受益于战略合作，公司2025Q1 毛利率超预期。2025Q1，零跑汽车实现100.2 亿元，同比增长187.1%， 主要系1）Q1 销量同比增长162%至87552 辆，2）产品组合优化，单车收入同比增长4.9%。Q1 毛利率 实现14.9%，超出预期，同比从-1.4%扭亏，环比提升1.6pct，主要是受益于1）销量同比提升带来的规模 效应，2）成本管控，3）产品结构优化，4）战略合作等。细分来看，公司Q1 汽车毛利率环比略有下 降，这表明来自战略合作的业务毛利率较高。营业费用环比有所减少，归母净亏损为-1.3 亿元，归母净 亏损率录得1.3%。展望Q2，公司预计销量有望实现13-14 万、毛利率环比有所回落、Q2 净利润盈亏平 衡。展望2025 年全年，公司预计全年销量50-60 万、毛利率10%-12%、全年净利润盈亏平衡。 Q1 销量强势，B 系列新车发布、C 系列改款升级，有望推动销量持续增长。零跑Q1销量87552 辆，同 比增长162%，其中C 系列占比提升5.7pct 至77.5%。1）车型方面，公司仍处于强势的产品周期。基于 全新LEAP 3.5 架构的B 平台首款车型B10 于4月10 日上 ...

零跑2025Q1 平均单车收入持续提升，毛利率再创历史新高超预期。零跑汽车2025 年一季度销量8.8 万 辆，同比+162.1%，环比-30.6%，其中C 系列占比约77.5%，同比+5.7pct。 2025Q1 公司实现营收100.2 亿元，同比+187.4%，环比-25.6%，对应平均单车收入11.4万元，同比+1.0 万元，环比+0.8 万元。公司2025Q1 毛利率达14.9%，同比提升16.2pct实现扭亏，环比+1.6pct，创历史 新高，盈利水平超预期，同比提升主要系：1）规模效应；2）持续降本增效；3）产品结构优化；环比 提升主要系战略合作带来的毛利增长。费用方面，2025Q1 销售、行政及一般费用率9.9%，同 比-6.4pct，环比+2.1pct；研发费用8.0亿元，对应研发费用率8.0%，同比-6.9pct，环比+1.3pct，公司计 划全年持续加大研发投入，预计2025 年智驾总投入8 亿元。受益于前述多种因素公司盈利水平表现超预 期，2025Q1 公司实现归母净利润（GAAP）-1.3 亿元，同比大幅减亏，对应利润率-1.3%，对应单车盈 利-0.1 万元，同比+2.9 万元，环比 ...

机构：国信证券 研究员：唐旭霞/贾济恺 上调盈利预测，预计公司2025-2027 年营业收入分别为668/999/1244 亿元（原预测为583/840/1163 亿 元），同比增速107.6%/49.5%/24.5%；2025-2027年归母净利润分别为5.78/28.77/56.74 亿元（原预 测-0.72/24.88/50.81 亿元)；预计2025-2027 年EPS 分别为0.43/2.15/4.24 元。维持"优于大市"评级。 2025 年第一季度毛利率14.9%，创历史新高。零跑汽车2025 年第一季度毛利率14.9%,在2024 年全年毛 利率8.38%基础上继续增长，而2024 年同期毛利率为-1.4%。相比于2024 年第四季度的销售旺季， 2025Q1 的毛利率在13.3%基础上环比增加1.6 个百分点，创下公司成立以来的单季毛利率新高。2025年 第一季度，公司的销售、行政、研发费用分别为6.1 亿元、3.8 亿元、8亿元；对应SG%A 费用率和研发 费用率分别为9.88%、7.98%，相较2024 年全年继续下降。公司口径下，2025 年第一季度销量共计 87552 辆；2025 ...

证券研究报告 | 2025年05月26日 零跑汽车（09863.HK） 优于大市 2025Q1 营收超 100 亿,毛利率创历史新高 核心观点 公司研究·海外公司财报点评 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）-2024Q4 B10 | | 单季度扭亏为盈,新车型 | | --- | --- | --- | | 开启预售》 | | ——2025-03-14 | | 《零跑汽车（09863.HK）-深度报告：新品周期叠加渠道扩容， | | | | 国际合作护航全球战略》 | | ——2024-12-13 | | 《零跑汽车（09863.HK）-与 | | Stellantis 达成深度合作，三季报 | | 及 10 | 月销量表现优秀》 | ——2023-11-05 | | 《零跑汽车（09863.HK）-聚焦高性价比市场，核心技术全域自 | | | | 研》 | ——2023-08-31 | | 零跑汽车 2025 年第一季度收入同比增长，单季度亏损同比收窄。零跑汽车 2025Q1 营收 100.2 亿元，同比增长 187.1%，主要原因是：销量同比增长 ...

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 73, corresponding to a valuation of HKD 977 billion, which is 1.5x the estimated price-to-sales (P/S) ratio for 2025 [4][6]. Core Insights - Leap Motor's Q1 2025 gross margin exceeded expectations, achieving 14.9%, a significant improvement from -1.4% year-on-year, driven by increased sales volume and cost control measures [1][4]. - The company reported a Q1 revenue of CNY 10.02 billion, a year-on-year increase of 187.1%, with vehicle sales rising 162% to 87,552 units [1][4]. - The outlook for Q2 2025 anticipates sales of 130,000 to 140,000 units, with a gross margin expected to decline slightly [1][4]. Sales Performance - In Q1 2025, Leap Motor's sales reached 87,552 units, with the C series accounting for 77.5% of total sales, reflecting a 5.7 percentage point increase [2]. - The launch of new models, including the B10 and upgraded C series vehicles, is expected to drive continued sales growth [2][3]. International Expansion - Leap Motor exported 13,632 units from January to April 2025, leading among new energy vehicle manufacturers in China [3]. - The company has established over 500 sales and service points internationally, with plans for localized production in Malaysia and Europe by 2026 [3]. Component Business Outlook - Leap Motor's collaboration with major automotive players, including a strategic partnership with FAW and Stellantis, is expected to enhance its component business and improve economies of scale [4]. - The company anticipates significant growth in sales volume, projecting 550,000 units in 2025, with revenues reaching CNY 60 billion [4][5]. Financial Projections - The report forecasts Leap Motor's revenue to grow from CNY 16.75 billion in 2023 to CNY 99.81 billion by 2027, with a projected net profit of CNY 6.62 billion in 2027 [5][12]. - The gross margin is expected to improve from 0.5% in 2023 to 14% by 2027, indicating a positive trend in profitability [12][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company focuses on self-research and cost advantages, achieving an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. The revenue for Q1 2025 is projected to reach 10 billion CNY, with a gross margin of 14.9% [2][4]. - The domestic new car cycle is expected to drive continuous sales growth, while overseas expansion through collaboration with Stellantis opens up global sales opportunities [2][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 10.02 billion CNY, a year-on-year increase of 187.4%, and a gross margin of 14.9%, which is a 16.2 percentage point increase year-on-year. The average revenue per vehicle reached 114,000 CNY, up by 10,000 CNY year-on-year [7]. - The company reported a net loss of 130 million CNY in Q1 2025, significantly reducing losses compared to the previous year, with a corresponding profit margin of -1.3% [7]. Sales and Market Strategy - The company sold 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1%. The C series accounted for approximately 77.5% of total sales, reflecting a 5.7 percentage point increase year-on-year [7]. - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 model already launched and two additional B series models planned for 2025 [7]. Channel Development - As of the end of March 2025, the company has established 756 sales outlets, including 289 core centers and 467 experience centers, covering 279 cities. The company aims to increase coverage to 90% of cities above the county level by the end of 2025 [7]. - The overseas channel count exceeded 500 in Q1 2025, with plans for local assembly in Malaysia and localized manufacturing in Europe by 2026 [7].

Group 1: Financial Performance - In Q1 2025, Leap Motor reported revenue of 10.02 billion, a year-on-year increase of 187% [1] - The net profit for Q1 2025 was -130 million, showing a significant reduction in losses compared to the previous year [1] - The overall gross margin reached a historical high of 14.9%, a substantial improvement from -1.4% in Q1 2024, driven by increased sales, cost management, and product optimization [1] Group 2: Research and Development - Leap Motor achieved a high-efficiency self-research model, developing an auxiliary driving solution based on Qualcomm 8650 within six months [1] - The company’s self-developed end-to-end auxiliary driving system, combined with Qualcomm 8650 chips and Hesai LiDAR, will support upcoming features like urban memory commuting and urban NOA [1] Group 3: Market Expansion - From January to April 2025, Leap Motor exported 13,632 units, making it the leading new car manufacturer in terms of export volume [2] - As of March 2025, Leap Motor has established over 500 sales and after-sales service points overseas, with more than 450 in Europe and nearly 50 in the Asia-Pacific region [2] - The Malaysian factory is expected to start local assembly of the C10 model by the end of 2025, while the European factory aims for local production in 2026 [2] Group 4: Product Planning and Outlook - The B10 model was launched on April 10, 2025, with over 10,000 units delivered; additional models B01 and B05 are set to be released in the second half of the year [2] - For 2025, the company anticipates total deliveries of 500,000 to 600,000 vehicles, with a gross margin of 10-12%, aiming for breakeven [2] - Revenue projections for 2025-2027 are 59.6 billion, 83.1 billion, and 101.6 billion respectively, with year-on-year growth rates of 85%, 40%, and 22% [2]

Group 1 - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [1] - Total revenue reached 10.02 billion yuan in Q1 2025, up 187.4% year-on-year, but down 25.6% quarter-on-quarter [1] - The gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, despite a decline in sales volume [1] Group 2 - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a notable collaboration with China FAW Group to develop new energy vehicles and components [1] - The B10 model, the company's first intelligent vehicle, received over 30,000 orders within 48 hours of its launch, indicating strong market demand [2] - The company aims to achieve total sales exceeding 500,000 vehicles in 2025, driven by the launch of new models such as B01 and B05 [2] Group 3 - The company is recognized as a quality new energy vehicle manufacturer, with a focus on cost-effective models priced mainly between 100,000 to 200,000 yuan [3] - Revenue forecasts for 2025-2027 have been revised upwards to 62.6 billion, 81.4 billion, and 99.9 billion yuan respectively, alongside increased net profit estimates [3] - The company maintains a "buy" rating based on its growth potential and market positioning [3]

Investment Rating - The report maintains a "Buy" rating for Leap Motor (零跑汽车) [2][7][17] Core Insights - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [5] - Total revenue for Q1 2025 reached 10.02 billion RMB, up 187.4% year-on-year but down 25.6% quarter-on-quarter [5] - Gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, exceeding expectations despite a decline in sales volume [5][7] - The net profit attributable to shareholders was -130 million RMB, a reduction in losses by 880 million RMB year-on-year but an increase in losses by 210 million RMB quarter-on-quarter [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 16.75 billion RMB - 2024: 32.16 billion RMB - 2025E: 62.59 billion RMB - 2026E: 81.44 billion RMB - 2027E: 99.89 billion RMB - Year-on-year growth rates are projected at 35% for 2023, 92% for 2024, and 95% for 2025 [6][8] - The net profit attributable to shareholders is expected to turn positive in 2025 with a forecast of 155 million RMB, followed by 1.75 billion RMB in 2026 and 3.34 billion RMB in 2027 [6][8] Strategic Developments - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a target of achieving over 10% gross margin for the full year of 2025 [7] - The launch of the B10 model, which is positioned as a high-value intelligent vehicle, has generated significant interest, with over 30,000 orders within 48 hours of its release [7] - The company aims to increase its sales volume to over 500,000 vehicles in 2025, supported by the introduction of new models and expansion into overseas markets [7]

同时，零跑汽车在海外市场的表现也很亮眼。《中国经营报》记者注意到，乘联会数据显示，零跑汽车 位列2025年1至4月造车新势力累计出口销量榜榜首。在全球整体销量方面，零跑汽车亦蝉联2025年3 月、4月新势力冠军，并且是4月唯一突破4万辆销量大关的新势力品牌。 据了解，截至2025年4月，零跑汽车已拓展至欧洲、中东、非洲、亚太及南美等 23个国际市场，拥有超 过550家兼具销售与售后服务功能的网点。 对此，零跑汽车方面表示，将在海外加速布局，作为零跑汽车的全球化战略规划，全新B系列聚焦全球 最大的细分市场，涵盖了SUV、轿车在内的多款产品；2025年年内推出B10、B01、B05三款产品，充分 满足全球用户的多元化需求。 销量同比增速最快的新势力品牌 日前，造车新势力企业零跑汽车交出了一份历年来最佳的一季度答卷。 据零跑汽车（9863.HK）日前发布的一季报数据，公司经营表现超出预期，创下历年来一季报同比最好 业绩。报告期内，零跑汽车销量达到8.76万辆，同比增长162%。营收则超过百亿元，达到100.2亿元， 同比增长187.1%；毛利率达14.9%，创历史新高。 对此，零跑汽车方面表示，一季度毛利率同比改善 ...