零跑汽车点评：平均单车收入持续提升，一季度毛利率超预期

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company focuses on self-research and cost advantages, achieving an excellent price-performance ratio, with a product range covering price segments from 50,000 to 200,000 CNY. The revenue for Q1 2025 is projected to reach 10 billion CNY, with a gross margin of 14.9%. Future growth is expected from the domestic new car cycle and international expansion through collaboration with Stellantis, opening up global sales opportunities [1][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 10.02 billion CNY, representing a year-on-year increase of 187.4% and a quarter-on-quarter decrease of 25.6%. The average revenue per vehicle was 114,000 CNY, up by 10,000 CNY year-on-year and 8,000 CNY quarter-on-quarter. The gross margin reached 14.9%, a year-on-year increase of 16.2 percentage points, marking a historical high [7]. Sales and Production - The company sold 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 30.6%. The C series accounted for approximately 77.5% of total sales, with a year-on-year increase of 5.7 percentage points [7]. Strategic Initiatives - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 model already launched. In 2025, two additional B series models are planned, priced between 100,000 and 150,000 CNY. The domestic sales network has expanded to 756 stores, with a goal to increase coverage to 90% of cities above the county level by the end of 2025 [7]. International Expansion - The company has established over 500 overseas channels, with more than 450 in Europe and nearly 50 in the Asia-Pacific region. It exported 7,564 vehicles in Q1 2025 and plans to start local assembly of the C10 model in Malaysia by the end of 2025, with European local manufacturing expected by 2026 [7].