零跑汽车：港股公司信息更新报告：研发巩固智能化优势，海外出口步入起量曲线

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The report emphasizes that the company is strengthening its advantages in smart technology through increased R&D investment and is entering a growth phase in overseas exports. Despite challenges in domestic pricing competition and external uncertainties affecting exports, the company is expected to achieve significant revenue growth in the coming years [4][5]. Financial Summary - The company's revenue forecasts for 2024-2026 have been revised down from 315.1 billion, 546.9 billion, and 713.8 billion to 281.0 billion, 431.7 billion, and 618.5 billion respectively, with year-on-year growth rates of 67.8%, 53.6%, and 43.3% [4][6]. - Non-GAAP net profit forecasts for the same period have also been adjusted from -31.68 billion, -12.91 billion, and 8.87 billion to -34.89 billion, -25.27 billion, and 5.83 billion respectively, with EPS of -2.85, -1.97, and 0.43 [4][6]. - The company’s gross margin is expected to improve, with a target of over 5% for 2024, up from 1.1% in H1 2024 to 6.8% in H2 2024 [5][6]. Market Performance - The current stock price is HKD 22.05, with a market capitalization of HKD 294.80 billion and a circulating market value of HKD 246.17 billion. The stock has seen a 3-month turnover rate of 17.19% [2][4]. - The company has set a sales target of 250,000 units for 2024, supported by strong order volumes and new model launches [5].