智通财经APP获悉，市场观望美国即将公布的对等关税政策，港股早盘探底回升，恒科指数一度涨 1.8%，随后涨幅逐步收窄，恒指及国指午后集体翻绿。截止收盘，恒生指数跌0.02%或4.31点，报 23202.53点，全日成交额2165.98亿港元；恒生国企指数跌0.07%，报8531.51点；恒生科技指数涨 0.35%，报5426.44点。 中信证券指出，受近期个别企业的配售和对关税问题的担忧，港股自3月中旬持续调整。但该行判断这 两个因素更多为短期的情绪扰动，并不会改变港股延续反转的中长期行情。该行认为，从4月中旬起， 若海外开始交易新一轮的美联储降息预期，且国内也开始抢跑月底的政治局会议，港股有望重拾上行趋 势。 蓝筹股表现 盘面上，大型科技股涨跌互现，小米续跌超4%，快手则涨超2%。苹果AI功能拓展至更多语言和地区， 苹果概念股集体上扬；机构称险企资负两端均有改善机会，新华保险涨近5%领跑内险股；部分AI概念 股活跃，万国数据涨超5%，金山云涨超4%；新势力3月销量放榜，零跑汽车首夺新势力销冠，股价大 涨近13%创新高，吉利汽车涨超4%；重型机械、半导体、建材水泥股等飘红。另一边，有色金属、医 药股等陷入调整 ...

格隆汇4月2日｜港股三大指数早盘冲高午后曾集体转跌，继昨日止跌反弹后市场情绪未能持续升温。恒 生科技指数盘中一度大涨1.8%，最终收涨0.35%，恒生指数、国企指数基本平收。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 盘面上，大型科技股多数上涨，快手涨超2%，百度涨超1%，京东、网易、阿里巴巴小幅上涨，安徽 SU7事故持续发酵，小米股价再度大跌超4%，美团飘绿；机构指挖机销量超预期好转，重型机械股全 天表现活跃，其中，三一国际涨6.5%，中联重科(000157)涨5.5%，近期苹果AI功能拓展到中文等更多语 言，苹果概念股普遍上涨；东吴证券(601555)指资负共振驱动保险业绩高增维持行业"增持"评级，内险 股集体上涨，半导体股、中资券商股、家电股、海运股、纸业股多数上涨。 另一方面，分析称黄金价格正日益面临大幅下跌的风险，连续上涨的黄金股全天低迷，铜、铝等有色金 属 ...

港股通科技ETF（513860）紧密跟踪中证港股通科技指数（HKD）。该指数从港股通范围内选取50只市 值较大、研发投入较高且营收增速较快的科技龙头上市公司证券作为指数样本，以反映港股通内科技龙 头上市公司证券的整体表现。该ETF还配备了场外联接基金（021465）。 西部证券研报称，DeepSeek技术突破削弱美国AI垄断估值，特朗普对等关税加剧美国经济下行担忧， 带来中美预期回报率"东升西落"，全球流动性从美股外溢。从性价比看：恒生科技市盈率在全球科技中 更低，且处于自身历史低位；从增长性看：DeepSeek的出现，中国科技从"跟跑者"转向"核心竞争者"， 带来盈利能力的预期抬升。对标美股AI三阶段行情，行情中后期资金将聚焦"有业绩的上游算力和AI应 用端"，港股科技巨头EPS上修已现确定性，应用端弹性将随商业化落地释放。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 资金流向上看，Wind金融终端数据显示，港股通科技ETF（513860）近5日有3日获得资金净流入。 消息面上，据媒体报道，南向资金"扫货"1600亿港元，科技、消费巨头获"爆买"。今年 ...

制表：每经记者孙磊 4月伊始，不少新能源车企就公布了3月的销量成绩。 造车新势力方面，零跑汽车摘得当月造车新势力销冠。4月1日，零跑汽车公布的数据显示，其在3月的交付量为37095辆，同比增长超154%。其中，旗舰车 型零跑C16还迎来了累计超5.5万辆的交付。 | | | 2025年3月部分新势力交付情 | | | --- | --- | --- | --- | | 走业 | 本月交付 | 上月交付 | li | | 零跑汽车 | 37095 | 25287 | | | 理想汽车 | 36674 | 26263 | | | 小鹏汽车 | 33205 | 30453 | | | 小米汽车 | >29000 | >20000 | | | 闘来 | 15039 | 13192 | | 传统车企打造的新品牌方面，广汽埃安3月的全球销量达34082辆，同比增长4.8%，环比增长63.4%。广汽埃安方面表示，随着广汽集团三年"番禺行动"的持 续深入，将加速开启多能源战略，全面覆盖增程、插混等多种动力形式车型，保证每年都有2~3款全新的智能产品推向市场。同时，埃安L4前装量产车也将 于今年上海车展正式亮相。 4月1日，极 ...

Core Viewpoint - The rapid expansion of Leap Motor in the competitive electric vehicle market has led to significant product quality issues and a collective complaint from users, highlighting the need for better quality control and customer service [1][5]. Group 1: Product Quality Issues - Leap Motor has faced a wave of complaints regarding product defects, including issues with driving stability, lane-keeping functionality, and the automatic parking system, which has been reported as unusable in most parking spaces [2][4]. - Users have reported discrepancies in battery range, with some claiming a reduction of up to 30%, and issues with the vehicle's hardware not supporting software updates that were promised at the time of purchase [2][3]. - The company has been criticized for its handling of complaints, with responses being largely procedural and failing to address core user concerns such as system updates and free access to smart driving services [4][5]. Group 2: User Response and Company Actions - Over 100 users have participated in collective complaints, indicating a significant increase in dissatisfaction, with the number of participants growing more than fivefold since the initial complaints began [2][4]. - The company's response to the complaints has been inadequate, with a lack of substantial engagement on critical issues raised by users, leading to an escalation of the situation [4][5]. - The case of Leap Motor serves as a reminder that rapid market growth should not come at the expense of product quality and customer service, as neglecting these areas can severely damage brand reputation and user trust [5].

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 66, corresponding to a valuation of HKD 885 billion, which is 1.5x the estimated 2025 P/S ratio [4][7]. Core Views - Leap Motor achieved profitability in Q4 2024, with expectations for full-year profitability in 2025. Q4 2024 sales exceeded 120,000 units, leading to revenue of RMB 13.44 billion and a gross margin improvement of 6.6 percentage points year-on-year to 13.3% [1][4]. - The launch of the LEAP 3.5 technology architecture and the B10 model is expected to drive strong product cycles, with pre-sale orders for the B10 model reaching 31,688 units within 48 hours [2][4]. - A strategic partnership with FAW aims to enhance cost and scale advantages through joint development and component cooperation, potentially lowering production costs [3][4]. Financial Summary - The projected sales volume for Leap Motor is expected to exceed 500,000 units in 2025, with total revenue forecasted at RMB 54.94 billion, reflecting a year-on-year growth rate of 71% [4][13]. - The company anticipates a net profit margin of 0.6% in 2025, improving to 6.2% by 2027, with net profit estimates of RMB 336 million in 2025 and RMB 6.036 billion in 2027 [4][12]. - Key financial metrics include a projected revenue of RMB 32.16 billion in 2024, increasing to RMB 54.94 billion in 2025, with a gross profit of RMB 5.968 billion and a gross margin of 10.9% [6][13].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [11]. Core Insights - Leapmotor achieved a revenue of RMB 32.16 billion in 2024, a 92% year-over-year increase, and a net loss of RMB 2.82 billion, significantly narrowing from the previous year [11]. - The company reported a quarterly revenue of RMB 13.46 billion in Q4 2024, marking a 155% year-over-year increase and a net profit of RMB 80 million, turning positive ahead of schedule [11]. - The gross profit margin for the year was 8.4%, up 7.9 percentage points year-over-year, with Q4 gross profit margin reaching 13.3% [11]. - Leapmotor's strategic partnerships and international expansion efforts are accelerating, with over 400 sales service outlets established and a target of 550 by 2025 [11]. - The company launched the B10 model, featuring advanced intelligent driving technology, with pre-sale orders reaching 31,688 units within 48 hours [11]. Financial Data and Forecast - Revenue projections for the company are as follows: RMB 55.3 billion in 2025, RMB 86.5 billion in 2026, and RMB 100 billion in 2027, with net profits expected to be RMB 400 million, RMB 1.7 billion, and RMB 4.4 billion respectively [11]. - The report estimates a price-to-sales (PS) ratio of 1.1 for 2025, with a target price of HKD 59.07 based on the current market conditions [11]. - The company is expected to benefit from the expansion of the economic smart car market in the RMB 100,000-200,000 range [11].

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863.HK) [1] Core Insights - Leapmotor's Q4 2024 performance turned profitable with a net profit of 0.8 million yuan, a significant improvement from a net loss of 9.5 million yuan in Q4 2023 [7] - The company achieved a total revenue of 13.455 billion yuan in Q4 2024, reflecting a year-on-year increase of 154.9% [7] - The strong sales performance in Q4, with 121,000 vehicles sold, represents a year-on-year growth of 118.4% [7] - The gross margin for Q4 was 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's overseas expansion is progressing, with 13,726 vehicles exported and plans to establish over 550 overseas sales and service outlets by 2025 [7] - The launch of the B10 model received over 31,688 orders within 48 hours, indicating strong market demand [7] - The report projects a significant increase in net profit for 2025 and 2026, with estimates of 2.0 billion yuan and 25.4 billion yuan respectively [7] Financial Summary - Total revenue for 2023 is reported at 16.747 billion yuan, with projections of 32.164 billion yuan for 2024, representing a growth rate of 92.06% [1] - The net profit for 2024 is expected to be a loss of 2.821 billion yuan, but a profit of 204.24 million yuan is projected for 2025 [1] - The earnings per share (EPS) is forecasted to improve from a loss of 3.15 yuan in 2023 to a profit of 2.72 yuan by 2027 [1] - The company's asset-liability ratio stands at 73.25%, indicating a relatively high level of debt [6]

Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863.HK) [1] Core Insights - Leapmotor's Q4 2024 performance turned profitable with a net profit of 0.8 million yuan, a significant improvement from a loss of 9.5 billion yuan in Q4 2023 [7] - The company achieved a total revenue of 13.455 billion yuan in Q4 2024, reflecting a year-on-year increase of 154.9% [7] - The sales volume in Q4 reached 121,000 units, marking a year-on-year growth of 118.4% [7] - The gross margin for Q4 was reported at 13.3%, exceeding expectations due to scale effects and cost management [7] - Leapmotor's B10 model received over 31,688 orders within 48 hours of its launch, indicating strong market demand [7] - The company plans to expand its overseas channels to over 550 by 2025, having already established 400 sales and service points [7] Financial Projections - Total revenue is projected to grow from 32.164 billion yuan in 2024 to 101.817 billion yuan by 2027, with a compound annual growth rate (CAGR) of 49.03% [1] - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 204.24 million yuan, and further increasing to 3.630 billion yuan by 2027 [1] - The earnings per share (EPS) is forecasted to improve from -2.11 yuan in 2024 to 2.72 yuan in 2027 [1]

上 市 公 司 汽车 2025 年 03 月 16 日 零跑汽车 (09863) ——24 年业绩&B10 预售价双超预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 14 日 | | --- | --- | | 收盘价（港币） | 48.05 | | 恒生中国企业指数 | 8877.99 | | 52 周最高/最低（港币） | 50.40/18.64 | | H 股市值（亿港币） | 642.41 | | 流通 H 股（百万股） | 1,116.41 | | 汇率（人民币/港币） | 1.0834 | 一年内股价与基准指数对比走势： -25% 25% 75% 125% HSCEI 零跑汽车 资料来源：Bloomberg 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 研究支持 邵翼 A0230524120001 shaoyi@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch ...