国海证券：维持零跑汽车“增持”评级 管理层增持彰显发展信心

Group 1 - The core viewpoint of the report is that Guohai Securities is optimistic about Leap Motor's future development and maintains a "Buy" rating [1] - The company is expected to achieve a revenue of 641.9 billion, 1002.6 billion, and 1281.3 billion yuan from 2025 to 2027, with year-on-year growth rates of 100%, 56%, and 28% respectively [1] - The projected net profit attributable to shareholders is 9.4 billion, 44.2 billion, and 64.1 billion yuan for the same period, indicating a turnaround and growth rates of +371% and +45% [1] Group 2 - Leap Motor's flagship D platform and D19 model were unveiled on October 16, indicating a significant product development milestone [1] - On October 20, the company announced that major shareholders, including Chairman and CEO Zhu Jiangming, purchased a total of 3.2435 million H-shares at an average price of approximately 63.19 HKD per share, reflecting strong confidence in the company's future [1] - The management's share purchase is seen as a positive signal for the company's long-term development prospects [1]