月交付达38177台，同比增长109.7%，连续创造月交付新高。 10月份，零跑汽车订单量同样刷新记录，单月订单量超过42000，C10、C11、C16三车型订单全部过 万。 同时，全新B系列首款车型零跑B10将于11月广州车展开启国内首秀。 ...

证券研究报告·海外公司深度·汽车(HS) 零跑汽车（09863.HK） 借力海外巨头，实现出海共赢 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|------------|------------|------------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 12385 | 16747 | 30624 | 56791 | 79807 | | 同比 (%) | 295.41 | 35.23 | 82.86 | 85.45 | 40.53 | | 归母净利润（百万元） | (5,108.89) | (4,216.27) | (3,720.71) | (687.62) | 2,401.31 | | 同比 (%) | - | - | - | - | - | | EPS- 最新摊薄（元 / 股） | (3.82) ...

零跑汽车 B10 发布点评 零跑汽车(09863) / 乘用车 / 公司点评 / 2024.10.18 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 港元 ) | 28.65 | | 流通股本 ( 亿股 ) | 11.16 | | 每股净资产 ( 港元 ) | 7.81 | | 总股本 ( 亿股 ) | 13.37 | | 最近 12 月市场表现 | | -41% -27% -12% 2% 16% 30% 零跑汽车 恒生指数 乘用车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《全域自研成本优势显著，出海打开 成长空间》 2024-10-17 2. 《9 月销量再创新高，新车型正式在 欧洲上市》 2024-10-15 3. 《零跑 C10、T03 正式在欧洲上市， 证券研究报告 ❖ 事件：20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has established significant self-research capabilities in both hardware and software, enhancing its product lineup and opening growth opportunities through international expansion [3][4] - The company has formed a joint venture with Stellantis to facilitate its global strategy, leveraging Stellantis' extensive distribution network [3][4] - Revenue is projected to grow significantly, with expectations of reaching 299.06 billion RMB in 2024, 542.03 billion RMB in 2025, and 799.32 billion RMB in 2026 [4][34] Summary by Sections 1. Self-Research and Product Development - The company, founded in 2015, has developed comprehensive self-research capabilities in core technologies for electric vehicles, including the production of key components and cloud-based solutions [3][8] - The product matrix includes five pure electric models and four extended-range models, with significant delivery growth from 1.7 thousand units in 2021 to 17.3 thousand units in the first nine months of 2024, reflecting a year-on-year increase of 94.6% [8][12] 2. Revenue Growth and Financial Performance - The company’s revenue has increased from 631 million RMB in 2020 to 16.75 billion RMB in 2023, with a 52.16% year-on-year growth in the first half of 2024 [12][13] - The net loss has narrowed from 5.11 billion RMB in 2020 to 2.21 billion RMB in the first half of 2024, indicating improving financial health [12][13] 3. Market Expansion and Sales Network - The company has rapidly expanded its sales network from 49 stores in 2019 to 560 stores by 2023, covering 182 cities [16][17] - The penetration rate of new energy vehicles in China is expected to reach 60.1% by 2026, indicating a favorable market environment for the company [18][19] 4. Strategic Partnerships and Globalization - The partnership with Stellantis involves a joint venture, with Stellantis holding 51% and the company holding 49%, aimed at expanding into international markets [11][30] - The company plans to establish 500 sales points in Europe by the end of 2025 and expand into Asia-Pacific, the Middle East, Africa, and South America starting in the fourth quarter of 2024 [31][32] 5. Financial Projections and Valuation - The company is expected to achieve vehicle sales of 250,000 units in 2024, 440,000 units in 2025, and 630,000 units in 2026, with a corresponding increase in average selling price [33][34] - The projected price-to-sales ratios for 2024, 2025, and 2026 are 1.17, 0.65, and 0.44 respectively, indicating a favorable valuation compared to peers [36][37]

%% %% 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：拟引入金华、杭州等政府背景资 本战略性投资，共同助力零跑未来成长 | --- | --- | |--------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 10 月 9 日，公司分别与武义县金投、金华市产业基金、杭州禾合及湖州信创订立内资股认购协 | | | 议，共同助力零跑未来成长。展望未来，公司国内新车周期带来销量持续增长，海外与 Stellantis | | 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 零跑汽车（9863.HK） cjzqdt11111 [Table_BaseData] 当前股价（HKD） 3 ...

零跑汽车(09863) / 乘用车 / 公司点评 / 2024.10.15 9 月销量再创新高，新车型正式在欧洲上市 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-14 | | 收盘价 ( 港元 ) | 32.40 | | 流通股本 ( 亿股 ) | 11.16 | | 每股净资产 ( 港元 ) | 7.81 | | 总股本 ( 亿股 ) | 13.37 | | 最近 12 月市场表现 | | -42% -28% -13% 2% 16% 31% 零跑汽车 恒生指数 乘用车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 ❖ 事件：10 月 1 日，公司微信公众号发布 9 月销量情况，9 月零跑汽车交付量 达 33767 台，同比增长 113.7%。零跑国际正式亮相欧洲，零跑 C10 和零跑 T03 在欧洲上市。 ❖ 9 月销 ...

%% %% 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 9 月销量点评：月交付持续历史新高， 海外正式开始接受订单 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 零跑汽车 9 月交付持续突破 3 万辆创历史新高，同比增长超 113% ，环比增长超 11% 。展望未 | | 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 零跑汽车（9863.HK） cjzqdt11111 2024-10-08 港股研究丨公司点评 [Table_BaseData] 当前股价（HKD） 33.50 注：股价为 2024 年 9 月 ...

LE LEAPMOTOR 浙江零跑科技股份有限公司 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. AP TO EURO 2024 中期報告 目錄 | --- | --- | |--------------------------|-------| | | | | 公司資料 | 2 | | 主要摘要 | 4 | | 管理層討論及分析 | 6 | | 其他資料 | 13 | | 中期財務資料的審閱報告 | 37 | | 中期簡明合併損益表 | 38 | | 中期簡明合併全面虧損表 | 39 | | 中期簡明合併資產負債表 | 40 | | 中期簡明合併權益變動表 | 42 | | 中期簡明合併現金流量表 | 43 | | 中期簡明合併財務資料附註 | 44 | | 釋義 | 80 | 浙江零跑科技股份有限公司 | 2024中期報告 2 公司資料 | --- | --- | |---------------------------------------------------------------|---------------------------------------- ...