中金：零跑汽车首季表现亮丽 目标价大升46%至80港元

Group 1 - The core viewpoint of the article highlights that Leap Motor (09863.HK) has shown impressive performance in the first quarter, with revenue increasing by 187% due to a 162% rise in sales and product mix optimization [1] - The gross margin exceeded market expectations, driven by enhanced economies of scale and strong profitability from external strategic partnerships [1] - The net profit for the period met market expectations, indicating stable financial performance [1] Group 2 - The company is expected to achieve record sales of over 130,000 units in the second quarter [1] - Leap Motor expanded its overseas presence, adding over 100 stores in the first quarter, bringing the total to over 500 [1] - Exports reached approximately 1.36 million units in the first four months of the year, reflecting growing international demand [1] Group 3 - The research report has raised revenue forecasts for 2025 and 2026 by 7.4% and 5.7% respectively, and net profit forecasts by 8.6% and 52.8% [1] - The target price for Leap Motor has been increased by 46% to HKD 80, considering the upward valuation due to advancements in smart driving and the positive vehicle cycle [1] - The company maintains an outperform rating in the industry, indicating confidence in its growth trajectory [1]