中信里昂：上调零跑汽车目标价至80港元 重申“跑赢大市”评级

Core Viewpoint - CITIC Securities has raised the target price for Leap Motor (09863) by 11.1%, from HKD 72 to HKD 80, while maintaining an "Outperform" rating [1] Group 1: Financial Performance - Leap Motor is expected to achieve a profit of approximately RMB 33 million in the first half of 2025, surpassing the previously anticipated breakeven point [1] - The sales target for the year has been increased from 500,000-600,000 units to 580,000-650,000 units, primarily due to strong new car orders in August [1] Group 2: Sales Forecast - CITIC Securities anticipates that with the launch of more new models, Leap Motor's total sales will reach 900,000-1,000,000 units by 2026, with a profit margin expected to be between 2% and 3% (RMB 2,000-3,000 per vehicle) [1] - The sales forecasts for 2025 and 2026 have been revised upward to 608,700 and 946,000 units, respectively [1]