零跑汽车(9863.HK)：平均单车收入持续提升 一季度毛利率超预期

Group 1 - The company achieved a revenue of 10 billion yuan in Q1 2025, with a gross margin of 14.9%, marking a significant improvement in profitability [1][2] - The average revenue per vehicle increased to 114,000 yuan, reflecting a year-on-year increase of 1,000 yuan and a quarter-on-quarter increase of 800 yuan [2] - The company sold 88,000 vehicles in Q1 2025, representing a year-on-year growth of 162.1% but a quarter-on-quarter decline of 30.6% [1][2] Group 2 - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 already launched and two more B-series models planned for 2025 [3] - The domestic sales network has expanded to 756 stores, with a plan to increase coverage to 90% in cities above the county level by the end of 2025 [3] - The company has established over 500 overseas channels, with plans for local assembly in Malaysia and local manufacturing in Europe by 2026 [3][4] Group 3 - The partnership with Stellantis is expected to leverage global resources for rapid overseas expansion with low initial investment [4] - The company anticipates vehicle sales of 570,000, 890,000, and 1.21 million units for the years 2025, 2026, and 2027, respectively [4]