消息面上，1月5日晚，零跑汽车披露，近期新增开业门店85家，截至2026年1月4日，全国门店总量突破 千店规模，达1068家，构建起覆盖范围广泛、功能协同的销售服务网络。值得注意的是，2025年12月， 零跑与中国一汽达成战略合作，一汽以37.44亿元溢价入股。 华泰证券发布研报称，过去十年，零跑汽车完成全域自研及平台化体系构建，去年销量近60万辆，首次 全年盈利在望，基本面拐点确立。展望下一个十年，公司目标今年销量100万辆、长期400万辆。2025至 2027年公司迎全球化新车周期，叠加战略合作逐步贡献增量，预计集团营收将高速增长并迎盈利拐点。 零跑汽车(09863)午后涨超5%，截至发稿，涨5.37%，报50.45港元，成交额4.94亿港元。 ...

华泰证券发布研报称，过去十年，零跑汽车完成全域自研及平台化体系构建，去年销量近60万辆，首次 全年盈利在望，基本面拐点确立。展望下一个十年，公司目标今年销量100万辆、长期400万辆。2025至 2027年公司迎全球化新车周期，叠加战略合作逐步贡献增量，预计集团营收将高速增长并迎盈利拐点。 智通财经APP获悉，零跑汽车(09863)午后涨超5%，截至发稿，涨5.37%，报50.45港元，成交额4.94亿港 元。 消息面上，1月5日晚，零跑汽车披露，近期新增开业门店85家，截至2026年1月4日，全国门店总量突破 千店规模，达1068家，构建起覆盖范围广泛、功能协同的销售服务网络。值得注意的是，2025年12月， 零跑与中国一汽达成战略合作，一汽以37.44亿元溢价入股。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company aims to become a world-class automotive enterprise, targeting sales of 1 million units in 2026 and 4 million units in the long term [4][5] - The company has established a comprehensive self-research and platform-based manufacturing system, achieving a sales volume of approximately 597,000 units in 2025, marking a significant improvement in its fundamentals [2][3] - The strategic investment from FAW Group, acquiring approximately 5% equity for about HKD 3.74 billion, highlights the recognition of the company's long-term strategy [3] Sales and Financial Projections - The company expects to achieve sales of 600,000, 1,040,000, and 1,420,000 units in 2025, 2026, and 2027 respectively, with corresponding revenues of RMB 68.3 billion, RMB 123.5 billion, and RMB 168.8 billion [5][11] - The net profit attributable to the parent company is projected to be RMB 6.6 million, RMB 51.1 million, and RMB 82.5 million for the years 2025, 2026, and 2027 respectively [5][11] Strategic Developments - The company has signed a powertrain cooperation agreement with FAW, focusing on the joint development of range-extended and plug-in hybrid vehicles, with the first model expected to be mass-produced in 2026 [3] - The D-series models, including D19 and D99, are set to launch in 2026, enhancing the company's high-end product lineup [3][4] Market Expansion - The company plans to leverage Stellantis' distribution channels to export over 60,000 vehicles in 2025, entering 35 countries with more than 800 overseas stores [2][4] - The strategic cooperation with FAW and Stellantis is expected to drive growth and profitability during the upcoming new vehicle cycle [4]