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].