Investment Rating - The investment rating for Leap Motor (09863.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on expected financial performance and growth prospects [2][3]. Core Insights - Leap Motor anticipates a significant increase in revenue, projecting at least 30.5 billion RMB for 2024, representing a year-on-year growth of over 80% [2][3]. - The company expects a gross margin of no less than 8% for 2024, with a notable improvement in Q4 2024 gross margin projected to be at least 13% [2][3]. - Leap Motor achieved positive net profit in Q4 2024, ahead of its target by one year, driven by strong sales and effective cost management [2][3]. - The B series, based on the Leap 3.5 architecture, is expected to contribute significantly to new growth, with the first model, the Leap B10, set to launch in Q1 2025 [3]. - The company is expanding its presence in overseas markets, having established over 400 sales outlets in 13 European countries, with plans to reach 500 by the end of 2025 [3]. Financial Summary - For 2024, Leap Motor forecasts revenue of 30,500 million RMB, with a year-on-year growth rate of 82% [4]. - The projected net profit for 2024 is -2,851 million RMB, improving to 461 million RMB in 2025 and 2,407 million RMB in 2026 [4]. - The earnings per share (EPS) is expected to improve from -3.62 RMB in 2023 to 1.80 RMB by 2026 [4]. - The company’s total assets are projected to grow from 28,453 million RMB in 2023 to 53,489 million RMB in 2026 [5]. Key Financial Ratios - The gross margin is expected to rise from 0.48% in 2023 to 14.00% by 2026 [6]. - The price-to-earnings (P/E) ratio is projected to shift from -9.27 in 2023 to 17.70 in 2026, indicating a potential recovery in profitability [6].

实践证明，"颁奖现场将更多时间留给大家做获奖感言，请大家说一下这一年的酸甜苦辣咸"的效果特别好（详见 《24位一线营销人对2024年车市点评 及新年展望》 ）。 根据金轩奖组委会授权，汽车商业评论和金轩研究院（原金轩号）的微信公众号将独家发布这些获奖理由。 一、年度营销创新团队（5个） 1 、一汽-大众 撰文 / 牛 跟 尚 设计 / 师 超 2025年1月6日，第十一届金轩奖颁出57个金奖，其中只有年度团队金奖现场宣读了颁奖词。其他获奖企业和组织也想知道评委们如何评价本品牌此次的 申报案例。 "我们的评委在评审时精心书写了200-300字的获奖理由，如果串起来就有1万多字，读起来需要50分钟。" 金轩奖评委会兼金轩研究院秘书长对此表示, 为了节省大家宝贵的时间，组委会决定，只公布案例名称，获奖理由将在后续推广中传播。 获奖理由： 2024年位居厂商销量前列，合资厂商前茅，在合资品牌集体遇到严峻挑战时基本盘向好，积极与本土科技企业合作，共同开发面向未来、 符合中国消费者需求的新车型。 2 、问界汽车 获奖理由： 均价50万元以上的车型累计销量超过20万辆，细分市场排名第一，在中国高端汽车市场和中国汽车品牌向上 ...

撰文 / 牛跟尚 设计 / 师 超 1月6日，新年伊始，万象更新。以"汽车品牌创新推动力"为主题的第十一届金轩盛典典礼在北京举行。现场颁发"年度营销创新团队金奖""年度作品类 金奖""年度案例类金奖""年度公益与社会责任金奖""年度营销机构金奖"等50多项荣誉。这些年度金奖是从110个申报案例经过初评和终审按照票数及评 审委员会讨论产生。 来自一汽、东风、上汽、长安、北汽、奇瑞、广汽、江淮、吉利、长城、赛力斯、蔚来、零跑等汽车集团旗下40多个品牌以及固特异、汽车之家、中汽 传媒、迪光数字等汽车全生态链50多家板块（子分公司）及营销单元榜上有名，100多位汽车营销高管、总监、经理和行业专家、高校教授与学者，见 一个个精彩的营销案例如璀璨的星辰，照亮了商业的苍穹：从整合营销的宏大布局到事件营销的震撼出击，从 IP 营销的创意联动到公益营销的温暖传 递，每个获奖案例都是智慧和汗水的结晶，是创新和突破的象征。它们不仅为企业带来了荣耀和发展，更为整个汽车营销行业树立了新的标杆，指引了 前进的方向。 领取营销创新团队奖的一汽-大众销售有限责任公司媒介中心部长刘耿表示，回首2024年的核心词就是感谢，感谢社会各界、感谢广大 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is positioned as a technology-driven smart electric vehicle manufacturer with comprehensive self-research and manufacturing capabilities, covering vehicle design, R&D, manufacturing, intelligent driving, and battery systems [9] - The company is accelerating its globalization efforts, with plans to launch new models in Europe, including the B10, C10, and T03, which are expected to enhance its market presence [10][28] - The company has established a strategic partnership with Stellantis to leverage its global market resources and enhance competitiveness in overseas markets [55][62] Summary by Sections Section 1: Market Contribution - The overseas market, particularly Europe, is expected to contribute significantly to the company's growth, with a focus on meeting the 2025 carbon emission standards [5][35] - The T03 model has shown strong sales growth due to government policies promoting vehicle trade-in programs, achieving a year-on-year increase of 120% in sales [24] Section 2: Financial Performance and Forecast - In 2023, the company delivered 144,000 electric vehicles, a year-on-year increase of 29.7%, with the C series models accounting for over 73.3% of total deliveries [15] - The company anticipates a significant increase in deliveries in 2024, with a projected total of 87,000 vehicles, reflecting a year-on-year growth of 94.8% [15] Section 3: Product Development and Strategy - The company is developing seven new models, with a focus on enhancing product offerings and market competitiveness [10][53] - The C10 model is positioned to fill a gap in Stellantis's B-segment SUV lineup, expected to perform well in the European market due to its competitive pricing and features [59] Section 4: Strategic Partnerships - The partnership with Stellantis includes joint development and tuning of vehicle chassis to improve global competitiveness [30] - The establishment of a joint venture with Stellantis aims to facilitate the company's entry into international markets, with a focus on leveraging Stellantis's distribution network [55][62]

Group 1 - A new company named Leap International Trade (Jinhua) Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on battery sales, automobile sales, new energy vehicle sales, and smart power distribution and control equipment sales [1] - Leap International Trade is wholly owned by Leap Motor (09863.HK) [2]

Investment Rating - The report assigns an "Outperform the Market" rating to the company, with a target market value range of 449-505 billion yuan, corresponding to a stock price of 35.92-40.41 HKD [2][360][369]. Core Insights - The company is experiencing rapid growth in domestic sales, with a significant increase in new model launches and an expansion of its sales channels, particularly through collaboration with Stellantis for international market entry [2][21][88]. - The company has achieved a turnaround in gross profit, with a gross margin of 8.10% in Q3 2024, indicating a positive trend in profitability as sales volumes increase [2][39][342]. - The company is set to launch new models (C10/C16) in 2024, which are expected to drive sales growth, with a cumulative sales increase of 100% year-on-year from January to November 2024 [2][53][54]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 314.13 billion, 561.00 billion, and 814.00 billion yuan, respectively, with net profits expected to shift from losses of -37.21 billion and -5.78 billion in 2024 and 2025 to a profit of 23.72 billion in 2026 [3][342][351]. - The company anticipates a significant increase in sales volume, with domestic retail expected to reach 287,561 units in 2024 and 419,000 units in 2025 [342][345]. Market Dynamics - The global automotive market is segmented into five major regions, with the EU expected to become a significant growth area for Chinese automotive brands due to favorable tariff conditions and a growing preference for low-energy vehicles [2][100][129]. - The EU market for passenger vehicles is approximately 10 million units, with a notable shift towards small, low-energy vehicles, creating opportunities for Chinese brands to penetrate this market [2][105][129]. Competitive Advantages - The company leverages its strong product capabilities, full-stack self-research in electronic and electrical architecture, and international partnerships to enhance its competitive position [2][21][81]. - The "Four-Leaf Clover" architecture, which integrates multiple functionalities into a single system, supports the company's strategy of low-cost, high-intelligence vehicle production [2][82][86]. International Expansion - The establishment of "Leap International" in partnership with Stellantis marks a strategic move to expand into international markets, with plans to open over 500 sales points globally by the end of 2025 [2][88][330]. - The company has already opened 339 stores in 13 European countries, indicating a strong start to its international sales strategy [2][330][331].

Group 1 - The core viewpoint of the report indicates that Leap Motor's operational performance improved in the third quarter, with a year-on-year sales increase of 95% to 86,000 units and a revenue growth of 74% to 9.86 billion yuan [1] - The growth is attributed to the support of the old car replacement subsidy policy and the company's continuous launch of new models to meet consumer demand, with expected monthly sales to remain between 25,000 to 40,000 units [1] Group 2 - The firm maintains a "Outperform" rating for Leap Motor and raises the target price from 30.1 HKD to 46.1 HKD [2]

新消费本周跨境出海的主要内容有：10月汽车出口54.2万辆 同比增长11.1%；比亚迪计划明年初起在韩 国推出乘用车；厦门空港跨境电商出口包裹年内突破1亿件。 行业要闻 零跑汽车计划在2025年底前实现欧洲本地化生产 由于欧盟加征关税，零跑汽车加速推进本地化生产计划，计划在欧洲实现本地化制造，以降低关税和运 输成本，其预计在2025年年底前实现本地化生产。据悉，该公司计划在2025年实现50万台或更高的销量 目标，并通过B系列车型的推出进一步提升市场份额，预计毛利率将达到10%以上。 厦门空港跨境电商出口包裹年内突破1亿件 据海关总署消息，受益"双11"与"黑五"促销叠加，厦门空港口岸迎来跨境电商包裹出口高峰。截至11月 11日，厦门海关年内共监管经厦门空港口岸出口的跨境电商包裹数突破1亿件。据了解，希音、拼多 多、菜鸟等头部跨境电商平台先后落地厦门空港，厦门空港口岸跨境电商货物出口单量继续保持快速增 长态势。 比亚迪海狮07EV在欧洲正式上市 11月12日，比亚迪在德国法兰克福举办海狮07EV（BYD SEALION 7）欧洲暨德国上市发布会。这是比 亚迪在欧洲推出的第七款纯电动汽车。海狮07EV预计明年向 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a significant improvement in gross margin and a reduction in net loss for Q3 2024, with a gross margin of 8.1%, up 6.9 percentage points year-on-year and 5.3 percentage points quarter-on-quarter [5][6] - The company achieved record-high vehicle deliveries in Q3 2024, with 86,000 units delivered, representing a 94% year-on-year increase and a 62% quarter-on-quarter increase [7] - The company is expanding its global presence, having launched models in Europe and established a comprehensive partnership with Stellantis [8] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 9.86 billion yuan, a 74% increase year-on-year and an 84% increase quarter-on-quarter [6] - The net loss for Q3 2024 was 690 million yuan, down from 990 million yuan in Q3 2023 and 1.2 billion yuan in Q2 2024, indicating a narrowing loss [5][6] Sales and Delivery - The sales structure improved, leading to a quarter-on-quarter increase in average revenue per vehicle, estimated at approximately 114,000 yuan, which is a 1.4% increase from the previous quarter [7] - The sales volume for different models in Q3 2024 was as follows: T03 (17,000 units), C10 (5,000 units), C11 (21,000 units), C16 (22,000 units), and others [7] Global Expansion - The company has completed EU WVTA certification for models C10 and T03, officially launching in Europe in September 2024 [8] - As of October 2024, the company has opened 339 dealerships in Europe, all equipped for sales and after-sales services, with plans to expand into Asia-Pacific, the Middle East, Africa, and South America by 2025 [8] Profitability Forecast - The company forecasts sales of 287,000 and 518,000 units for 2024 and 2025, respectively, with projected revenues of 33.3 billion and 59.1 billion yuan [9] - The estimated net profit for 2024 is projected to be -3.4 billion yuan, improving to -213 million yuan in 2025, and turning positive with a net profit of 1.3 billion yuan in 2026 [10][12]

零跑汽车（09863.HK） 乘用车 证券研究报告/公司点评报告 2024 年 11 月 14 日 国内基本盘毛利率大幅改善，出海进程加速 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...