零跑汽车(09863.HK)：业绩符合预期 经营有望持续强势

Core Viewpoint - The performance of Leap Motor in H1 2025 is in line with expectations, showing significant growth in sales and revenue, while also achieving profitability for the first half of the year [1][2] Financial Performance - In Q2 2025, Leap Motor sold 134,000 new vehicles, representing a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2% [1] - Total revenue for Q2 2025 reached 14.23 billion yuan, with year-on-year growth of 165.5% and quarter-on-quarter growth of 42% [1] - The average selling price (ASP) per vehicle in Q2 2025 was 106,000 yuan, showing a year-on-year increase of 10.6% but a quarter-on-quarter decrease of 7.3% [1] - For H1 2025, total vehicle sales reached 222,000 units, a year-on-year increase of 155.7%, with total revenue of 24.25 billion yuan, up 174.2% year-on-year [1] - The gross margin for Q2 2025 was 13.6%, with a year-on-year increase of 10.8 percentage points but a quarter-on-quarter decrease of 1.3 percentage points [1] - The net profit attributable to shareholders in Q2 2025 was 160 million yuan, marking a return to profitability compared to the previous quarter [1] Operational Analysis and Outlook - The company is expected to maintain strong performance throughout the year, driven by the momentum from new model launches and year-end sales push [2] - The years 2025-2026 are anticipated to be significant for new vehicle launches, with a high probability of successful products due to strong in-house development capabilities [2] - Additional revenue streams from carbon emission credits, partnerships, and component sales are expected to contribute to profit growth in 2025-2026 [2] Profit Forecast, Valuation, and Rating - The company maintains sales forecasts of 577,000, 802,000, and 1,023,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of 66.17 billion, 97.79 billion, and 116.87 billion yuan [2] - Projected net profits for the same years are 920 million, 4.55 billion, and 7.2 billion yuan, with price-to-earnings ratios of 99.2, 20.0, and 12.7 times [2] - The company’s performance is in line with expectations, and there is a high certainty of marginal improvement in H2 2025, leading to a maintained "buy" rating [2]