零跑汽车(09863.HK)：中报业绩优异 规模效应持续释放 未来可期

Core Insights - Leap Motor reported a significant increase in revenue and profitability for the first half of 2025, achieving operating income of 24.25 billion yuan, a year-on-year increase of 174.0% [1] - The company turned profitable with a net profit attributable to shareholders of 30 million yuan and an adjusted net profit of 330 million yuan, both showing a turnaround from losses [1] Revenue Growth - In Q2 2025, the company achieved operating income of 14.23 billion yuan, reflecting a year-on-year increase of 165.5% and a quarter-on-quarter increase of 42.0% [1] - The growth in revenue is attributed to new vehicle launches and strategic partnerships, as well as increased income from carbon credit trading [1] - Total vehicle sales reached 134,000 units in Q2 2025, marking a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2% [1] Profitability and Cost Management - The gross margin for Q2 2025 was 13.6%, an increase of 10.8 percentage points year-on-year, although it decreased by 1.3 percentage points quarter-on-quarter [2] - The company optimized its expense ratios, with sales, management, and R&D expense ratios at 5.6%, 2.9%, and 7.7% respectively, all showing year-on-year declines [2] - The improvement in gross margin is primarily due to ongoing cost management efforts and the scale effect from increased sales [2] Global Expansion - Leap Motor exported 20,000 units in the first half of 2025, ranking first among new car manufacturers in terms of exports [2] - The first batch of B10 vehicles was shipped to Europe in July 2025, with plans for a formal launch at the Munich Auto Show in September [2] - The company’s Malaysian factory completed the assembly of its first C10-OTS vehicle in August, with further plans to introduce other models in Europe [2] Investment Outlook - The company is projected to achieve operating revenues of 64.67 billion yuan, 103.79 billion yuan, and 129.74 billion yuan for 2025, 2026, and 2027 respectively [2] - The current market capitalization to sales (PS) ratios are estimated at 1.4, 0.9, and 0.7 times for the respective years [2] - A target price of 77.4 yuan has been set for 2025, equivalent to 84.5 Hong Kong dollars based on the current exchange rate [2]