小摩：上调零跑汽车(09863)目标价至95港元 维持“增持”评级

Core Viewpoint - Morgan Stanley has raised the target price for Leap Motor (09863) to HKD 95 by mid-2026, maintaining an "Overweight" rating, indicating strong future performance expectations for the company [1] Group 1: Company Performance - Leap Motor's earnings for Q2 2025 were double the previous expectations, showcasing stronger-than-anticipated financial performance [1] - Year-to-date, Leap Motor's stock price has increased by 109%, significantly outperforming the MSCI China Automotive Index, which rose by 20% [1] Group 2: Future Projections - Morgan Stanley has increased its sales forecasts for Leap Motor by 29% for 2025 and by 3% for 2026, projecting an 85% year-on-year sales growth for 2026 [1] - The target price adjustment reflects confidence in Leap Motor's continued stock price appreciation [1] Group 3: Other Potential Stocks - Morgan Stanley also identifies GAC Group (02238) and Zhongsheng Holdings (00881) as potential strong performers in 2026 [1]