零跑汽车：三季度毛利率大幅改善

Investment Rating - The report maintains a "Buy" rating for Leap Motor (9863.HK) and raises the target price to HKD 43.2, indicating a potential upside of 27% [1][5]. Core Insights - Leap Motor's Q3 automotive sales saw significant growth, with a notable improvement in gross margin. The company anticipates reaching a sales target of 500,000 new energy vehicles next year, driven by new models and overseas sales growth [1][2]. - The current price-to-sales ratio for Leap Motor is 0.9x, which is considered attractive compared to other comparable new energy vehicle manufacturers [1][3]. Summary by Sections Financial Performance - In Q3, Leap Motor achieved revenue of RMB 9.86 billion, a year-on-year increase of 74% and a quarter-on-quarter increase of 84%. The gross margin for Q3 was 8.1%, up 6.9 percentage points year-on-year and 5.3 percentage points quarter-on-quarter [2][8]. - The company expects continued improvement in gross margin in Q4, potentially exceeding the annual target of 5% [2][3]. Sales and Production Outlook - Leap Motor's sales target for next year is set at 500,000 units, with a gross margin target of 10%. The average selling price of vehicles is expected to improve due to increased sales of the C16 model [3][9]. - The company plans to launch three new B-series models next year, with the B10 expected to start deliveries in April [3][4]. Valuation - The valuation is based on a sum-of-the-parts approach, applying a price-to-sales ratio of 0.9x for automotive sales and 2.0x for services and other income, leading to a target price of HKD 43.2 [3][10]. - The report highlights that Leap Motor's historical average price-to-sales ratio since its listing is 0.9x, indicating that the current valuation is in line with historical performance [11].