2024 年 03 月 27 日 公司研究 评级：增持 (首次覆盖 ) 研究所： [Table_Title] 全年毛利率转正，全球化战略即将开启第二增长 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn ——零跑汽车（ ） 年年报点评报告 09863 2023 最近一年走势 事件 : 零跑汽车2024年3月25日发布2023全年业绩公告：2023年度实现营 收167.47亿元，同比增长35.22%；实现归母净利润-42.16亿元，相比 2022年-51.09亿元的归母净利润，亏损有所收窄。 投资要点 :  2023Q4营收、毛利率同比大幅提升，营收环比略有下降。 1）2023Q4， 公司实现营收52.78亿元，同/环比为+75.04%/-6.67%；实现归母净利润 相对恒生指数表现 2024/03/26 -9.54亿元，同环比亏损均有所收窄。公司2023Q4毛利率6.73%，同比 表现 1M 3M 12M +13.64pct，环比+5.54pct。公司在2023年全年毛利率为0.5%，全年毛 零跑汽车 -1.4% -28.2% -16.3% 利率转正得益于1）随C系列车型逐 ...

证券研究报告·海外公司点评·汽车(HS) 零跑汽车（09863.HK） 2023 年年报点评：毛利率表现超预期，展望 2024年 03月 27日 后续国内外需求有望共振 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孟璐 营业总收入（百万元） 12,385 16,836 38,856 74,878 97,087 执业证书：S0600122080033 同比 295.41% 35.95% 130.79% 92.71% 29.66% mengl@dwzq.com.cn 归母净利润（百万元） -5,108.89 -4,216.27 -3,411.50 748.79 2,492.04 同比 - - - - 232.81% 股价走势 EPS-最新摊薄（元/股） -3.82 -3.15 -2.55 0.56 1.86 零跑汽车 恒生指数 P/E（现价&最新摊薄） - - - 41.26 12.40 34 76 ...

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Financial Performance - Total vehicle deliveries for 2023 reached 144,155 units, an increase of 29.7% compared to 111,168 units in 2022[4] - Revenue for 2023 was RMB 16,746.7 million, representing a 35.2% increase from RMB 12,396.5 million in 2022[11] - The gross margin for 2023 was 0.5%, a significant improvement from 15.4% in 2022[7] - The net loss for 2023 was RMB 4,216.3 million, reduced from RMB 5,108.9 million in 2022[7] - Operating cash flow for 2023 was RMB 1,081.6 million, a turnaround from a cash outflow of RMB 2,399.8 million in 2022[7] - Gross profit turned positive at RMB 80.5 million in 2023, compared to a gross loss of RMB 1,911.3 million in 2022, with a gross margin improvement from (15.4%) in 2022 to 0.5% in 2023[30] - Operating loss decreased to RMB 4,377.4 million in 2023 from RMB 5,226.8 million in 2022, primarily due to improved business performance and increased revenue[35] - The total net loss for the year ended December 31, 2023, was RMB (4,216,274) thousand, compared to RMB (5,108,886) thousand in 2022, indicating a decrease of about 17%[54] - The adjusted net loss for the year ended December 31, 2023, was RMB (3,518,483) thousand, an improvement from RMB (4,565,509) thousand in 2022, representing a reduction of approximately 23%[54] Vehicle Deliveries and Models - The C11 model delivered 80,708 units in 2023, an increase of 81.9% from 44,371 units in 2022[5] - The C01 model saw deliveries of 24,993 units, a remarkable increase of 419.1% from 4,815 units in 2022[5] - The company has launched four pure electric vehicle models, including the T03, C11, C01, and C10, as part of its dual-power strategy initiated in 2023[125] Strategic Partnerships and Expansion - The company plans to launch its brand of electric vehicles in Europe in 2024 as part of a global strategy with Stellantis[9] - The company has established a partnership with Stellantis to create a joint venture named "Leapmotor International" for overseas sales[9] - The company established a global strategic partnership with Stellantis on October 26, 2023, involving the issuance of 194,260,030 H-shares, representing 14.53% of the company's expanded share capital[18] Research and Development - Research and development expenses increased by 36.1% to RMB 1,919.8 million in 2023 from RMB 1,410.6 million in 2022, due to increased investment in R&D activities and a rise in the number of R&D personnel[34] - The company upgraded its technology architecture from LEAP1.0 to LEAP3.0, set to be officially released on January 10, 2024, featuring industry-first technologies[21] - The company completed six OTA upgrades in 2023, enhancing user experience with over 100 new features[20] Cash Flow and Financial Position - As of December 31, 2023, cash and cash equivalents totaled RMB 19,388.1 million, a 98.2% increase from RMB 9,781.9 million at the end of 2022[40] - Free cash flow improved significantly to RMB (322.7) million in 2023 from RMB (3,817.9) million in 2022, an increase of RMB 3,495.2 million[41] - Total borrowings increased to RMB 2,473.0 million as of December 31, 2023, from RMB 1,791.8 million at the end of 2022[43] - The company reported a net cash inflow from operating activities of RMB 1,081,571 thousand, a turnaround from a cash outflow of RMB 2,399,765 thousand in 2022[75] Employee and Operational Metrics - The company had 9,314 full-time employees as of December 31, 2023, with 48.72% in manufacturing, 31.45% in R&D, and 13.68% in sales and marketing[57] - Employee welfare expenses for the reporting period amounted to approximately RMB 3,478.6 million[57] - The company has adopted a competitive compensation package and a vibrant work environment to encourage employee initiative[58] Market and Sales Performance - Sales revenue from electric vehicles and components was RMB 16,732.8 million in 2023, up 35.2% from RMB 12,378.0 million in 2022, with the number of delivered electric vehicles increasing from 111,168 in 2022 to 144,155 in 2023[28] - The company exported RMB 104,001,000 worth of electric vehicles and components outside mainland China in 2023, up from RMB 81,165,000 in 2022, an increase of 28.0%[91] - The company’s total revenue from mainland China was RMB 16,642,688,000 in 2023, up from RMB 12,303,465,000 in 2022, representing a growth of 35.5%[91] Expenses and Liabilities - The total expenses for the year ended December 31, 2023, amounted to RMB 21,238,714,000, an increase of 20.4% from RMB 17,662,277,000 in 2022[97] - The cost of raw materials and consumables used was RMB 15,285,027,000, up from RMB 13,736,948,000 in 2022, reflecting an increase of 11.3%[97] - Trade payables for materials amounted to RMB 5,057,648,000 in 2023, a significant increase from RMB 2,345,688,000 in 2022, reflecting a growth of 115.0%[120] Future Outlook - The company plans to hold an earnings conference call on March 25, 2024, to discuss its annual performance for the year ending December 31, 2023[124] - The company is focused on maximizing user value and providing exceptional experiences through continuous technological innovation[125] - The company is committed to developing core components for new energy vehicles and providing cloud-based IoT solutions[125]

2月5日，据界面新闻报道，加入零跑汽车7个月后，零跑汽车董事长助理曾林堂在去年年底离开零跑。零跑汽车对相关媒体回应，上述情况属实。 曾林堂于2023年5月加入零跑汽车，担任零跑汽车创始人、董事长兼CEO朱江明的助理，实际是顾问一职。曾林堂担任顾问期间，给予零跑汽车方面很多专业建议，零跑汽车方面也对其给予了很高的评价。 图源：零跑汽车官网 公开资料显示，曾林堂1980年毕业后加入福特，在加拿大Bennett-Dunlop 福特销售公司工作十四年，位至总经理；1994年，加入皇冠汽车有限公司（丰田、LEXUS雷克萨斯在中国香港的经销商）作为销售部总经理；2003年，加入丰田汽车(中国)有限公司成为LEXUS雷克萨斯部董事；2011年4月，从丰田汽车中国投资有限公司离职。 今年1月，零跑汽车发布声明称，吴保军劳动合同已于2024年1月8日到期终止，经董事会决议，公司不再续聘。吴保军近一年来主要负责战略发展和公共事务相关工作，经公司决议后续由副总裁李腾飞负责相关业务。 图源：零跑官微 次日，吴保军在其个人社交平台上发文回应离职，离职前系零跑汽车联合创始人、总裁。吴保军表示：“很遗憾，我不得不离开一手参与创办的零跑 ...

[0 -> 17] 會議主持人國慶證券汽車分析師于小飛歡迎大家來參加林考汽車2023年第三季度業績電話會恭喜本次會議的管理團代表是 [31 -> 58] 我們將在會議最後設有提問環節首先請會議助理播報一下提問方式大家好如需提問電話端的參會者請先按話機上的信號鍵再按數字1網絡端的參會者您可以在直播間互動區域內文字提問或點擊旁邊的舉手按鈕申請語音提問謝謝 [59 -> 76] 大家好如需提問電話端的參會者請先按話機上的星號鍵再按數字1網絡端的參會者您可以在直播間互動區域內文字提問或點擊旁邊的舉手按鈕申請語音提問謝謝 [78 -> 101] 我們將首先宣讀免責聲明本次領跑汽車2023年第三季度業績電話會中的內容可能包含部分前瞻性陳述具體而言包括但不限於有關公司未來財務狀況策略目標指標以及公司所參與或將參與的未來市場發展狀況的陳述 [101 -> 116] 這些前瞻性陳述是基於公司現有和未來的業務發展策略以及公司對於未來營商環境的假設而做出的其中不可避免會涉及到一些已知或未知的風險以及一些不確定性因素 [116 -> 133] 這些公司無法預知和控制的因素可能會導致公司的實際業績表現與公司所在行業的業績表現與前瞻性陳 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙 江 零 跑 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 9863 （股份代號： ） 2023 有 關 年 第 三 季 度 未 經 審 核 財 務 業 績 的 公 告 本公告為浙江零跑科技股份有限公司（「本公司」或「零跑汽車」，連同其附屬公 司統稱為「本集團」）董事會（「董事會」）自願作出。本公司欣然公佈本集團截至 2023 9 30 2023 年 月 日止三個月（「 年第三季度」）的未經審核財務業績。 2023 年第三季度的主要摘要 5,655.5 季度總收益達人民幣 百萬元 44,325 季度交付量達 輛 2023 年第三季度的營運摘要 (cid:129) 2023 44,325 2022 35,608 年第三季度的汽車總交付量為 輛，較 年同期的 輛增加 24.5% ...

Financial Performance - Revenue for the first half of 2023 reached RMB 5,813.1 million, an increase of 14.4% compared to RMB 5,081.5 million in the same period of 2022[4] - The gross loss for the first half of 2023 was RMB (341.8) million, a significant improvement from RMB (1,318.8) million, representing a 74.1% reduction[4] - The operating loss for the first half of 2023 was RMB (2,333.6) million, a slight improvement from RMB (2,493.5) million, reflecting a 6.4% reduction[4] - The net loss for the six months ended June 30, 2023, was RMB 2,276.1 million, compared to RMB 2,444.0 million for the same period in 2022, representing a decrease of 6.9%[14] - The adjusted net loss (non-IFRS) for the same period was RMB 1,936.5 million, down from RMB 2,322.9 million in 2022, indicating a 16.6% improvement[17] - Basic and diluted loss per share for the six months ended June 30, 2023, was RMB 1.99, compared to RMB 2.42 for the same period in 2022, reflecting a reduction of 17.7%[14] Vehicle Deliveries and Production - The company delivered a total of 44,502 new energy vehicles in the first half of 2023, with the C11 and C01 models accounting for 80% of deliveries[5] - C11 range-extended model was launched on March 1, 2023, contributing to a total of 33,993 vehicles delivered in the second quarter of 2023[5] - In July 2023, the company delivered a record 14,335 new energy vehicles, with the C series accounting for over 12,000 units, representing approximately 85% of total deliveries[8] - As of June 20, 2023, the cumulative delivery of new energy vehicles reached 200,000 units[5] Research and Development - The company's R&D expenses for the six months ended June 30, 2023, were RMB 823.2 million, a 56.4% increase from RMB 526.4 million for the same period in 2022, driven by new vehicle and component development[12] - The company introduced the "Clover" central integrated electronic and electrical architecture, which features a high degree of generalization and aims to reduce the number of controllers and wiring harness length[9] - The company plans to launch the C01 extended-range model in the second half of the year and unveil its first global vehicle at the Munich Auto Show[9] Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2023, amounted to RMB 10,178.3 million, an increase of 4.1% from RMB 9,781.9 million as of December 31, 2022[14] - The free cash flow for the six months ended June 30, 2023, was RMB (448.6) million, an improvement of 66.4% from RMB (1,333.8) million for the same period in 2022[14] - The company’s cash flow from operating activities improved significantly due to government subsidies for new energy vehicles and improved gross margins from sales[14] - The company reported a net cash generated from operating activities of RMB 151,739 thousand, a significant improvement from a net cash outflow of RMB (581,144) thousand in the same period last year[74] Shareholder Information and Corporate Governance - The company has a total of 220,552,174 domestic shares and 922,153,885 H shares issued as of June 30, 2023[26] - The group has implemented two share incentive plans and a pre-IPO share option plan to reward and motivate key employees[23] - The board does not recommend declaring any interim dividends for the reporting period[20] - The company has not engaged in any share buybacks or securities transactions during the reporting period[21] - The company has complied with all applicable provisions of the corporate governance code during the reporting period[54] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[70] - The company continues to explore market expansion opportunities and new product development as part of its growth strategy[33] - The company plans to expand production capacity in Jinhua and Hangzhou, Zhejiang Province, as part of its growth strategy[16] Employee and Operational Insights - The group has a total of 7,514 full-time employees as of June 30, 2023, with 44.5% in manufacturing, 30.7% in R&D, and 17.1% in sales and marketing[22] - Employee benefits expenses for the six months ended June 30, 2023, totaled RMB 1,254,024,000, up from RMB 811,792,000 in the same period of 2022, representing a rise of approximately 54%[87] - The company provides competitive compensation and a vibrant work environment, participating in various government-mandated employee benefit plans[23] Risks and Liabilities - The group faces cash flow interest rate risk from floating rate borrowings and fair value interest rate risk from fixed rate borrowings, with no hedging instruments in place[19] - The company reported a total of RMB 1,800,799 thousand in RMB financing as of June 30, 2023, up from RMB 895,830 thousand as of December 31, 2022, representing a 100.5% increase[138] - The company reported a significant increase in share-based payment expenses, totaling RMB 339.64 million for the six months ended June 30, 2023, compared to RMB 121.07 million for the same period in 2022, representing an increase of 180%[128] Environmental, Social, and Governance (ESG) - The company emphasizes sustainable development and has integrated ESG principles into its daily operations, releasing its 2022 ESG report on April 17, 2023[7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙 江 零 跑 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 9863 （股份代號： ） 2023 6 30 截 至 年 月 日 止 六 個 月 的 中 期 業 績 公 告 浙江零跑科技股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然公佈本集團截至2023年6月30日止六個月（「報告期」）的未 經審計中期合併業績，連同2022年同期比較數字。該等中期業績根據國際會計 準則第34號「中期財務報告」編製，並經董事會審核委員會（「審核委員會」）及本 集團獨立核數師審閱。 ...

Financial Performance - Total revenue for Q1 2023 reached RMB 1,442.5 million, a decrease of 28% compared to RMB 1,991.8 million in Q1 2022 and a 52% decrease from RMB 3,015.3 million in Q4 2022[5] - Total vehicle deliveries in Q1 2023 were 10,509 units, a decline of 51.3% from 21,579 units in the same period of 2022[2] - The gross margin for Q1 2023 was (7.8)%, an improvement from (26.6)% in Q1 2022, but a slight decrease from (6.9)% in Q4 2022[3] - The net loss attributable to equity holders for Q1 2023 was RMB 1,133.0 million, compared to RMB 1,042.2 million in Q1 2022 and RMB 1,325.0 million in Q4 2022[3] - The operating loss for Q1 2023 was RMB 1,159.6 million, compared to RMB 1,072.0 million in Q1 2022 and RMB 1,371.9 million in Q4 2022[8] - The loss attributable to equity holders for Q1 2023 was RMB 1,133.0 million, up from RMB 1,042.2 million in Q1 2022 and RMB 1,325.0 million in Q4 2022[8] - Free cash flow for Q1 2023 was RMB (2,951.4) million, compared to RMB (823.4) million in Q1 2022 and RMB (1,977.0) million in Q4 2022[8] Expenses - R&D expenses for Q1 2023 were RMB 412.4 million, a 70% increase from RMB 242.5 million in Q1 2022[7] - Sales expenses for Q1 2023 were RMB 393.2 million, a 142% increase from RMB 162.4 million in Q1 2022[7] - Cash used in operating activities for Q1 2023 was RMB 2,610.7 million, significantly higher than RMB 385.2 million in Q1 2022[3] - Net cash used in operating activities for Q1 2023 was RMB 2,610.7 million, significantly higher than RMB 385.2 million in Q1 2022 and RMB 1,649.6 million in Q4 2022[8] Product Development - The C11 extended-range SUV was launched in March 2023, priced between RMB 149,800 and RMB 185,800, featuring advanced driver assistance capabilities[5] - The company has launched the extended-range SUV C11, which features an ultra-long pure electric range, and plans to introduce more electric and extended-range models in the coming years[12] - The company aims to optimize the order structure for C-platform models, which now account for over 80% of total orders[5] Corporate Structure and Governance - The company has formed a joint venture with Faurecia (China) Investment Co., Ltd., with the company holding a 49% stake[10] - The board of directors includes executive directors and independent non-executive directors, indicating a diverse governance structure[13] Employee Diversity - The gender diversity ratio among employees is 81.5% male and 18.5% female as of December 31, 2022[9] Cautionary Statements - The company emphasizes that all forward-looking statements are based on current and future business strategies and assumptions about the business environment[13] - The company warns shareholders and potential investors to act cautiously when trading its shares, highlighting the importance of informed decision-making[13] Sales Network Expansion - The company expanded its sales network to 592 stores covering 180 cities as of March 31, 2023[2]