Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863 HK) [3] Core Views - Leapmotor has significantly improved profitability and increased R&D investment in new models The company achieved positive gross margin for the first time in Q3 2023 at 1 2% and reached 6 7% in Q4 2023 [2] - The company has optimized its product matrix with a dual powertrain strategy (BEV+EREV) and plans to launch 7 new models by 2026 including B-series and D-series vehicles [2] - Leapmotor's global expansion strategy with Stellantis is expected to drive overseas growth with plans to enter European Middle Eastern and African markets starting September 2024 [2][4] Financial Performance - In H1 2024 Leapmotor achieved revenue of 8 845 billion yuan a 52% YoY increase with a net loss of 2 212 billion yuan mainly due to increased R&D expenses for new models and smart driving technology [2] - The company's gross margin improved to 1 13% in H1 2024 compared to negative margins in previous years [2] - Revenue is projected to grow significantly from 31 796 billion yuan in 2024 to 75 573 billion yuan in 2026 with gross margins expected to reach 13% by 2026 [4][7] Product Strategy - Leapmotor currently offers 5 models priced between 100 000-200 000 yuan with C-series models accounting for 72% of deliveries in H1 2024 [2][18] - The company plans to launch 3 B-series models priced at 100 000-150 000 yuan by 2025 and 3 D-series models around 200 000 yuan by 2026 [2][16] - Leapmotor's C16 model a 6-seat SUV priced under 200 000 yuan achieved over 10 000 orders in its first month of launch [59] Technology and R&D - Leapmotor has developed six core technology platforms including vehicle architecture electronic electrical architecture intelligent powertrain intelligent battery intelligent cockpit and intelligent driving [25] - The company's self-developed CTC 2 0 battery technology achieves a volume utilization rate of 79% and reduces weight by 15% compared to traditional designs [32] - Leapmotor's Leapmotor OS 3 0 intelligent cockpit system is powered by the Qualcomm Snapdragon 8295 chip offering 30TOPS of AI computing power [40] Overseas Expansion - Leapmotor International a joint venture with Stellantis plans to launch C10 and T03 models in 9 European countries starting September 2024 [60] - The company aims to establish 200 sales outlets by the end of 2024 and expand to 500 outlets by 2026 [61] - Overseas sales are projected to grow from 10 000 units in 2024 to 120 000 units in 2026 [7] Market Position - Leapmotor is positioned as a technology-driven new energy vehicle manufacturer with full-stack self-research capabilities [4] - The company's "China market + overseas market + Tier 1" strategy aims to expand from vehicle manufacturing to component supply leveraging its cost advantages and technological capabilities [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The launch of the C10 and T03 models in Europe marks a significant step in the company's international expansion strategy, supported by Stellantis [4] - The company plans to leverage Stellantis' distribution channels to increase its sales points to 350 by Q4 2024, with over 200 in Europe [4] - The C10 and T03 models are equipped with leading electric technology, offering high performance, efficiency, safety, and range [4] Financial Summary - The closing price as of September 25, 2024, is HKD 26.00, with a circulating share capital of 1.116 billion shares [2] - The projected revenue for 2024 is CNY 29.906 billion, with a growth rate of 78.58% [6] - The company expects to achieve a net profit of CNY 1.023 billion by 2026, with a corresponding PE ratio of 30.76 [5][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company has officially launched its T03 and C10 models in Europe, with sales starting in 13 countries. The T03 has a starting price of €19,000, while the C10 starts at €36,000, with both prices meeting expectations [5][6]. - The T03 model features a 37.3 kWh battery with a WLTP range of 265 km, and it is equipped with enhanced intelligent driving capabilities compared to its domestic version. The C10 model offers a 69.9 kWh battery with a WLTP range of 420 km, and its pricing is competitive against rivals [5][6]. - The company is expected to expand its international sales channels to 350 by Q4 2024, with over 200 channels in Europe, indicating a strong growth strategy [5]. Summary by Sections Event Description - On September 24, the company launched the T03 and C10 in Europe, with sales commencing in 13 countries including France, Germany, and the UK. The T03 is priced at €19,000 and the C10 at €36,000, with expectations for order taking to begin in October [5]. T03 Model Analysis - The T03 European version has a competitive price and superior range compared to competitors. It features a 37.3 kWh battery, a WLTP range of 265 km, and enhanced intelligent driving capabilities with additional sensors [5][6]. C10 Model Analysis - The C10 is available only in electric version with a starting price of €36,400. It has a WLTP range of 420 km and is priced lower than competitors like the Volkswagen ID.4. The model maintains similar dimensions and intelligent features as its domestic counterpart [6]. Domestic and International Growth - The company is experiencing a strong new car cycle domestically, which is expected to drive sales growth. The partnership with Stellantis allows for a low-investment, rapid expansion strategy in international markets, with projected sales of 250,000, 410,000, and 510,000 units from 2024 to 2026 [6].

零跑汽车(09863) 公司研究/公司深度 深耕高性价比市场，合作 Stellantis 打开海外空间 ——首次覆盖报告 证 券 研 究 报 告 公 司 研 究 公 司 深 度 ◼ 核心观点 产品矩阵竞争力强，盈利能力不断改善 零跑汽车由朱江明、傅利泉先生于 2015 年发起创立，是一家具备全域 自研能力的智能电动车企业。目前零跑汽车共有 5 款车型在售，C 级 六座 SUV C16、B 级 SUV C11、B 级 SUV C10、C 级轿车 C01、微型 车 T03，主要集中在 10-20 万元之间的高性价比市场，单月销量已于 2024 年 6 月突破 2 万辆。 研发实力雄厚，掌握电子电气架构及智能化核心技术 2023 年，零跑汽车发布了四叶草中央集成式的电子电气架构，实现了 座舱域、智驾域、动力域、车身域四域合一。多系统软件深度融合， 实现更强交互及用户体验。零跑智能座舱 3.0 打造的全新交互系统 Leapmotor OS 拥有沉浸式交互、智能化桌面、操作更简单三大优势。 零跑智能驾驶 3.0 时代搭载 11 个摄像头、5 个毫米波雷达和 1 个激光 雷达，使用高精地图，实现 NAC 及 NAP 等高 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车 8 月销量点评：月交付突破 3 万辆创 历史新高，海外销售蓄势待发 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 零跑汽车 8 月交付突破 3 万辆创历史新高，同比增长超 113% ，环比增长超 37% ，其中 C16 交 | | | 付超 8000 辆。展望未来，公司国内新车周期带来销量持续增长，海外与 Stellantis 合作实现轻 资产出海，打开全球销量空间。 | | | | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 零 ...

Investment Rating and Target Price - The report initiates coverage on Leapmotor (9863 HK) with a "Buy" rating and a target price of HKD 31.24, based on a 0.67x PS multiple for 2025, in line with peers like Li Auto, NIO, and XPeng [1][4] Core Investment Thesis - Leapmotor's core competitiveness lies in its in-house developed LEAP platform, which covers approximately 60% of vehicle costs through self-developed and self-manufactured core components [1][2] - The company is expanding its product matrix with both pure electric and range-extended models, targeting the mainstream 10-20 million RMB price segment [1][2] - Leapmotor's international expansion, accelerated by the strategic investment from Stellantis and the establishment of Leapmotor International, is expected to significantly enhance its growth potential [1][2] Financial Projections - Leapmotor's total vehicle sales are projected to grow from 266,000 units in 2024 to 694,000 units in 2026, representing year-over-year growth rates of 85%, 82%, and 43% respectively [1] - Revenue is expected to increase from RMB 31.9 billion in 2024 to RMB 79.5 billion in 2026, with year-over-year growth rates of 90%, 79%, and 39% respectively [1][3] Product Strategy and Market Positioning - Leapmotor focuses on the 10-20 million RMB mainstream market, with a product matrix that includes five mass-produced models: T03, C11, C01, C10, and C16 [2] - The company has introduced a dual powertrain strategy with both pure electric and range-extended models, enhancing its product offerings [2] - Leapmotor plans to launch multiple new models annually from 2025 to 2027 to maintain its cost advantage and expand its platform capabilities [2] Technological Advancements - The LEAP 3.0 platform features significant advancements in electronic architecture, battery CTC technology, and intelligent driving systems, contributing to cost reduction and improved performance [2] - The "Four-Leaf Clover" electronic architecture integrates four domains with two chips, achieving efficient coordination and cost savings [2] - Leapmotor's self-developed battery and electric drive systems have entered mass production, with some components already being supplied to external customers [2] International Expansion - Leapmotor International, a joint venture with Stellantis, adopts a light-asset model for overseas expansion, leveraging existing production and channel resources [2] - The company plans to start deliveries in Europe in Q3 2024 and expand to India, Asia-Pacific, the Middle East, Africa, and South America within the same year [2] - Leapmotor is also exploring technology licensing opportunities with Stellantis, potentially opening a new revenue stream through technology exports [2] Financial Performance and Profitability - Leapmotor's revenue grew by 35% year-over-year in 2023, reaching RMB 16.7 billion, with a narrowing net loss of RMB 4.2 billion [21] - The company achieved positive gross margin for the first time in 2023, with a full-year gross margin of 0.48%, and is expected to reach 8-10% when dealer rebates are included [22] - In H1 2024, Leapmotor's gross margin improved to 1.13%, with Q2 gross margin reaching 2.76%, driven by new model launches and increased sales [23] Market and Competitive Landscape - Leapmotor operates in the 10-20 million RMB price segment, where there is significant room for新能源 penetration, with a current新能源 penetration rate of 29.7% in this segment [28] - The company faces competition from other new energy vehicle manufacturers, but its focus on cost efficiency and technological innovation positions it well in the market [28] - Leapmotor's sales network has expanded to over 180 cities, with a mix of direct and authorized dealerships, supporting its market penetration efforts [38]

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 30, corresponding to a market capitalization of HKD 406 billion and a P/S ratio of 1.3x for 2024 estimates [4][2]. Core Insights - Leap Motor's Q2 performance showed strong sales growth, with 53,286 vehicles sold, representing a 57% year-on-year increase. Revenue reached RMB 5.4 billion, up 23% year-on-year. The gross margin improved to 2.8%, marking a turnaround from losses, with a reduction in net loss margin to 22% [1][2]. - The company is set to expand its international sales, having established "Leap International" with Stellantis, and plans to begin sales in Europe in September, with expectations of selling around 6,000 vehicles overseas in Q4 [2][1]. - The report forecasts that Leap Motor will achieve over 250,000 vehicle deliveries in 2024, with total revenues projected to reach RMB 27.9 billion [2][3]. Financial Performance Summary - **Revenue Growth**: Leap Motor's revenue is expected to grow significantly from RMB 12.4 billion in 2022 to RMB 79.0 billion by 2026, with year-on-year growth rates of 295% in 2022, 35% in 2023, and 67% in 2024 [3][11]. - **Net Profit**: The company is projected to reduce its net losses from RMB 5.1 billion in 2022 to a profit of RMB 874 million by 2026, with net profit margins improving from -41.3% in 2022 to 1.1% in 2026 [3][11]. - **Gross Margin**: The gross margin is expected to improve from -15.4% in 2022 to 11% by 2026, indicating a positive trend in profitability as sales volume increases [8][11]. Sales and Production Outlook - Leap Motor's total vehicle sales are projected to increase from 111,168 units in 2022 to 740,918 units by 2026, with significant contributions from new models and international markets [11][12]. - The company aims to enhance its domestic sales network, expanding to 474 stores across 187 cities by mid-2023, with plans for further expansion to support sales growth [1][2].

证券研究报告·海外公司点评·汽车(HS) 零跑汽车（09863.HK） 2024 年二季报点评：业绩整体符合预期，加 码智能化 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|--------|--------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 12385 | 16747 | 28278 | 60467 | 83838 | | 同比(%) | 295.41 | 35.23 | 68.85 | 113.83 | 38.65 | | 归母净利润（百万元） | (5109) | (4216) | (4228) | (1131) | 1633 | | 同比(%) | - | - | - | - | - | | EPS-最新摊薄（元/股） | (3.82) | (3.15) | (3.16) | (0.85) ...

毛利率改善显著，看好 24H2 盈利能力提升&出海兑现 零跑汽车(9863.HK)/汽车 证券研究报告/公司点评 2024 年 8 月 19 日 [Table_Industry] [Table_Title] 评级：买入（维持） [Table_Finance1] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |------------------------------|------------------------------|---------------|--------------|--------------|------------|-------------| | 市场价格：22.05 港元 | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：何俊艺 | 营业收入（百万元） | 12,385 | 16,747 | 32,539 | 64,610 | 88,200 | | 执业证书编号：S0740523020004 | 增长率 yoy% 净利润（百万元） | 295.4% -5,10 ...

汽车/乘用车 研发巩固智能化优势，海外出口步入起量曲线 零跑汽车（09863.HK） 2024 年 08 月 18 日 投资评级：买入（维持） ——港股公司信息更新报告 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/16 | | 当前股价(港元) | 22.050 | | 一年最高最低(港元) | 43.250/19.600 | | 总市值(亿港元) | 294.80 | | 流通市值(亿港元) | 246.17 | | 总股本(亿股) | 13.37 | | 流通港股(亿股) | 11.16 | | 近 3 个月换手率(%) | 17.19 | 股价走势图 零跑汽车 恒生指数 -60% -40% -20% 0% 20% 40% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 相关研究报告 《国内新车周期启动，海外业务前景 可 期 — 港 股 公 司 信 息 更 新 报 告 》 -2024.5.20 《全域自研驱动技术降本，汽车出口 盈利前景可期—港股公司首次覆盖报 告》-2024.4.18 ...