参加本次会议会议即将开始请稍后 大家好欢迎参加中泰汽车个股提示系列24领跑汽车欧洲关税政策落地看好下半年出海基本面目前所有参会者均处于新状态下面开始播报免责声明声明播报完毕后主讲老师可直接发言本次电话会议服务于中泰证券正式签约客户为非公开 本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 好的 各位领导早上好我是中泰汽车首席何俊逸然后今天我和我的同事张嘉明然后跟大家讲在当下位置的重点提示一下民跑汽车提示的逻辑的话 首先从贝塔为主去看贝塔的话 我们的观点是看好6月份的汽车的景气的贝塔的拐点也就是说看好汽车的周度伤险数据从大家跟踪的这个 三十多万三十六七万的中枢然后修复到四十万这个中枢就是说汽车从年度为度大行业是没有Beta可言的因为这个行业的增速就是在正负三或者说小幅度波动这样一个区间就是说大家其实去看同盘比例数据是没有太强的这个总盘的同盘比例是没有太强的意义的 但是呢因为这两年的一些这种疫情或者说是新品上市的节奏价格战的观望然后政策的观望然后使得这种板块出现这种月度和季度之间的需求的腾挪然后带来的这种大家觉得比如说今年可能一到五月份大家觉得需求特别差然后但是 ...

零跑汽车(09863) /乘用车 /公司点评 /2024.06.13 5 月销量再创新高，新车型将于 6 月上市 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司微信公众号发布 2024 年 5 月销量数据。5 月零跑汽车交付量达 基本数据 2024-06-12 18165台，同比增长50.6%。其中SUV车型C11、C10交付量达到11992台。 收盘价(港元) 26.35 流通股本(亿股) 11.16 每股净资产(港元) 5.53 ❖ 智能6座SUV C16将于6月正式上市，有望带动销量持续增长： C16 总股本(亿股) 13.37 车型是零跑的首款中大型六座SUV，是LEAP 3.0技术架构的旗舰。C16 具备 最近12月市场表现 多项前沿技术，如中央域控、800V 高压动总、8295 智能座舱、21 扬杜比音 响、激光雷达等。智能驾驶层面，C16搭载了融合128线程激光雷达的30 个 零跑汽车 恒生指数 高精感知硬件，在硬件能力上具备 L3 级智能驾驶水平；可以实现包括 NAP 乘用车 16% 高速智能领航辅助、NAC 导航辅助巡航等25项智驾辅助功能。动力路线上， 3% 零跑C16延续 ...

[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）公司季报点评 2024年05月31日 [Table_InvestInfo] 投资评级 优于大市 维持 Q1 营收同比翻倍，轻资产出海稳步推进 股票数据 [Table_Summary] 0[5T月ab3le0_日S收to盘c价kI（nf港o币] ） 28.15 投资要点： 52周股价波动（港币） 19.60-48.50 总股本/流通A股（百万股） 1337/0 总市值/流通市值（百万港币） 37636/31427  零跑汽车发布2024年第一季度业绩公告。2024Q1实现营收34.9亿元，同 相关研究 比+142%；净亏损10.1亿元，亏损同比收窄。 [《Ta毛b利le率_R、e经p营or现tIn金fo流]转正，与Stellantis合 作出海开启第二增长曲线》2024.04.09  销量：公司2024Q1交付新车33410辆，同比+218%，环比-40%。我们认 为，销量同比增长因为公司产品逐步得到市场认可且产品矩阵更加丰富，环 市场表现 比下滑主要因为公司全系车型在第一季度换代，老款车型产销有所调整，叠 [ ...

证券研究报告 | 季报点评 2024年05月31日 零跑汽车（09863.HK） 出海如期推进，盈利改善可期 Q1营收符合预期，盈利不及预期。零跑汽车Q1交付33410辆车，其中 买入（维持） T03/C11/C01/C10 分别交付 9433/12122/3998/7857 辆，销量同比增长 股票信息 218%，营收34.86亿元，同比增长142%。公司Q1毛利率为-1.4%，同 比改善6.4pct，环比减少8.1pct，不及预期，主要系1）价格竞争激烈背 行业 智能驾驶及制造 景下公司Q1对2023款全系车型促销，2）环比销量下降导致的规模不经 前次评级 买入 济。公司Q1归母净利润为-10亿，同比减少11%，归母净亏损率为29%。 5月30日收盘价(港元) 28.15 目前公司在手现金较为充裕，Q1 末现金及现金等价物、受限制现金、按 总市值(百万港元) 37,635.60 公允价值计入损益的金融资产及银行定期存款共176亿人民币左右。 总股本(百万股) 1,336.97 其中自由流通股(%) 100.00 车型规划路径清晰，后续新车望进一步改善盈利。1）车型方面，3 月 2 30日日均成交量(百万股) ...

大家好欢迎参加中泰汽车深度领跑汽车深度汇报主流市场极致性价比玩家斯特兰蒂森露骨在海外成长电话会议下面开始播报名字声明声明播报完毕后主持人可直接开始发言 本次电话会议服务于中泰证券正式签约客户为非公开交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频、音频、文字记录内容等信息感谢您的理解与配合 中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险 投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任好的 各位领导早上好我是中泰稀释首席财务局经理今天我和我的同事张嘉明跟大家汇报一下我们近期外发的 零跑汽车的深度报告主流市场汽车性价比玩家向南比斯入股加速海外的成长就是这篇报告的话是从三个维度去做做做阐述第一个话就是就是我们一般在我们的深度报告里面的话我们会有一个章节去整体认知这个公司那对于零跑来讲的话就是我们总结出来的就是垂直整合加上产品架构然后它的优势是 它的一定优势是非常显著的然后公司的性价比的优势的话主要是来自于因为历史来看其实之前董事长其实也有类似的创业经验所以他会有一些这种汽车电子的业务的这种就是说同源性所以他的整车核心电子 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance was in line with expectations, with a clear strategy for overseas expansion [1][3] - Revenue for Q1 2024 was RMB 3.486 billion, a year-on-year increase of 141.7%, but a quarter-on-quarter decrease of 33.9% [3] - The company reported a net loss of RMB 1.013 billion in Q1 2024, with a per-vehicle loss of RMB 30,000, showing a reduction in losses compared to the previous year [3] - The company's gross margin for Q1 2024 was -1.4%, slightly below expectations due to the impact of the Spring Festival holiday and increased discounts on older models [3] - The company plans to expand its sales network to 200 outlets by the end of 2024, including Stellantis & You networks, and aims to reach 500 outlets by 2026 [3] - The company's long-term strategy includes deepening its presence in the mainstream market in China, accelerating overseas expansion through a light-asset model with Stellantis, and expanding into new business areas by supplying core components to other OEMs [4] Financial Forecasts and Valuation - Revenue for 2024E is projected to be RMB 33.024 billion, a year-on-year increase of 96.15% [2] - Net profit attributable to the parent company is expected to be RMB -3.298 billion in 2024E, improving to RMB 882.44 million in 2025E and RMB 2.955 billion in 2026E [2] - EPS for 2024E is forecasted to be RMB -2.47, improving to RMB 0.66 in 2025E and RMB 2.21 in 2026E [2] - The company's P/E ratio for 2024E is -9.37, improving to 35.01 in 2025E and 10.45 in 2026E [2] Market and Operational Data - The company's closing price on the Hong Kong stock exchange was HKD 31.30, with a market capitalization of HKD 34.94376 billion [5] - The company's net asset per share is RMB 9.35, with a total share capital of 1.33697 billion shares [6] - The company's asset-liability ratio is 56.07%, with total assets of RMB 28.45342 billion and total liabilities of RMB 15.95522 billion [6][8] Overseas Expansion - The company plans to start sales in 9 European countries from September 2024, with further expansion into South America, Asia-Pacific, the Middle East, and Africa in Q4 2024 [3] - The company aims to launch 6 new models globally by 2027, with the C10 and T03 being the first models to go global [3] Long-term Strategy - The company will focus on the mainstream market in China, leveraging its self-developed cost advantages and pursuing a strategy of high product value for price [4] - The company will adopt a light-asset model for overseas expansion, utilizing Stellantis' global network and after-sales service system [4] - The company plans to supply core components to other OEMs, creating new business growth opportunities [4]

汽车/乘用车 公 司 研 零跑汽车（09863.HK） 国内新车周期启动，海外业务前景可期 究 2024年05月20日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李秉宸（联系人） wuliuyan@kysec.cn libingchen@kysec.cn 日期 2024/5/17 证 书编号：S0790521110001 证书编号：S0790122090026 港 当前股价(港元) 31.300  2024年国内新车周期陆续启动，海外业务前景可期，维持“买入”评级 股 一年最高最低(港元) 48.500/19.600 基于公司新车周期启动、C16性价比突出有望冲击国内月销3万辆水平，我们将 公 司 总市值(亿港元) 418.47 2024-2025年收入预测由269/507上调至315/547亿元，2026年收入预测维持在 信 流通市值(亿港元) 349.44 714亿元，同比增速为88%/74%/31%；智能化功能推进及整体销售规模提升导致 息 总股本(亿股) 13.37 营业费用可能增加，将 2024-2025 年 Non-GAAP 净利润预测由-30/-11 亿元下调 更 新 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating issued [2]. Core Insights - The company focuses on a cost-performance strategy, targeting the mainstream electric vehicle market priced between 100,000 to 300,000 yuan, with a strong emphasis on both pure electric and range-extended vehicles [10][11]. - The partnership with Stellantis is expected to accelerate overseas growth, enhancing the company's market presence and profitability [12][14]. - The company has a robust product lineup, with plans to introduce 2-3 new models annually over the next three years, ensuring comprehensive coverage across various price segments [14][32]. Summary by Sections Company Overview - The company is positioned as a value-for-money player in the electric vehicle market, focusing on the 100,000 to 300,000 yuan price range [10]. - It has transitioned from pure electric vehicles to include range-extended models, with a strategic partnership with Stellantis initiated in 2023 to enhance growth [11][12]. - The company has established a solid foundation for self-research and development, with a significant portion of its components produced in-house [12][17]. Overall Recognition - The company benefits from vertical integration and a high degree of commonality in vehicle architecture, leading to significant cost advantages [15][20]. - The founder's technical background and collaboration with Dahua Technology provide a strong technological foundation for the company's self-research capabilities [15][17]. Growth Logic - Domestic Demand - The company targets a market with low electric vehicle penetration, particularly in the 100,000 to 200,000 yuan segment, where there is substantial potential for growth [26]. - The range-extended vehicles are positioned to alleviate consumer concerns about electric vehicle range anxiety, providing a competitive edge [29][30]. - The company plans to expand its dealership network significantly, with an expected increase of 200 stores in 2024, enhancing its market reach [13][32]. Growth Logic - Export - The partnership with Stellantis is expected to facilitate entry into international markets, leveraging Stellantis's established distribution channels [12][19]. - The company anticipates significant export potential, with projections indicating a long-term export volume of 10 million units [19][20]. - The higher profit margins associated with exporting vehicles compared to domestic sales present a lucrative opportunity for the company [19][20]. Financial Projections - Revenue forecasts indicate substantial growth, with expected revenues of 32.54 billion yuan in 2024 and 64.61 billion yuan in 2025, reflecting a year-on-year growth rate of 94.3% and 98.6% respectively [2][3]. - The company is projected to achieve profitability by 2025, with net profits expected to reach 2.09 billion yuan [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue increase of 141.7% in Q1 2024, achieving a revenue of 3.486 billion RMB, while the net profit attributable to shareholders was a loss of 1.013 billion RMB, which is an improvement compared to the loss of 1.133 billion RMB in Q1 2023 [3] - The company's gross margin in Q1 2024 was -1.4%, showing a notable year-on-year improvement but a decline from 6.73% in Q4 2023, primarily due to promotional activities to clear old inventory and a decrease in sales volume leading to higher marginal production costs [3] - The company is expected to see a recovery in sales as new models are gradually delivered, with the overall sales volume in Q1 2024 being 33,400 units, a year-on-year increase of 217.9% but a quarter-on-quarter decrease of 39.6% [4][6] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 34.86 billion RMB, with a year-on-year growth of 141.7% and a quarter-on-quarter decline of 33.9; the net profit attributable to shareholders was -10.13 billion RMB, showing a narrowing loss compared to -11.33 billion RMB in Q1 2023 [3] - The company’s R&D, sales, and administrative expense ratios were 14.92%, 12.27%, and 4.00% respectively, showing significant year-on-year improvements [3] Sales and Market Expansion - The company has accelerated its international expansion, forming a joint venture with Stellantis to enter the European market, with plans to launch models in nine countries and expand to 200 sales outlets by the end of the year [5][6] - The company plans to introduce at least one new model each year from 2025 to 2027, leveraging Stellantis's overseas distribution channels to enhance its market presence [6] Earnings Forecast - The company’s revenue projections for 2024-2026 are 34.785 billion, 56.917 billion, and 82.811 billion RMB respectively, with year-on-year growth rates of 108%, 64%, and 45% [7] - The net profit attributable to shareholders is expected to be -3.191 billion RMB in 2024, turning positive in 2025 with a profit of 0.038 billion RMB, and reaching 2.003 billion RMB in 2026 [7]

Financial Performance - Total revenue for Q1 2024 reached RMB 3,486.2 million, an increase of 141.7% compared to RMB 1,442.5 million in Q1 2023[3] - The gross margin for Q1 2024 was (1.4%), an improvement from (7.8%) in Q1 2023[4] - Operating loss for Q1 2024 was RMB 1,126.4 million, compared to RMB 1,159.6 million in Q1 2023[5] - R&D expenses for Q1 2024 were RMB 520.0 million, a 26.1% increase from RMB 412.4 million in Q1 2023[5] - Cash and cash equivalents as of March 31, 2024, totaled RMB 17,583.8 million[6] Vehicle Deliveries - Total vehicle deliveries in Q1 2024 were 33,410 units, a 217.9% increase from 10,509 units in the same period of 2023[1] - The delivery volume for the T03 model in Q1 2024 was 9,433 units, up 140.3% from 3,925 units in Q1 2023[2] - The C11 model delivered 12,122 units in Q1 2024, a 129.1% increase from 5,292 units in Q1 2023[2] Product Launches and Developments - The company launched the C10 model on March 2, 2024, which will serve as its first global SUV flagship model[9] - Leapmotor's C16, a large six-seat SUV, is set to launch in June 2024, featuring a new design that combines MPV space and SUV style[10] - The company has initiated a dual-power strategy with the production of four pure electric models and three extended-range models, including the new C16[12] - Leapmotor's electric vehicle offerings include the T03, C11, C01, and the upcoming C10, with a focus on user-centric design and performance[12] International Expansion - Leapmotor International, a joint venture with Stellantis, has been established with Stellantis holding 51% and Leapmotor 49%[11] - The headquarters of Leapmotor International is located in Amsterdam, and it plans to launch T03 and C10 electric models in Europe starting in Q4 2024[11] - Leapmotor International aims to expand its sales network to 200 outlets by the end of this year and to 500 by 2026 across nine European countries[11] - The company is preparing to enter markets in India, Asia-Pacific, the Middle East, Africa, and South America by the end of 2024[11] Strategic Plans - The company plans to raise up to RMB 600 million through share subscriptions to fund R&D, marketing, and production capacity improvements[8] - Leapmotor is focused on maximizing user value and providing exceptional experiences through continuous technological innovation[12] Cautionary Statements - The announcement includes forward-looking statements regarding future financial conditions and market strategies, highlighting potential risks and uncertainties[13] - Leapmotor emphasizes the importance of caution for shareholders and potential investors when trading its shares[13]