Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][4]. Core Insights - The company, Li Auto, has shown strong performance in Q2 2024, with vehicle deliveries reaching 53,286 units, representing a year-on-year increase of 56.8% and a quarter-on-quarter increase of 59.5% [1][2]. - Revenue for Q2 2024 was 5.36 billion yuan, reflecting a year-on-year growth of 22.6% and a quarter-on-quarter growth of 53.7% [1][2]. - The report highlights the company's refined management capabilities and its strategic partnership with Stellantis for overseas expansion as key differentiators [1][2]. - Despite the positive performance, the report notes that industry competition is intensifying and market demand may not meet expectations [1][2]. Summary by Sections Financial Performance - Q2 2024 gross profit was 148 million yuan, with a gross margin of 2.8%, showing improvements compared to the previous year [1][2]. - The report calculates a Q2 2024 average selling price (ASP) of 100,600 yuan per vehicle, which is a decrease of 21.8% year-on-year and 3.6% quarter-on-quarter [1][2]. - The net profit attributable to the parent company for H1 2024 was -2.21 billion yuan, a year-on-year decline of 2.8% [2]. Cost Structure - R&D, sales, and administrative expenses for Q2 2024 were 700 million, 480 million, and 300 million yuan respectively, with significant year-on-year increases of 70.6%, 11.2%, and 157.4% [2]. - The report indicates that the company's cost structure is under pressure due to increased competition and discount policies [1][2]. Future Outlook - The report emphasizes the strong profitability potential of the company, driven by scale effects and new vehicle launches, particularly the flagship C16 model [1][2]. - The overseas expansion strategy is expected to contribute significantly to net profit by 2025-2026, with projected overseas sales of 80,000 units potentially generating around 1.1 billion yuan in investment returns [1][2].

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863) [1] Core Views - Leapmotor's revenue in 2024H1 reached RMB 8.845 billion, a YoY increase of 52.2%, while the net loss attributable to shareholders was RMB -2.212 billion, similar to the loss in 2023H1 [1] - In 2024Q2, revenue was RMB 5.359 billion, up 22.62% YoY and 53.73% QoQ, with gross margin improving from -1.4% in Q1 to 2.8% [1] - The average selling price (ASP) per vehicle in Q2 was RMB 101,000, down RMB 28,000 YoY and RMB 4,000 QoQ, due to price adjustments during the model transition [1] - R&D expenses in Q2 increased by 3.69 percentage points YoY, driven by new model development and investments in autonomous driving technology [1] - Leapmotor's Q2 vehicle sales reached 53,300 units, up 56.76% YoY and 59.49% QoQ, with the C10 model selling 16,200 units since its March launch [1] - The company plans to expand its global presence, with the first batch of C10 and T03 models shipped to Europe in July 2024, and aims to enter Asia-Pacific, Middle East, Africa, and South America markets in Q4 2024 [2] Financial Forecasts - Revenue is expected to grow to RMB 27.713 billion in 2024, RMB 47.790 billion in 2025, and RMB 64.194 billion in 2026, with YoY growth rates of 65%, 72%, and 34% respectively [2] - Net loss attributable to shareholders is projected to be RMB -4.244 billion in 2024, narrowing to RMB -2.731 billion in 2025, and turning profitable with RMB 56 million in 2026 [2] - The company's PS ratio is forecasted at 1.0x for 2024, 0.6x for 2025, and 0.4x for 2026 [2] Operational Highlights - Leapmotor had 474 sales outlets and 328 service centers across 187 cities as of June 2024, with plans to expand further into county-level markets [1] - The company's new C16 model, launched in June 2024, received over 10,000 pre-orders in its first month, showcasing strong market potential in the sub-RMB 200,000 6-seat SUV segment [1] - Leapmotor's partnership with Stellantis is progressing, with plans for localized production in Poland to reduce costs and avoid European tariffs [2]

Company and Industry Summary Company Overview - The document reflects the management's opinions of the company as of the date of the call, indicating that the information may not be updated or revised in the future due to uncertainties and assumptions [1] Key Points and Arguments - The management emphasizes that the statements made during the call are based on current perspectives and may not necessarily reflect future outcomes [1] Important but Overlooked Content - There is a clear indication that the company does not commit to updating the information provided, which may affect investor perceptions and decision-making [1]

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 零跑汽车（9863）公司公告点评 2024 年 08 月 16 日 股票数据 8[T月ab15le日_S收t盘oc价kI（nf港o币] ） 22.65 52 周股价波动（港币） 19.60-45.00 总股本/流通 A 股（百万股） 1337/1116 总市值/流通市值（百万港币） 30282/25287 [《Ta零b跑le汽_R车e（p0o9r8t6In3f）o]：厚积薄发，轻资产出 《零跑 C16 正式上市，新车起售价 15.58 万 《Q1 营收同比翻倍，轻资产出海稳步推进》 [Table_QuoteInfo] | --- | |------------------------| | 相关研究 | | 海加速推进》2024.07.16 | | 元》2024.07.02 | | 2024.05.31 | | 市场表现 | 沪深 300 对比 1M 2M 3M [Table_AuthorInfo] | --- | --- | --- | --- | |---------------|-------|-------|-------| ...

浦银国际研究 公司研究 | 新能源汽车行业 零跑汽车（9863.HK）：C16 增长强劲，毛利 率持续改善 我们重申零跑汽车的"买入"评级。我们下调零跑汽车（9863.HK）目 标价至 28.5 港元，潜在升幅 26%。 重申零跑汽车的"买入"评级：我们大体维持零跑汽车 2024 年 25 万 辆的交付量预测。新车型 C16 订单需求保持强劲，而且并不挤压 C11 和 C10 的需求增长。进一步看，7 月份汽车以旧换新追加政策有望拉动 T03 车型的销量。因此，我们预期零跑今年销量有上行空间。展望明年，零 跑发布 B 系列车型，协同海外的增量市场放量成长，明年汽车交付量 也将维持高速增长。零跑汽车当前市销率为 0.6x，估值具备吸引力，是 我们新能源车行业首选。 汽车毛利率持续改善：零跑二季度毛利率为 2.8%，同比增长 8 个百分 点，环比增长 4.1 个百分点。零跑在二季度持续消化 2023 款车型库存 的同时，毛利率仍然取得环比增长，并呈逐月上升态势。在今年 7 月， 零跑汽车毛利率已经达到 5%以上水平，并有望在今年下半年持续改善。 我们预期公司今年全年毛利率有望达成 5%及以上的目标。由于在新车 型 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a revenue of 5.36 billion yuan in Q2 2024, representing a year-on-year increase of 22.6% and a quarter-on-quarter increase of 53.7%. However, the net profit attributable to the parent company was -1.2 billion yuan, indicating a slight increase in losses compared to the previous year [5]. - The gross margin for Q2 2024 was 2.8%, an increase of 8.0 percentage points year-on-year and 4.1 percentage points quarter-on-quarter [5]. - The company is expected to see significant sales growth in Q3 2024, with over 28,000 new orders in July and plans to launch new models at the Paris Auto Show in October 2024 [5]. - The international expansion is progressing steadily, with nearly 2,000 units of C10 and T03 shipped to Europe, and plans to establish over 200 sales outlets in Europe by the end of 2024 [5]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 27.49 billion yuan, 47.22 billion yuan, and 68.28 billion yuan, respectively. The corresponding net profits are expected to be -4.18 billion yuan, -2.56 billion yuan, and 130 million yuan [6][8]. - The gross margin is projected to improve to 5.5% in 2024, 9.0% in 2025, and 11.5% in 2026 [8]. - The company’s total assets are estimated to reach 30.23 billion yuan in 2024, with a projected total market value of 30.28 billion yuan [7][8].

[Performance Summary](index=2&type=section&id=Performance%20Summary) This section provides an overview of the company's key financial, sales, product, and operational achievements during the reporting period [Financial Highlights](index=2&type=section&id=Financial%20Highlights) In the first half of 2024, the company's financial performance significantly improved, with total revenue increasing by 52.2% year-on-year and gross margin turning positive to 1.1%, primarily due to economies of scale from sales growth and cost control - **2024 H1 Key Financial Indicators** | Indicator | 2024 H1 | 2023 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 8.845 billion | RMB 5.813 billion | +52.2% | | Gross Margin | 1.1% | -5.9% | +7.0 percentage points | | Net Loss | RMB 2.212 billion | RMB 2.276 billion | Narrowed by 2.8% | | Adjusted Net Loss | RMB 2.016 billion | RMB 1.937 billion | Widened by 4.1% | | R&D Expenses | RMB 1.221 billion | RMB 823 million | +48.4% | | Net Cash from Operating Activities | RMB 268 million | RMB 152 million | +76.4% | - The primary reason for the net loss not significantly narrowing was the company's increased R&D investment, particularly in new vehicle development and intelligent driving technologies (such as "end-to-end large models")[2](index=2&type=chunk) [Sales Performance](index=2&type=section&id=Sales%20Performance) The company's vehicle deliveries in the first half of the year increased by nearly 95% year-on-year, reaching 86,696 units, demonstrating strong growth momentum, with new models C10 and C16 performing excellently after launch - Total vehicle deliveries were **86,696 units**, a year-on-year increase of **94.8%**[3](index=3&type=chunk) - Strong performance of new models: C10 delivered **24,106 units** since its launch in March; C16 accumulated over **10,000 pre-orders** in its first month of launch[3](index=3&type=chunk) - The company achieved a cumulative delivery milestone of **400,000 new energy vehicles** in early July 2024[4](index=4&type=chunk) [Products and R&D](index=3&type=section&id=Products%20and%20R%26D) In the first half of the year, two new models, C10 and C16, were successfully launched, and C11 and C01 underwent technological upgrades, forming a C-series product matrix covering the RMB 100,000-200,000 price range, while the company continued to invest in intelligent cockpits and intelligent driving - Successfully launched two new models, C10 and C16, and integrated the LEAP 3.0 technology architecture into C11 and C01, forming a product matrix covering the **RMB 100,000-200,000 price range**[5](index=5&type=chunk) - Released the LEAP 3.0 technology architecture, covering six major areas including E/E architecture, intelligent cockpit, and intelligent driving, with the intelligent cockpit initially equipped with the **Qualcomm 8295 chip** and achieving **AI large model integration** in vehicles[7](index=7&type=chunk) - Actively investing in "end-to-end large model" intelligent driving system R&D, establishing an "Intelligent Technology Research Institute," and planning to launch **urban intelligent driving functions (CNAP)** based on large models within 2025[7](index=7&type=chunk) - Currently, **7 new models** are under development, with the first global B-platform model, B10, to be unveiled at the Paris Motor Show in October 2024[8](index=8&type=chunk) [Sales Network and Globalization](index=5&type=section&id=Sales%20Network%20-%20User-Centric) The company adheres to the "1+N" channel model, continuously expanding its sales and service network, covering 187 cities by the end of June, while its globalization strategy is progressing steadily with the joint venture "Leapmotor International" now operational - As of June 30, 2024, the company had **474 sales stores** and **328 service stores**, covering **187 cities**, with plans to accelerate channel penetration in the second half of the year[9](index=9&type=chunk) - Established a joint venture "Leapmotor International" with Stellantis Group (Leapmotor holding 49%, Stellantis holding 51%) responsible for overseas business[10](index=10&type=chunk) - Plans to sell C10 and T03 in Europe starting September 2024, expand to over **200 European sales outlets** by year-end, and enter Asia-Pacific, Middle East & Africa, and South American markets in Q4[10](index=10&type=chunk) [Environmental, Social and Governance (ESG)](index=6&type=section&id=Environmental%2C%20Social%20and%20Governance%20%28ESG%29) The company received international recognition in ESG, achieving an "AA" rating in its first MSCI ESG assessment, ranking among global peers, and obtaining EcoVadis Corporate Social Responsibility Bronze Medal certification - Achieved an **"AA" rating** in its first MSCI ESG assessment, placing it among the leading global peers[11](index=11&type=chunk) - Obtained **EcoVadis Corporate Social Responsibility (CSR) Bronze Medal certification**, supporting the external supply business of its three-electric components[11](index=11&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section offers a detailed analysis of the company's financial performance, liquidity, capital resources, and risk management strategies [Financial Performance Analysis](index=6&type=section&id=Financial%20Performance%20Analysis) In the first half of 2024, the company's total revenue increased by 52.2% year-on-year, primarily driven by increased vehicle deliveries, and gross margin significantly improved from -5.9% to 1.1%, achieving profitability [Revenue](index=6&type=section&id=Revenue) Total revenue for the first half was RMB 8.845 billion, a 52.2% year-on-year increase, primarily driven by higher sales of electric vehicles and components, which saw a 52.3% year-on-year increase - **Revenue Composition (For the six months ended June 30)** | Revenue Category | 2024 H1 (RMB) | 2023 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of electric vehicles and components | RMB 8.836 billion | RMB 5.803 billion | +52.3% | | Service revenue | RMB 9.1 million | RMB 9.9 million | -8.1% | | **Total Revenue** | **RMB 8.845 billion** | **RMB 5.813 billion** | **+52.2%** | [Gross Profit and Gross Margin](index=6&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit for the first half reached RMB 100 million, compared to a gross loss of RMB 342 million in the same period last year, with gross margin significantly improving from -5.9% to 1.1% - **Gross Profit and Gross Margin Change (For the six months ended June 30)** | Indicator | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Gross Profit | RMB 100 million | RMB -342 million | | Gross Margin | 1.1% | -5.9% | [Operating Expenses](index=7&type=section&id=Operating%20Expenses) All operating expenses increased in the first half, with sales expenses rising by 10.0%, administrative expenses by 10.0%, and R&D expenses surging by 48.4% due to new vehicle projects and intelligent driving technology investments - **Operating Expenses Details (For the six months ended June 30)** | Expense Item | 2024 H1 (RMB) | 2023 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Sales expenses | RMB 903 million | RMB 821 million | +10.0% | | Administrative expenses | RMB 435 million | RMB 396 million | +10.0% | | R&D expenses | RMB 1.221 billion | RMB 823 million | +48.4% | [Loss Situation](index=7&type=section&id=Net%20Loss%20and%20Adjusted%20Net%20Loss) Despite improved gross profit, operating loss for the first half was RMB 2.395 billion, a slight 2.6% year-on-year increase, due to a significant rise in R&D expenses, while net loss was RMB 2.212 billion, a slight narrowing compared to the same period last year - **Loss Indicators (For the six months ended June 30)** | Indicator | 2024 H1 (RMB) | 2023 H1 (RMB) | | :--- | :--- | :--- | | Operating Loss | RMB 2.395 billion | RMB 2.334 billion | | Net Loss | RMB 2.212 billion | RMB 2.276 billion | | Basic and Diluted Loss Per Share | RMB 1.65 | RMB 1.99 | [Liquidity and Capital Resources](index=8&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, the company held ample liquidity totaling RMB 16.49 billion, including cash, financial assets, and deposits, with net cash generated from operating activities in the first half increasing year-on-year - **Liquidity and Cash Flow (As of June 30, 2024)** | Indicator | Amount (RMB) | Comparative Period (2023 H1) | | :--- | :--- | :--- | | Total Liquidity | RMB 16.491 billion | - | | Net Cash from Operating Activities | RMB 268 million | RMB 152 million | | Free Cash Flow | RMB -482 million | RMB -449 million | - As of June 30, 2024, capital commitments amounted to **RMB 3.35 billion**, primarily for production base construction[19](index=19&type=chunk) [Non-IFRS Measures](index=10&type=section&id=Non-IFRS%20Measures) To better reflect core operating performance, the company disclosed adjusted net loss (non-IFRS), which adds back share-based payment expenses to net loss, with the adjusted net loss for the first half of 2024 being RMB 2.016 billion - **Reconciliation of Net Loss to Adjusted Net Loss (For the six months ended June 30)** | Item (RMB '000) | 2024 | 2023 | | :--- | :--- | :--- | | Net Loss | (2,211,700) | (2,276,100) | | Add: Share-based payment expenses | 195,500 | 339,600 | | **Adjusted Net Loss** | **(2,016,200)** | **(1,936,500)** | [Risk Management](index=11&type=section&id=Risk%20Management) The company's primary financial risks are foreign exchange risk and interest rate risk, though it believes there are no significant direct foreign exchange risks currently due to RMB being its functional currency, and it has not used financial instruments for hedging interest rate risk - Foreign Exchange Risk: The company uses RMB as its functional currency and believes there are no significant direct foreign exchange risks currently[23](index=23&type=chunk) - Interest Rate Risk: Risk primarily arises from floating-rate borrowings, and the company has not engaged in hedging[23](index=23&type=chunk) [Other Disclosures](index=12&type=section&id=Other%20Disclosures) This section provides additional disclosures regarding the company's human resources and corporate governance practices [Human Resources](index=12&type=section&id=Employees%2C%20Training%20and%20Remuneration%20Policies) As of June 30, 2024, the Group had 10,844 full-time employees, with manufacturing and R&D personnel constituting the majority, reflecting the company's emphasis on production and technological innovation - **Employee Structure (As of June 30, 2024)** | Function | Number of Employees | Percentage of Total (%) | | :--- | :--- | :--- | | Manufacturing | 5,115 | 47.2 | | R&D | 3,823 | 35.3 | | Sales and Marketing | 1,170 | 10.8 | | Supply Chain Management | 284 | 2.6 | | General and Administrative | 452 | 4.1 | | **Total** | **10,844** | **100.0** | [Corporate Governance](index=13&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) During the reporting period, the company complied with most provisions of the Corporate Governance Code, with one deviation where the roles of Chairman and CEO are combined and held by Mr. Zhu Jiangming, an arrangement the Board believes facilitates leadership consistency and decision-making efficiency - The company complied with the Corporate Governance Code, but deviated from Code Provision C.2.1, where the roles of Chairman and CEO are not separated and are held concurrently by Mr. Zhu Jiangming[27](index=27&type=chunk) - The Board does not recommend the payment of any interim dividend[27](index=27&type=chunk) [Interim Condensed Consolidated Financial Statements](index=15&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's consolidated financial statements, including the statement of profit or loss, financial position, and cash flows for the interim period [Consolidated Statement of Profit or Loss](index=15&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) In the first half of 2024, the company recorded total revenue of RMB 8.845 billion and a gross profit of RMB 100 million, successfully reversing the loss from the same period last year, though operating loss was RMB 2.395 billion due to increased expenses - **2024 H1 Consolidated Statement of Profit or Loss Summary (RMB '000)** | Item | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Revenue | 8,845,408 | 5,813,134 | | Gross Profit/(Loss) | 100,225 | (341,760) | | Operating Loss | (2,395,029) | (2,333,572) | | Loss Before Income Tax | (2,211,720) | (2,276,062) | | Loss for the period attributable to owners of the Company | (2,211,736) | (2,276,109) | [Consolidated Statement of Financial Position](index=17&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the company's total assets were RMB 26.339 billion, total liabilities were RMB 15.892 billion, and total equity was RMB 10.446 billion, with both total assets and total equity decreasing compared to the end of 2023 - **Consolidated Statement of Financial Position Summary (RMB '000)** | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **26,338,706** | **28,453,417** | | Non-current assets | 7,062,358 | 5,983,677 | | Current assets | 19,276,348 | 22,469,740 | | **Total Liabilities** | **15,892,458** | **15,955,221** | | Non-current liabilities | 2,290,075 | 2,001,517 | | Current liabilities | 13,602,383 | 13,953,704 | | **Total Equity** | **10,446,248** | **12,498,196** | [Consolidated Statement of Cash Flows](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In the first half of 2024, operating activities generated a net cash inflow of RMB 268 million, an improvement from the prior year, but significant investing activities resulted in a net decrease of RMB 2.538 billion in cash and cash equivalents - **2024 H1 Consolidated Statement of Cash Flows Summary (RMB '000)** | Item | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Net cash from operating activities | 267,554 | 151,739 | | Net cash used in investing activities | (2,460,099) | (604,671) | | Net cash (used in)/from financing activities | (345,475) | 610,202 | | Net decrease in cash and cash equivalents | (2,538,020) | 157,270 | | Cash and cash equivalents at end of period | 9,197,853 | 7,108,124 | [Notes to the Financial Statements](index=21&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Information%20Notes) This section provides detailed notes and explanations supporting the interim condensed consolidated financial information, including segment data, expense breakdowns, and key asset and liability details [Segment and Revenue Information](index=21&type=section&id=2%20Segment%20and%20Revenue%20Information) The company treats its entire business as a single operating segment, focusing on the production, R&D, and sales of new energy vehicles in China, with vehicle and component sales being the absolute core revenue source - **Revenue by Geographical Region (For the six months ended June 30)** | Region | 2024 (RMB '000) | 2023 (RMB '000) | | :--- | :--- | :--- | | Mainland China | 8,781,778 | 5,754,852 | | Others | 63,630 | 58,282 | | **Total** | **8,845,408** | **5,813,134** | - **Revenue by Category (For the six months ended June 30)** | Category | 2024 (RMB '000) | 2023 (RMB '000) | | :--- | :--- | :--- | | Sales of vehicles and components | 8,836,298 | 5,803,226 | | Provision of services | 9,110 | 9,908 | | **Total** | **8,845,408** | **5,813,134** | [Key Expense Items](index=24&type=section&id=4%20Expenses%20by%20Nature) Total expenses for the first half were RMB 11.304 billion, with raw materials and consumables used being the largest expense item at RMB 8.035 billion, followed by employee benefit expenses at RMB 1.433 billion - **Summary of Expenses by Nature (For the six months ended June 30)** | Expense Item | 2024 (RMB '000) | 2023 (RMB '000) | | :--- | :--- | :--- | | Raw materials and consumables used | 8,035,177 | 5,655,527 | | Employee benefit expenses | 1,433,410 | 1,254,024 | | Advertising and promotion expenses | 541,034 | 466,901 | | Depreciation and amortization expenses | 320,755 | 296,954 | | **Total** | **11,304,136** | **8,194,027** | [Key Assets and Liabilities](index=26&type=section&id=Key%20Assets%20and%20Liabilities) As of June 30, 2024, the company's balance sheet shows a decrease in inventory and a significant reduction in trade receivables primarily due to the receipt of government subsidies, while trade payables remained at a high level and total borrowings slightly decreased [Inventories](index=26&type=section&id=8%20Inventories) As of the end of June, total inventories amounted to RMB 1.649 billion, a decrease from RMB 1.719 billion at the end of 2023, with raw materials and spare parts accounting for RMB 886 million and finished goods for RMB 892 million - **Inventory Composition (RMB '000)** | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Raw materials and spare parts | 885,844 | 777,897 | | Finished goods | 891,833 | 1,105,957 | | Less: Impairment provision | (128,945) | (164,382) | | **Net Inventories** | **1,648,732** | **1,719,472** | [Trade and Bills Receivables](index=27&type=section&id=9%20Trade%20and%20Bills%20Receivables) As of the end of June, total trade and bills receivables amounted to RMB 550 million, a significant decrease from RMB 926 million at the end of 2023, primarily due to the receipt of government subsidies for new energy vehicles - **Trade and Bills Receivables Composition (RMB '000)** | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Bills receivable | 252,779 | 8,048 | | Government subsidies receivable | 157,008 | 846,206 | | Amounts due from customers | 133,419 | 70,312 | | Others and impairment | 6,593 | 1,771 | | **Total** | **549,809** | **926,337** | [Borrowings](index=28&type=section&id=10%20Borrowings) As of the end of June, the company's total borrowings amounted to RMB 2.183 billion, a decrease from RMB 2.473 billion at the end of 2023, with most borrowings being secured - **Total Borrowings (RMB '000)** | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current borrowings | 1,250,546 | 1,581,157 | | Non-current borrowings | 932,396 | 891,811 | | **Total Borrowings** | **2,182,942** | **2,472,968** | [Trade and Bills Payables](index=31&type=section&id=11%20Trade%20and%20Bills%20Payables) As of the end of June, total trade and bills payables amounted to RMB 9.420 billion, largely consistent with RMB 9.847 billion at the end of 2023, remaining at a high level - **Trade and Bills Payables (RMB '000)** | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Trade payables | 5,160,281 | 5,057,648 | | Bills payable | 4,259,969 | 4,789,225 | | **Total** | **9,420,250** | **9,846,873** |

零跑汽车20240813 发言人 00:00 Your participation. 本次电话会议仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可，任 何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容，否则，由 此造成的一切后果及法律责任由该机构或个人承担。长江证券保留追究其法律责任的权利。 发言人 00:32 好的，各位投资者早上好。非常感谢大家参加云南看车的系列这样的电话会议。我们这次带来的是零跑 汽车的深度。因为我们上篇之前的话也是专门写了scientist的一个视频报告，就是以CN这次看整个全球 不不管是从这个领跑合作机会，还是CN这次本身的一个带动了供应链的这个机遇，从今年以来的话本 身汽车这边在出海几年一直都是大家非常关注的。当然从去年本身行业总量增速到百分之已经到400万 辆，其实是一直出海已经成为最重要的一个主旋律。那今年的话又伴随着关税的影响，以及各方面的一 些额外的摩擦的话，实际上出海变得更在一方面机遇上，第二方面挑战上也是一个提升了。 发言人 01:33 我们认为零跑的话是走出了一条跟其他车企完全不一样的道路。通过与CCS的法院合资，实现全球的一 ...

证券研究报告 (优于大市,维持) 零跑汽车(09863): 厚积薄发,轻资产出海加速推进 刘一鸣(汽车行业首席分析师) 张觉尹(汽车行业分析师) SAC号码:S0850522120003 SAC号码:S0850523020001 潘若婵(联系人) 2024年7月17日 摘要 零跑汽车成立于2015年,由大华股份创始人之一的朱江明先生创办。创始团队丰富的电子 技术经验和管理理念,赋能公司实现核心三电零部件自研自制,也构筑了公司的技术和成本 优势。我们认为,国内经济型智能电动车市场仍是蓝海,公司依托在该市场的先发优势不断 扩张,成长前景可期。 海外市场,公司与全球巨头Stellantis集团成立合资公司,通过复用Stellantis全球销售网络和 产能进行海外销售和生产。合资公司将于24年9月首先在欧洲开启销售,计划24Q4起进军印 度和亚太、中东和非洲以及南美市场。我们认为,随着各地区贸易壁垒加剧,自主车企出海 门槛提升,公司这种轻资产模式可以快速且相对低成本地推进出海。 我们预计公司2024/25年销量为24.8/48.5万辆,出口销量为0.8/8万辆。2024/25/26年营业收 入为300/576/901 ...

浦银国际 浦银国际研究 新能源汽车行业 | 公司追踪 零跑汽车(9863.HK):新车型 C16 需求表现优异,有望带动月 交付量创新高 重申零跑汽车(9863.HK)的"买入"评级,潜在升幅 50%,维 持新能源车行业首选推荐。 重申零跑汽车(9863.HK)"买入"评级:零跑汽车是我们当前 新能源车行业首选。短期来看,新车型 C16 订单势头强劲,并 且带动老车型销量增长。同时,用户对 C16 的中高配和选装包 选择比例均达 95%,有望推动公司的收入和利润成长。中期维 度,公司持续优化渠道,采用"1+N"模式,预期到年底目标达 800 家门店,覆盖 247 个城市。因此,零跑今年有望冲击 25 万 辆销量目标。从明年来看,零跑将发布 B 系列车型,并且海外 新能源车销量有望放量成长。因此,我们重申零跑的"买入"评 级,目标价潜在升幅 50%。 预期 7 月交付量有望继续创新高。零跑 6 月交付量达 20,116 辆, 同比增长 52%,环比增长 11%,创历史新高,也高于我们的预 测。6 月 28 日,C16 正式上市,上市 48 小时大定达 5,208 台。 C16 不仅没有影响 C11 和 C10 ...