Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is expanding its product matrix with two new electric SUVs, the Li Auto i8 and i6, set to launch in July 2025 and the second half of 2025 respectively [3] - The company aims to enhance its high-level autonomous driving capabilities alongside the new vehicle launches [3] - The company plans to increase its supercharging station network to 4,000 by the end of 2025, starting with 2,500 stations at the launch of the Li Auto i8 [3] Financial Forecasts - The company’s total revenue for 2023 is projected at 123.85 billion RMB, with a year-on-year growth of 173.48% [4] - Revenue forecasts for 2024, 2025, 2026, and 2027 are 144.46 billion RMB, 172.86 billion RMB, 236.56 billion RMB, and 275.05 billion RMB respectively, with growth rates of 16.64%, 19.66%, 36.85%, and 16.27% [4] - The net profit attributable to the parent company for 2023 is expected to be 11.70 billion RMB, with a staggering year-on-year increase of 681.65% [4] - The net profit forecasts for 2025, 2026, and 2027 are 9.38 billion RMB, 14.49 billion RMB, and 17.51 billion RMB, reflecting growth rates of 16.79%, 54.41%, and 20.86% respectively [4] - The earnings per share (EPS) for 2023 is projected at 5.52 RMB, with forecasts of 3.79 RMB, 4.42 RMB, 6.83 RMB, and 8.25 RMB for the following years [4]

零跑汽车 摘要 • 零跑汽车 2025 年销售目标为 50 万辆，基于 2024 年月均销量 3-4 万辆， 将推出 B 系列三款新车并全面更新至 3.5 架构平台，C 系列也将进行质量 提升和高阶智驾切换，续航里程平均提升 50 公里。 Q&A 零跑汽车在 2024 年的业绩表现如何？ • 零跑汽车预测，至 2027-2028 年中国新能源汽车渗透率将达 80%- 90%，电动车经济性将推动全球市场发展，使用成本仅为燃油车的四分之 一，部分地区甚至更低。 • 中国市场全面电动化将削弱传统燃油车企（如 BBA）的市场份额，中国新 能源车企的全球渗透将进一步侵蚀其优势，电动化趋势将逐步扩展至全球。 • 智能化是电动车下半场的关键，预计 2025 年高架高速路段将实现高度智 能驾驶，城市智能驾驶也将逐步普及，推动中国乃至全球电动车市场发展。 • 中国车企已成为全球电动车市场的重要参与者，零跑汽车电动车出货量位 居全球第 11 名，预计 2024-2025 年销量和排名将进一步提升，中国企业 在电池、电驱动、芯片等核心零部件上具备优势。 • 中国在全球汽车产业中占据主导地位，尤其在碳化硅驱动模块等零部件方 面，预计 ...