【2025年报业绩点评/零跑汽车】Q4业绩符合预期，新品周期强势

Core Viewpoint - The company achieved significant revenue growth and profitability in Q4 2025, driven by new vehicle launches and effective cost management [2][3]. Financial Performance - Q4 2025 revenue reached 21.03 billion yuan, with a year-on-year increase of 56.3% and a quarter-on-quarter increase of 8.1% [2]. - The net profit attributable to equity holders for Q4 was 360 million yuan, reflecting a quarter-on-quarter increase of 136.9% [2][3]. - The overall sales volume for Q4 was 201,000 units, representing a year-on-year increase of 66.3% and a quarter-on-quarter increase of 15.6% [3]. - The average selling price (ASP) for Q4 was 105,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [3]. Profitability Metrics - The gross margin for Q4 was 15.0%, with a year-on-year increase of 1.7 percentage points and a quarter-on-quarter increase of 0.5 percentage points [3]. - The company generated approximately 500 million yuan in revenue from carbon credit trading in Q4 [3]. Cost Management - The selling, general, and administrative expense ratios for Q4 were 6.2%, 2.5%, and 5.6%, respectively, with minor fluctuations compared to previous periods [3]. Expansion and Market Presence - By the end of December 2025, the company had established a sales and service network covering 295 cities with 950 locations [3]. - In Q4, the company exported 29,000 vehicles, marking a quarter-on-quarter increase of 38% [3]. - The company has over 900 overseas service points, with significant growth in Europe and plans for local production capacity in Spain [3]. Future Outlook - The company revised its net profit forecasts for 2026 and 2027 to 2.6 billion yuan and 4.5 billion yuan, respectively, due to increased competition and rising raw material costs [4]. - The company maintains a strong product cycle with new models set to launch in 2026, supporting a "buy" rating [4].