2025年3月11日 CMB国际全球市场 | 股票研究 | 公司更新 Leapmotor (9863 HK) 竞争性定价 B10 在2024年第四季度实现强劲的 利润率。 Leapmotor 推出了其 B10 3月10日的EV发布，预售价范围在人民币109,800-1 39,800。具备激光雷达和城市NOA功能型号的价格低至人民币129,800。我们 认为这样的价格具有竞争力。考虑到Leapmotor利用Qualcomm 8650芯片进行 自主研发的自动驾驶，我们认为许多投资者仍然低估了Leapmotor的研发能力 。因此，我们将其在FY25E年的B系列销量上调25,000单位。我们还将其在FY2 5E年的总销量上调30,000单位至0.48mn单位。 在FY25E实现可能的盈亏平衡，得益于规模经济的扩大和强劲的2024年第 四季度利润率。 Leapmotor的2024年第四季度毛利率环比上升5.2个百分点至1 3.3%，符合其盈利预警。其2024年第四季度收入环比增长37%至人民币135亿 元，净利润为人民币8100万元，甚至强于预期。 我们之前的预测 我们预计， 凭借Leap 3.5架构在降低成本方面的帮 ...

Investment Rating - Maintain BUY rating for Leapmotor, indicating potential return of over 15% over the next 12 months [1][16]. Core Views - Leapmotor's competitive pricing for the new B10 EV and strong margins in 4Q24 enhance confidence in sales performance. The FY25E sales volume is revised up by 7% to 0.48 million units, with expectations of a minimal net loss in FY25E and a net profit of RMB1.26 billion in FY26E [1][6]. - The company's in-house autonomous driving and chassis capabilities are seen as undervalued, potentially leading to better-than-expected gross profit margins for the B series [1][6]. - The investor day on March 11 is anticipated to showcase technologies that could positively impact share price [1]. Financial Summary - Revenue projections show significant growth, with FY24E at RMB32.16 billion, FY25E at RMB51.02 billion, and FY26E at RMB57.54 billion, reflecting year-on-year growth rates of 92.1%, 58.6%, and 12.8% respectively [2][11]. - Gross margin is expected to improve from 8.4% in FY24E to 11.2% in FY25E and 12.3% in FY26E, indicating a positive trend in profitability [2][11]. - Net profit is projected to transition from a loss of RMB98 million in FY25E to a profit of RMB1.26 billion in FY26E, showcasing a significant turnaround [2][11]. Sales and Market Performance - Leapmotor's B10 EV was launched with a competitive pre-sale price range of RMB109,800-139,800, with the model featuring LiDAR priced as low as RMB129,800 [1][6]. - The company reported a 37% quarter-on-quarter revenue increase in 4Q24, reaching RMB13.5 billion, with a net profit of RMB81 million, exceeding previous forecasts [1][6]. - The gross margin for 4Q24 rose to 13.3%, up 5.2 percentage points quarter-on-quarter, indicating improved operational efficiency [1][6]. Valuation - The target price for Leapmotor has been raised from HK$40.00 to HK$50.00, based on a price-to-sales ratio of 1.2x for FY25E, aligning with the average for Chinese new energy vehicle start-ups [3][6]. - Current market capitalization stands at HK$55.48 billion, with a current share price of HK$41.50, indicating a potential upside of 20.5% [3][6].

其中，第四季度零跑月均交付超4万台，毛利率达13.3%，创单季度新高；更实现净利润转正，提前一 年达成单季度盈利目标，成为第二家盈利的新势力公司。 人民财讯3月11日电，近日，零跑汽车发布2024年年度财报，期内，公司营业收入为321.6亿元，保持强 劲增长；毛利率达8.4%，创历史新高；全年交付达293724台，超额完成年度目标；经营现金流和自由 现金流双转正，在手资金充裕，达204.2亿元。 ...

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved a net profit of RMB 80 million, marking it as the second profit-making company among EV startups [7] - Total revenue for 2024 was RMB 32.16 billion, up by 92% from 2023 [8] - The gross profit (GP) margin for 2024 was 8.4%, an increase of 7.9 percentage points from 0.5% in 2023 [9] - The attributable net loss was reduced to RMB 2.82 billion from RMB 4.22 billion in 2023, a decrease of RMB 1.4 billion [9] - Operating net cash improved to RMB 2.47 billion from RMB 1.08 billion in 2023 [10] - Free cash flow increased to RMB 6.32 billion from a negative RMB 0.32 billion [10] Business Line Data and Key Metrics Changes - The company delivered 32,724 vehicles in 2024, a growth of 103.8% compared to 14,400 in 2023 [8] - C series deliveries in 2024 were 22,571, representing a 12.9% improvement from 2023 [11] - Monthly sales in Q4 exceeded 8,000 vehicles [12] Market Data and Key Metrics Changes - The company has captured a top five position in respective markets, with significant growth in sales and market presence [14] - As of December 2024, the company had accumulated over 600,000 vehicle deliveries [11] Company Strategy and Development Direction - The company plans to launch the B series models in 2025, targeting a sales goal of 500,000 units by 2025 [13] - The company is focusing on expanding its retail network, with 695 stores covering 264 cities, an increase of 82 cities from 2023 [17] - A joint venture with Stellantis was formed to manage export sales and localized production overseas [20] Management's Comments on Operating Environment and Future Outlook - Management expects deliveries in 2025 to range from 500,000 to 600,000 units, with a GP margin target of 10% to 11% [25] - The company aims to achieve profitability in 2025 [26] - Management highlighted the importance of in-house R&D and cost improvements contributing to GP margin growth [30][31] Other Important Information - The company has been rated AA by MSCI for two consecutive years, leading its peers in sustainable development [22] - The Leap 3.5 architecture was launched, enhancing the company's technological capabilities [60] Q&A Session Summary Question: Guidance for 2025 including sales, GP margin, and profitability - The company expects deliveries in 2025 to be between 500,000 to 600,000 units, with a GP margin target of 10% to 11% and aims for profitability [25][26] Question: Model planning for 2025 - The company will launch three new models on the B platform in 2025, with facelifts for existing C series models [26][27] Question: Capacity and demand for additional capacity - The company plans to add factory capacity to meet production improvements [27] Question: Contribution of in-house R&D to GP margin - The improvement in GP margin is attributed to increased sales volume, model mix, and in-house production [30][31] Question: Overseas sales guidance and expansion - The company estimates overseas sales in 2025 to be around 50,000 to 60,000 units, with a focus on expanding sales channels [44] Question: Timing for new products above 200,000 yuan - The high-end platform D products are expected to launch in the first half of 2026 [38] Question: Autonomous driving product layout - The company is preparing to roll out autonomous driving technology across its platforms [39] Question: Profit guidance for overseas business in 2025 - The target for Leapmotor International is to break even while focusing on expanding sales channels [41] Question: Breakdown of export units in 2024 - The current product mix for exports includes T03 and C1O, with T03 being more prevalent at this stage [69] Question: Investment in autonomous driving - The company plans to invest over RMB 800 million in autonomous driving development in 2025 [73]

撰 文 / 钱亚光 设 计 / 琚 佳 2月10日，比亚迪宣布"天神之眼"智驾系统将覆盖全系车型，并一口气推出21款智驾车型，甚至将 高速NOA功能覆盖到10万元车型。 2025年被认为是"智能驾驶元年"，中国汽车行业正从"电动化上半场"快速转向"智能化下半场"， 而"智驾平权"正在成为多数车企智能化的发展方向。 2月9日，长安汽车正式发布智能化战略"北斗天枢2.0"计划，从2025年起不再开发非数智化新产 品，全系标配开通智驾接口，未来3年长安汽车将推出35款数智新汽车产品。 同日，零跑汽车表示将推动智驾全民普及，即将上市的零跑B10车型是15万元级首款搭载激光雷达 并支持城区智能驾驶的车型。 3月3日，吉利汽车举办"吉利AI智能科技发布会"，并发布了"千里浩瀚"安全高阶智能驾驶系统，规 划了5级智驾方案，将覆盖吉利集团各品牌全系不同价位车型。 而智能驾驶的普及，离不开必不可少的"装备"——传感器性能的提高和成本的降低。 天神之眼C将是比亚迪应用最广泛的智驾系统，在硬件上搭载5个毫米波雷达、12个超声波雷达、 包括前视三目摄像头在内全车12个摄像头，在算力芯片方面选择了英伟达Orin N和地平线J6M。 轩 ...

Financial Performance - In Q4 2024, the company achieved a net profit of RMB 80 million, marking the second new car manufacturer to turn profitable[6]. - Revenue for 2024 was RMB 32.16 billion, up 92.0% from RMB 16.75 billion in 2023[6]. - The gross margin for 2024 improved to 8.4%, a significant increase of 7.9 percentage points from 0.5% in 2023[6]. - The gross profit for 2024 was RMB 2.69 billion, a significant increase of 3,262.5% from RMB 80 million in 2023, with the gross margin improving from 0.5% to 8.4%[28]. - The adjusted net loss for the year ended December 31, 2024, was RMB 2.35 billion, compared to an adjusted net loss of RMB 3.52 billion for the year ended December 31, 2023[51]. - The net loss attributable to equity holders of the company for 2024 was RMB 2,820,796 thousand, down from RMB 4,216,274 thousand in 2023, showing a decrease of approximately 33.1%[65]. - Total expenses for the year ended December 31, 2024, were RMB 35,641,487,000, up from RMB 21,238,714,000 in 2023, reflecting an increase of approximately 67.9%[91]. - The basic loss per share for the year ended December 31, 2024, was RMB (2.11), an improvement from RMB (3.62) in 2023, indicating a reduction in losses per share[98]. Vehicle Deliveries and Sales - Total vehicle deliveries for 2024 reached 293,724 units, a 103.8% increase from 144,155 units in 2023, ranking among the top three new car manufacturers[6]. - The C10 model delivered 75,469 units in 2024, with a monthly average sales of nearly 10,000 units in Q4[8]. - C series vehicles accounted for 76.6% of total sales in 2024, with a year-on-year growth of 112.9%[9]. - The company achieved a cumulative sales volume of 50,457 units in January-February 2025, representing a 167.8% growth compared to the same period in 2023[25]. Cash Flow and Investments - The company reported a net cash inflow from operating activities of RMB 8.47 billion in 2024, an increase of RMB 7.39 billion from RMB 1.08 billion in 2023[9]. - Free cash flow for 2024 was RMB 6.32 billion, a remarkable increase of 2,058.5% compared to a negative RMB 320 million in 2023[38]. - The cash flow from investing activities resulted in a net outflow of RMB 13,322,997 thousand in 2024, compared to RMB 4,860,373 thousand in 2023, indicating a significant increase in investment expenditures[72]. - The company reported a net cash outflow from financing activities of RMB 503,450 thousand in 2024, contrasting with a net inflow of RMB 8,551,699 thousand in 2023, highlighting a shift in financing strategy[72]. Research and Development - Research and development expenses rose to RMB 2.90 billion in 2024, a 51.0% increase from RMB 1.92 billion in 2023, reflecting increased investment in R&D[31]. Expansion and Market Presence - The company plans to launch the B series products in 2025, targeting a sales goal of 500,000 units for that year[10]. - The company expanded its sales network to 695 stores and 427 service centers, covering 264 cities, an increase of 82 cities from 2023[15]. - The company exported 13,726 vehicles overseas by the end of December 2024, with plans to establish over 550 sales and service channels globally by 2025[20]. - The company aims to accelerate its international market presence with the launch of models C10 and T03 in Europe in September 2024[119]. Financial Position - Total assets increased to RMB 37,646,520 thousand in 2024 from RMB 28,453,417 thousand in 2023, marking a growth of around 32.4%[66]. - The company's cash and cash equivalents decreased to RMB 6,378,268 thousand in 2024 from RMB 11,731,389 thousand in 2023, a decline of approximately 45.5%[66]. - The total liabilities increased to RMB 27,575,854 thousand in 2024 from RMB 15,955,221 thousand in 2023, representing a growth of approximately 73.2%[67]. - The company's equity attributable to equity holders decreased to RMB 10,070,666 thousand in 2024 from RMB 12,498,196 thousand in 2023, a decline of about 19.4%[67]. Employee and Operational Metrics - The total number of full-time employees as of December 31, 2024, was 15,551, with employee welfare expenses amounting to approximately RMB 4.15 billion during the reporting period[54]. - Employee benefit expenses for the year ended December 31, 2024, were RMB 4,153,966,000, compared to RMB 3,478,637,000 in 2023, marking an increase of 19.5%[91]. Compliance and Governance - The company plans to enhance training for directors and senior management regarding compliance with listing rules to prevent future incidents related to securities trading[60]. - The company received an MSCI ESG AA rating in January 2025, maintaining its position as a leader among global peers for two consecutive years[22]. Future Outlook - The company plans to launch the new B-series model B10, which is set for pre-sale on March 10, 2025, featuring the latest LEAP 3.5 technology architecture[119]. - The annual performance conference call is scheduled for March 10, 2025, at 17:15 Beijing/Hong Kong time[118].

Core Insights - The report recommends several stocks, including Tencent Holdings, Xiaomi Group, Leap Motor, Mingyang Electric, Dongmu Co., Bojun Technology, Jinggong Technology, and Xinjie Electric, indicating a focus on sectors such as media, automotive, and new energy [1] - The upcoming Two Sessions are expected to emphasize fiscal support for the development of new productivity, with the government likely to issue long-term special bonds to support strategic emerging industries [1] - The report anticipates that significant investments will flow into advanced manufacturing sectors, including semiconductors and artificial intelligence, to accelerate technological breakthroughs and industrial upgrades [1] Company Summaries Tencent Holdings (00700.HK) - Tencent is the largest social platform in China, with a robust user base supporting its various business segments, including a gaming market share of 48.2% in 2023 [9][11] - The company is expected to benefit from the growth of its gaming sector, with projected net profits of 1,703.64 million, 1,911.76 million, and 2,162.84 million for 2024-2026, reflecting growth rates of 47.86%, 12.22%, and 13.13% respectively [11] Xiaomi Group (01810.HK) - Xiaomi is a leading global smartphone company, with smartphone revenue consistently exceeding 50% of total revenue, reaching 54.67% in the first three quarters of 2024 [13] - The company is advancing its "human-vehicle-home" ecosystem strategy and aims to become a global leader in hard technology, with projected adjusted net profits of 253.15 million, 319.16 million, and 383.86 million for 2024-2026 [14] Leap Motor (09863.HK) - Leap Motor focuses on the high cost-performance market, with a product matrix that includes five models and monthly sales exceeding 20,000 units as of June 2024 [15][17] - The company has partnered with Stellantis to expand into overseas markets, with plans to launch products in nine European countries by the end of 2024 [16] Mingyang Electric (301291.SZ) - Mingyang Electric anticipates a net profit of 600-700 million for 2024, driven by growth in the renewable energy sector and data center construction [18] - The company is expected to benefit from the increasing demand for offshore wind power, with projections of 10-15 GW of new installations in 2025 [19] Dongmu Co. (600114.SH) - Dongmu Co. is a leading manufacturer in powder metallurgy and soft magnetic materials, with a revenue of 2.353 billion in the first half of 2024, reflecting a year-on-year growth of 33.50% [23] - The company is positioned to benefit from the growing demand for foldable screens, with a projected CAGR of 30% in foldable smartphone shipments from 2024 to 2028 [24] Bojun Technology (300926.SZ) - Bojun Technology has seen significant growth, with revenues of approximately 2.6 billion in 2023, a year-on-year increase of about 87% [27] - The company is expanding its modular business and has secured orders totaling 7.1 billion, ensuring high growth potential for the next three years [27] Jinggong Technology (002006.SZ) - Jinggong Technology is a leader in carbon fiber equipment, with a market share of over 50% in China, benefiting from the increasing demand in commercial aviation and new energy vehicles [31][32] - The company expects revenues of 1.776 billion, 2.019 billion, and 2.504 billion for 2024-2026, with corresponding net profits of 212 million, 258 million, and 357 million [32] Xinjie Electric (603416.SH) - Xinjie Electric has shown a revenue growth of 10.93% in the first half of 2024, with a net profit increase of 21.74% [33] - The company is positioned to benefit from the recovery of high-end manufacturing and increased capital expenditure in the manufacturing sector [34]

Core Viewpoint - Xiaopeng Motors ranks first among new energy vehicle brands in China, achieving significant year-on-year growth in delivery volumes [2][3]. Group 1: Xiaopeng Motors - In February 2025, Xiaopeng Motors delivered 30,453 vehicles, representing a year-on-year increase of 570% and a month-on-month increase of 0.3% [3][5]. - Xiaopeng Motors has maintained a delivery volume exceeding 30,000 units for four consecutive months, with the MONA M03 model delivering over 15,000 units for three consecutive months [5]. - Cumulatively, Xiaopeng Motors delivered 60,803 vehicles from January to February 2025, marking a year-on-year growth of 375% [5]. Group 2: Other New Energy Vehicle Brands - Li Auto delivered 26,263 vehicles in February 2025, showing a year-on-year increase of 29.7% but a month-on-month decrease of 12.2% [8]. - Leap Motor achieved a delivery volume of 25,287 vehicles in February 2025, with a year-on-year increase of 285% and a month-on-month increase of 0.5% [9]. - Hongmeng Zhixing delivered 21,517 vehicles in February 2025, maintaining the highest average transaction price among Chinese automotive brands [10]. - GAC Aion sold 20,863 vehicles in February 2025, reflecting a year-on-year increase of 25% and a month-on-month increase of 45% [11]. - Xiaomi Motors delivered over 20,000 units in February 2025, continuing a five-month streak of deliveries exceeding 20,000 units [15]. - Deep Blue delivered 18,738 vehicles in February 2025, with a year-on-year increase of 87.5% but a month-on-month decrease of 23.8% [16]. - Zeekr delivered 14,039 vehicles in February 2025, showing a year-on-year increase of 86.9% and a month-on-month increase of 17.6% [19]. - NIO delivered 13,192 vehicles in February 2025, with a year-on-year increase of 62.2% [21]. - Lantu delivered 8,013 vehicles in February 2025, marking a year-on-year increase of 152% [22]. - Zhiji delivered 1,732 vehicles in February 2025, experiencing a year-on-year decrease of 67.4% [23].

Group 1 - The core point of the article is that Leap Motor has officially announced its continued sponsorship of Zhejiang FC for the 2025 season, reinforcing its commitment to the partnership [1] - Leap Motor will serve as the exclusive naming partner on the front of the match jerseys for the Zhejiang Green Town team, which competes in the Chinese Super League and the FA Cup [1]

以下文章来源于中国企业家杂志 ，作者王文彤 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 从BBA到造车新势力 。 作者 | 王文彤 来源 | 中国企业家杂志 （ID：iceo-com-cn） 结束一天的工作回到家后，张增威还不能换下工作时的西装。2月1 3日晚上，等待他的还 有一小时的"硬仗"——新款宝马X3即将在第二天上市，他需要再直播一小时，为新车上 市预热。直播中，张增威熟练地跟客户互动，让大家猜测新款宝马X3的价格，也会时不 时提醒感兴趣的客户留下信息。 张增威是宝马北区的一名销售冠军，2024年他一个人销售2 5 5台宝马，其中大约有三分 之一的成交是来自直播。 跟张增威类似，奔驰销售王慧也开始学习直播技巧，打算之后开直播获取更多客源。 BBA销售们提高对社交平台的重视、花样百出地寻找客源，源于BBA的市场处境变化。 2 0 24年，BBA在华销量均有下降。据公开数据，BMW及MINI品牌在华合计销量为 7 1 .45万辆，同比下降约1 3%；奔驰在华销量为7 1 . 3 9万辆，同比下降约7%；奥迪在华销 量为64.94万辆汽车，同比下降约11%。 除了通过社交平台拓宽获客渠道，一些BBA ...