正力新能：Higher earnings visibility amid better clientmix, possible battery price hike-20260131

30 Jan 2026 CMB International Global Markets | Equity Research | Company Update Zenergy (3677 HK) Zenergy (3677 HK) - Higher Higher earnings visibility amid better client hike mix, possible battery price hike Maintain BUY. We revise up Zenergy's FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected. Such trend would continue in FY26E to benefit Zenergy's revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy's largest revenue contr ...