零跑汽车（09863）：单季利润创新高、全年扭亏，盈利拐点开启上行周期

18 Mar 2026 研究报告 Research Report 零跑汽车 Zhejiang Leapmotor Technology (9863 HK) 单季利润创新高、全年扭亏，盈利拐点开启上行周期 Quarterly Profit Hits Record High, Full-Year Turns Profitable — Earnings Inflection Point Signals Start of an Upcycle [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$44.34 目标价 HK$61.44 HTI ESG 3.5-3.3-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$50.15bn / US$6.40bn 日交易额 (3 个月均值) US$49.31mn 发行股票数目 1,131mn 自由流通股 (%) 59% 1 年股价最高最低值 ...