零跑汽车一季度毛利创历史新高，规模效应重塑商业闭环

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][15]. Core Insights - Leapmotor achieved a record-high gross margin of 14.9% in Q1 2025, with total revenue reaching RMB 10.02 billion, reflecting a year-on-year growth of 187.1% driven by a 162% increase in vehicle deliveries and improved product mix [4][12]. - The company significantly narrowed its net loss to RMB 130 million, outperforming market expectations due to margin expansion outpacing operating expense growth [12][15]. - Leapmotor's domestic deliveries soared to 87,552 units in Q1 2025, up 162.1% year-on-year, while overseas sales also accelerated with 7,546 units exported in Q1 [5][13]. - The new C10 model features significant upgrades in range, intelligence, and driving dynamics, establishing a closed-loop business model that enhances cost control and market competitiveness [6][14]. - The company forecasts revenues of RMB 67.6 billion, RMB 81.2 billion, and RMB 102.5 billion for 2025, 2026, and 2027 respectively, with net profits expected to reach RMB 0.6 billion, RMB 3.5 billion, and RMB 6.0 billion in the same years [7][15]. Financial Performance Summary - For the fiscal year ending December 2024, the company reported revenues of RMB 32.16 billion, with a projected increase to RMB 67.60 billion in 2025, representing a growth rate of 110% [10]. - The gross profit margin is expected to improve from 8.4% in 2024 to 14.0% in 2025, with net profit projected to turn positive in 2025 [10][15]. - The company maintains a strong cash position with RMB 25.7 billion in cash as of March 31, 2025, supporting its growth initiatives [12][15].