Core Viewpoint - Leap Motor's Q1 2025 financial report shows significant revenue growth, with a strong increase in vehicle sales and improved profitability metrics, indicating a positive outlook for the company despite mixed market reactions [2][4][8]. Financial Performance - Leap Motor's Q1 revenue reached 10.02 billion RMB, a year-on-year increase of 187.1% [2]. - Vehicle sales in Q1 totaled 87,552 units, up 162.1% year-on-year, with the C series models contributing 77.5% of total sales [4]. - Gross margin improved to 14.9%, a significant increase of 13.5 percentage points year-on-year [4]. - The net loss for Q1 was 130 million RMB, a substantial reduction from a loss of 1.01 billion RMB in the same period last year [4]. Market Reaction - The stock price of Leap Motor experienced volatility, initially rising over 5.46% before closing with a modest gain of 0.72% at 62.65 HKD per share [3]. Product Development - Leap Motor's CEO announced that over 65% of core components are now self-developed, enhancing cost efficiency [5]. - The new LEAP 3.5 technology architecture was launched, with the B series models expected to achieve greater commercial success than the C series [5]. International Expansion - Leap Motor exported 13,632 vehicles from January to April 2025, leading among new energy vehicle brands in export volume [6]. - The company has established over 500 international outlets, with plans for local assembly in Malaysia and manufacturing in Europe by 2026 [6]. Analyst Outlook - Haitong International forecasts domestic and overseas sales of 593,000 and 82,000 units respectively for 2025 [7]. - Analysts from Credit Lyonnais and Bank of America have raised their sales forecasts for Leap Motor, anticipating a total of 550,000 units sold in 2025 [8].

【要点提示】 25Q1公司实现收入100.2亿，同比增长187%；毛利率实现14.9%，较去年同期的-1.4%大幅改善，毛利率提升主要系战略合作 影响，整车毛利率环比2024Q4略有回调；归母净亏损为1.3亿元。 业绩会指引： 25Q2销量13-14万、毛利率环比出现一定幅度的回落、全力推动Q2盈亏平衡； 2025全年销量50-60万，毛利率10%-12%，全年盈亏平衡。 Q2车型改款：预计6月上市C16改款车型；7月推出C11改款。产品将实现更好的平台化，LEAP3.5较LEAP3.0，智能化方面从 LEAP3.0的8295+OrinX的方案调整到了LEAP3.5的8295+8650的方案，整体上保证了功能强大的基础上达到成本下降 30%-40%。 海外：4月终端销量是3000台。预计2025年底前启动零跑C10在马来西亚的本地制造项目、2026年中实现欧洲本地化生产（已 进入启动前期）。 智能化：计划在25H2及26H1分别推出城市记忆通勤和城市NOA等智能辅助驾驶功能。 门店：截至2025年3月31日，公司已在全国布局销售门店756家、服务门店449家。预计2025年实现1000门店。 2. 持续推进的 ...

Core Viewpoint - The launch of the 2026 Leapmotor C10 represents a significant breakthrough in the competitive electric vehicle market, showcasing a comprehensive upgrade that surpasses traditional model updates and aims to reshape market dynamics with its aggressive pricing and superior features [2][26]. Group 1: Key Upgrades - The 2026 Leapmotor C10 features a remarkable range of 605 km and utilizes an 800V fast-charging technology, allowing for a 30% to 80% charge in just 16 minutes, significantly outperforming competitors like BYD Song PLUS EV [4][26]. - The extended-range version boasts a total range of 1190 km and a pure electric range of 210 km, with fast charging optimized to just 18 minutes, enhancing user convenience [5]. - The vehicle is equipped with advanced smart technology, including the Qualcomm 8295P chip and Leapmotor OS 4.0 Plus, elevating the vehicle's intelligent capabilities [6][8]. Group 2: Intelligent Driving Features - The C10 incorporates a combination of Qualcomm 8650 chip and lidar technology, providing extensive sensing capabilities and supporting 26 advanced driving functions, setting a new standard in the 140,000 RMB market segment [10][23]. - The dual AI model (DeepSeek + Tongyi Qianwen) enhances voice interaction, allowing for complex commands and offline functionality, which is superior to competitors' offerings [10][23]. Group 3: Space and Comfort - The C10 features a spacious interior with a wheelbase of 2825 mm, providing ample legroom and headroom, along with a leading cargo space in its class [13][15]. - The use of baby-safe silicone materials in the seating reflects the company's commitment to health and environmental standards, setting it apart from competitors [15]. Group 4: Performance and Safety - The C10's electric motor delivers a peak power of 220 kW, achieving 0-100 km/h in just 5.9 seconds, comparable to higher-priced models [16][18]. - The vehicle's chassis has been fine-tuned for stability and flexibility, featuring a unique tire blowout stability control system that enhances safety during high-speed driving [18]. Group 5: Market Position and Strategy - Leapmotor has achieved significant market success, ranking first among new force brands in sales and leading in export volumes, demonstrating strong market expansion capabilities [21][24]. - The company's self-research strategy has enabled it to control core components and reduce costs, allowing high-end features to be offered at competitive prices in the 140,000 RMB segment [19][23]. - The aggressive "increase quantity and decrease price" strategy of the C10 is redefining value standards in the SUV market, challenging traditional perceptions of cost versus quality [26].

Market Positioning and Product Strategy - Leap Motor focuses on the mass market priced between 100,000 to 200,000 yuan, emphasizing high cost-performance models like the C series (C10, C11, C16) to attract family users with a "half-price ideal" strategy [1] - Xpeng Motors targets the mid-to-high-end market priced between 150,000 to 350,000 yuan, highlighting smart features and driving experience with models like P7+ and MONA M03 [2] Technology Route and R&D Investment - Leap Motor adopts a "fully self-research" model with a vertical integration rate of 70%, significantly reducing production costs, and has a lower R&D expenditure of 1.92 billion yuan in 2023, only 36% of Xpeng's [3] - Xpeng Motors leads in smart driving technology with its XNGP system but faces ongoing losses due to high R&D costs of 5.28 billion yuan in 2023 [4] Financial Status and Profitability - Leap Motor achieved its first quarterly profit in Q4 2024, with annual revenue exceeding 30.5 billion yuan and a gross margin of 8.1%, aiming for a sales target of 500,000 units in 2025, a 70% year-on-year increase [5] - Xpeng Motors remains in a loss phase, reporting total revenue of 16.11 billion yuan in Q4 2024, a 23.4% year-on-year increase, while narrowing its net loss to 1.33 billion yuan [6] Cooperation and Internationalization Strategy - Leap Motor established a joint venture "Leap International" with Stellantis to leverage global channels for overseas market expansion, with plans to launch the B10 model in Europe [7] - Xpeng Motors partnered with Volkswagen to enhance brand value and technical recognition, receiving a capital injection of 700 million USD [8] Future Challenges and Opportunities - Leap Motor needs to overcome low brand recognition and avoid being categorized as a "niche brand," while facing challenges in high-end market attempts [9] - Xpeng Motors must address the cycle of increasing sales leading to greater losses and maintain its competitive edge through continued technological leadership [10] Summary - Leap Motor's strategy focuses on cost control and mass market penetration, achieving profitability first, while Xpeng relies on technological advancement and high-end positioning but must balance R&D investment with profitability goals [11]

Core Insights - The automotive industry is entering a phase of intense competition, with a significant number of new models expected to launch in 2025, leading to a price war among manufacturers [3][4] - The market is characterized by three main competitive groups: new energy vehicle startups, traditional Chinese automakers, and foreign companies, with sales performance becoming crucial for all players in the next three years [3][4] - Leap Motor aims to achieve a sales target of 500,000 vehicles in 2025, with a focus on increasing volume models and expanding its presence in overseas markets [4][5] Industry Overview - The 2025 Shanghai Auto Show featured over a thousand exhibitors and more than a hundred new car models, indicating a vibrant automotive market [3] - An estimated 600 to 700 vehicle models are expected to launch this year, with around 120 being entirely new models [3] Company Strategy - Leap Motor's B series is set to contribute 40% of the company's growth, with the B10, B01, and B05 models planned for release [4][5] - The B10 model, launched at a price range of 99,800 to 129,800 yuan, has already seen significant demand, with over 10,000 pre-orders within an hour of its release [5] - Leap Motor is positioning itself as a "Uniqlo" of the automotive industry, focusing on high specifications at competitive prices while also planning to enter the high-end market with a new D series model [5] Technological Development - The company emphasizes the importance of end-to-end assisted driving technology as a key trend in the automotive sector, while also advocating for responsible marketing practices to avoid misleading consumers [6][7] - Leap Motor plans to enhance its R&D capabilities, expanding its team from 300 to over 500 personnel to accelerate technological advancements in smart driving [7][8] - The company aims to achieve industry-leading safety standards in its assisted driving features, with plans to implement Qualcomm's 8650 chip in the B10 model for improved urban driving assistance [8]

全域自研是零跑汽车的技术根基，截至目前已经实现占整车成本65%的核心零部件自研自造。今年3月3 日，一汽集团与零跑汽车签署战略合作谅解备忘录。根据签约内容，合作将分两个维度展开：一是双方 充分发挥各自在研发领域的技术积累，共同开展新能源乘用车联合开发及零部件合作，通过二者的技术 融合共同提升产品竞争力；二是进一步探讨深化资本合作的可行性，借此实现全产业链资源协同。 针对中国车市未来的竞争格局，朱江明在2025上海车展期间接受第一财经等媒体采访时表示，接下来就 是三类企业之间的竞争，一个是新势力，一个是传统的中国车企，一个是海外的车企。"我觉得还要经 过三年的时间才基本上决定格局，也就是基本可以明朗，未来的三年对每一个车企的销量都是至关重要 的。"朱江明称。 Wind数据显示，今年以来，零跑汽车股价涨幅已达55.91%。截至4月28日收盘，公司股价涨2.73%，报 收50.75元/股。 去年第四季度，零跑汽车已实现单季度盈利目标；今年3月，零跑汽车交付量达37095台、位居造车新势 力第一名。截至4月9日，零跑累计交付已超70万台 截至2025年上海车展开幕，4月上市的零跑B10已实现8000台交付，智能轿车B ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 57.27, based on a closing price of HKD 49.40 [6]. Core Insights - The report emphasizes that Leap Motor's success is driven by its commitment to self-research and development, leading to a strong product strategy that has helped the company stand out in the competitive market [2][15]. - Leap Motor achieved its first quarterly profit in Q4 2024, with a net profit of RMB 0.8 billion, marking it as the second profitable new energy vehicle manufacturer [3][46]. - The strategic partnership with Stellantis is highlighted as a significant advantage for Leap Motor's overseas expansion, providing unique resources and market access [4][46]. Summary by Sections 1. Self-Research and Product Strategy - Leap Motor has focused on self-research since its establishment in 2015, mastering a super-integrated technology architecture, which has been upgraded to LEAP 3.5 in 2025 [2][15]. - The company targets the mainstream passenger car market priced between RMB 100,000 and 200,000, with a projected total delivery of nearly 300,000 vehicles in 2024, ranking among the top three in new energy vehicle brands [2][21]. - Three key success factors are identified: efficient launch of range-extended models, continuous upgrades of existing models, and excellent cost control leading to competitive pricing [2][3][15]. 2. Profitability and Future Outlook - Leap Motor's revenue for 2024 reached RMB 32.16 billion, a year-on-year increase of 92%, with a gross margin of 8.4% [3][46]. - The company expects sustainable profitability due to a rich new vehicle planning and strong channel capabilities, which are anticipated to drive continuous sales growth [3][46]. - The report forecasts revenues of RMB 60.5 billion, RMB 80.5 billion, and RMB 106.8 billion for 2025, 2026, and 2027 respectively, with net profits projected to reach RMB 0.69 billion, RMB 22.52 billion, and RMB 43.92 billion in the same years [5][8]. 3. Overseas Business Development - The partnership with Stellantis, a major global automotive group, is expected to enhance Leap Motor's overseas business prospects significantly [4][46]. - The collaboration allows Leap Motor to leverage Stellantis's extensive dealer network and manufacturing resources, facilitating rapid market expansion in Europe and South America [4][46]. - The report suggests that local production could significantly improve profitability by reducing export costs and replicating successful domestic production practices [4][46].

零跑汽车已经打开了爆款密码。 4月10日，零跑B10正式上市发售，共推出5款车型，售价9.98万-12.98万元。值得一提的是，零跑将搭载激光雷达和高通双旗舰芯片的高配车型做到了11万 元级。 极具诱惑的价格也让全球车型零跑B10上市仅1个小时就大定10016辆。 图/零跑B10上市1小时大定超1万台 来源/互联网 新能源观截图 零跑以微型车T03起家，在2025年3月首次以37095辆登顶新势力销冠，跑通了"低价高能"商业逻辑。如今，它又要用B10向10万-20万元级市场的"卷王"比 亚迪发起猛攻。 尽管势头正盛，零跑因低价策略引发质量争议和技术壁垒尚未建立的双重困局，始终伴其左右。这显然也是电动汽车马拉松比赛中，零跑必须解决的当务 之急。 1. 零跑用"跟风"截胡了理想？ 零跑创立于2015年，是和"蔚小理"一同出道的新势力。但，受目标客群不明确的影响，其早期推出的代步小车T03和双门小跑S01车型并未在市场掀起太 大浪花。 2020年-2022年，零跑汽车销量分别为1.1万辆、4.3万辆、11.1万辆，始终徘徊在新势力末尾。 彼时，在大多数消费者眼中，零跑汽车的定位似乎更像"老头乐"。最后入手了小鹏G3 ...

丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车点评：四季度实现净利润转正，B10 发 布即爆款 报告要点 [Table_Summary] 零跑汽车专注全域自研构造成本优势，造就极致品价比，产品覆盖 5-20 万价格带，2024 年四 季度营收 135 亿元，毛利率 13.3%。B10 发布 1 小时后，订单突破 1.5 万辆，订单火爆。展望 未来，公司国内新车周期带来销量持续增长，海外与 Stellantis 合作实现轻资产出海，打开全球 销量空间。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 零跑汽车点评：四季度实现净利润转正， 2] B10 发 布即爆款 [Table_Summary2] 事件描述 公司 2024 年年报发布，同时零跑 B10 正式发布上市。 事件评论 丨证券研究报告丨 2025-03-14 港股研究 ...

Core Viewpoint - The partnership between Leap Motor and FAW may provide a new path for Chinese automakers to face intense market competition amid the wave of integration in the industry [1][13]. Group 1: Partnership Details - Leap Motor has become the second profitable new force car company in China and is now collaborating with FAW to explore joint development of new energy vehicles and parts cooperation [2][3]. - This collaboration is recognized by the capital market, with Leap Motor's stock price increasing over 20% as of March 6, closing at 41.7 HKD [3]. - The partnership marks FAW's first collaboration with a new force car company in years, focusing on a company that has established a foothold in the new energy market [4]. Group 2: Leap Motor's Strengths - Leap Motor achieved nearly 300,000 vehicle deliveries in 2024, representing over 100% year-on-year growth, ranking third among new force car companies in annual sales [4]. - The company emphasizes full self-research, achieving over 65% self-manufacturing rate for key components and an 88% commonality rate for electronic components, which reduces costs and time waste [6][8]. - Leap Motor's innovative technologies include the industry-first mass production of CTC battery chassis integration technology, which lowers battery pack costs while enhancing vehicle body strength [6]. Group 3: Strategic Importance of the Partnership - FAW, as a traditional manufacturing enterprise, needs Leap Motor to enhance its new energy segment and accelerate its transition to new energy vehicles [11]. - The automotive industry is shifting towards core technology competition, making it crucial for companies to integrate supply chain costs and enhance scale effects to remain competitive [12]. - The collaboration allows both companies to share resources while maintaining independence, maximizing their respective advantages [13].