[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]

大家晚上好啊,我是海通汽车首席刘一鸣,那今天也是这也是我们今天晚上第三场电话会,前面前面两场主要讲的是仲卡,那本场呢,给大家讲一下我们这个,呃,关于灵好汽车的观点,那同时在线的还有我们团队的这个汽车分析师张学也。 那么我们是今年4月份开始去关注过然后推荐领跑汽车的那么大家也看到近期领跑4月份取得了1万5左右的销量近期的表现也不错所以现在市场关注度要比以前高了一些那么我们也是借着这个机会给大家去梳理汇报一下我们关于领跑汽车的现在的推荐的要点 我们觉得其实主要是有两点第一点就是说它所主推的经济型的这种或者说能让大众消费得起的智能电动车这个市场本身仍然是一个蓝海并且近期的这种置换的优化新的政策对于它所在的价位拉动力度是比较大的 第二呢是我们认为林郝目前他的这种自言但不全自治的这样的一个模式其实可复制性是比较低的 即使是科技巨头也未必能够在很短的时间内去把它的方式方法和车型全部的都复制到位所以我们认为公司的目前通过这一批经济型智能车所获得到的这样的一个放量的趋势应该不太可能在短期被颠覆所以我们觉得值得重点关注一下 那么简单说一下这个公司的背景相信可能大家也都比较熟悉领好是2015年由朱江明先生创立的然后最初是一些小行 ...

Financial Performance - Revenue for 2023 reached RMB 16,746.7 million, a 35.2% increase from RMB 12,384.6 million in 2022[5] - Gross profit turned positive at RMB 80.5 million, compared to a gross loss of RMB 1,911.3 million in 2022, marking a 104.2% improvement[5] - Operating loss decreased by 16.3% to RMB 4,377.4 million from RMB 5,226.8 million in the previous year[5] - The company achieved a significant reduction in net loss attributable to equity holders, decreasing by 17.3% to RMB 4,224.9 million from RMB 5,108.9 million in the previous year[5] - The adjusted net loss for 2023 was RMB 3,518.5 million, an improvement from RMB 4,565.5 million in 2022[40] - The company reported a net profit margin of 12% for the last fiscal year, reflecting strong operational performance and cost management[177] Research and Development - Research and development expenses totaled RMB 1,919.8 million, reflecting the company's commitment to innovation and technology[7] - Research and development expenses rose by 36.1% to RMB 1,919.8 million in 2023, up from RMB 1,410.6 million in 2022[36] - The company is investing heavily in R&D, with a budget allocation of 15% of total revenue aimed at developing new technologies and electric vehicle models[181] - The company has a commitment to innovation in automotive technology, particularly in autonomous driving and electric drive systems[189] Production and Sales - The company delivered over 300,000 vehicles by the end of 2023, showcasing rapid growth in production and sales[8] - In 2023, the company delivered 144,155 electric vehicles, a year-on-year increase of 29.7%, with a compound annual growth rate of 243.4% since the launch of its first model in 2019[12] - The number of electric vehicles delivered increased from 111,168 in 2022 to 144,155 in 2023[31] - The company launched its first range-extended model, C11, in February 2023, marking the implementation of its "pure electric + range-extended" dual-power strategy[21] Strategic Partnerships and Expansion - A strategic partnership was established with Stellantis to create a joint venture named "Leapmotor International" aimed at global expansion[8] - The company plans to launch its brand of electric vehicles in Europe in 2024, leveraging Stellantis' resources for market entry[9] - The company plans to establish a joint venture with Stellantis Group, focusing on global expansion and leveraging Stellantis' extensive distribution network[26] - The company aims for global expansion, particularly entering the European market, to establish its international presence[149] Financial Position - Total assets increased to RMB 28,453.4 million, up from RMB 19,267.8 million in 2022, indicating strong growth in the company's financial position[7] - Net financial income rose by 47.9% to RMB 157.1 million, compared to RMB 106.3 million in 2022[5] - Operating cash flow turned positive in 2023, amounting to RMB 1,081.6 million, an increase of RMB 3,481.4 million compared to 2022[15] - The company's free cash flow for 2023 was RMB 322.7 million, an increase of RMB 3,495.2 million compared to RMB 3,817.9 million in 2022[43] Corporate Governance - The company has established a remuneration committee to formulate compensation policies for directors and senior management[82] - The supervisory board has conducted independent reviews of the company's operations and found that decision-making processes are legal and compliant with internal control systems[165] - The supervisory board emphasized the importance of legal education for management personnel to ensure compliance with laws and regulations[164] - The company adheres to high standards of corporate governance to protect shareholder interests and enhance transparency[195] Shareholder Structure - Stellantis holds approximately 21.26% of the company's issued share capital, making it the major shareholder[102] - The total percentage of shares held by the top three shareholders exceeds 58%, indicating a concentrated ownership structure[114] - The company has established a unified voting agreement among major shareholders to ensure coordinated decision-making[118] Employee Management - As of December 31, 2023, the company has 9,314 full-time employees, with 48.72% in manufacturing and 31.45% in R&D[109] - Employee welfare expenses during the reporting period amounted to approximately RMB 3,478.6 million[109] - The company provides competitive compensation and participates in various government-mandated employee benefit programs[110] Future Outlook - Future outlook indicates a projected revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[179] - The company aims to reduce production costs by 20% through improved supply chain efficiencies and automation technologies[175] - A new electric vehicle model is set to launch in Q2 2024, with an expected sales target of 100,000 units in the first year[176] Technology and Innovation - The company upgraded its technology architecture from LEAP1.0 to LEAP3.0 in 2023, introducing several industry-first technologies[23] - The "Four-Leaf Clover" architecture integrates multiple domains using a single SOC chip and a single MCU chip, achieving high efficiency in smart electric vehicles[24] - The company emphasizes the importance of supply chain management, with a dedicated Vice President overseeing this critical area[189]