Group 1 - China FAW Group is planning to acquire approximately 10% of Leap Motor's shares, aiming to become a strategic shareholder [1] - The news of the potential investment led to significant movements in the automotive sector, with SAIC Motor hitting the daily limit and other companies like JAC Motors and Yutong Bus also experiencing notable gains [1] - The strategic cooperation between China FAW and Leap Motor was formalized in a memorandum signed on March 3, which includes joint development of new energy vehicles and component collaboration [2][3] Group 2 - Leap Motor's financial report indicates that the first collaborative vehicle project with China FAW has been initiated, with further discussions on deepening capital cooperation ongoing [3]

Core Viewpoint - China FAW Group plans to make a preliminary offer to acquire approximately 10% of Leap Motor's shares, which is currently being circulated within relevant departments of China FAW [1] Group 1: Strategic Cooperation - In March, China FAW announced a strategic cooperation memorandum with Leap Motor to leverage each other's technological strengths in the development of new energy passenger vehicles and components [1][2] - The cooperation includes a joint development project for the Hongqi brand G117 vehicle, with Leap Motor being selected for technical procurement [2] Group 2: Financial Performance - Leap Motor reported a revenue of 24.25 billion yuan for the first half of 2025, a year-on-year increase of 174%, and achieved a net profit of 30 million yuan, marking its first half-year profit after a loss of 2.21 billion yuan in the same period last year [2] - The management of Leap Motor expects total sales in the third quarter to reach between 170,000 and 180,000 units, and has raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units [3] Group 3: Future Prospects - Leap Motor's strategy includes sharing technology for overseas development, with potential partnerships in regions like the Middle East and Europe, aiming to enhance gross margins beyond vehicle sales [2] - The collaboration with China FAW is seen as a way for Leap Motor to gain credibility, particularly in capital cooperation [2]

从财务数据来看，零跑汽车上半年的非汽车销售业务为其带来了近11亿元的收入。据零跑汽车管理层，其中政府补贴5亿元，碳积分收入2- 3亿元，一汽研发收入2亿元，零跑商贸1亿元。"'三电'零部件除合作伙伴以外，零跑在国内既拿到了头部自主的订单，也拿到了非常头部的 合资车企的定点采购。" 基于超预期的市场表现，零跑汽车将2025年全年实现盈亏平衡目标调整至全年盈利，预计全年净利润为5亿至10亿元，并上调全年销量目 标58万至65万辆。 今年3月3日，中国一汽与零跑汽车签署《战略合作谅解备忘录》。根据备忘录，战略合作分两个维度：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，通过双方的技术融合共同提升产品竞争力；二是双方进一步探讨深化资本合作的 可行性，通过资本合作，使双方实现全产业链资源协同。此后20天，中国一汽电子招标采购交易平台显示，红旗品牌G117产品整车联合开 发及平台许可费技术采购已成交，成交人为浙江零跑科技股份有限公司。 零跑汽车财报披露，目前公司与中国一汽首个合作开发车型项目已经落地，后续工作正在积极推进中，双方还将进一步探讨深化资本合作的 可行性，使双方实现全产业 ...

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 66, corresponding to a valuation of HKD 885 billion, which is 1.5x the estimated 2025 P/S ratio [4][7]. Core Views - Leap Motor achieved profitability in Q4 2024, with expectations for full-year profitability in 2025. Q4 2024 sales exceeded 120,000 units, leading to revenue of RMB 13.44 billion and a gross margin improvement of 6.6 percentage points year-on-year to 13.3% [1][4]. - The launch of the LEAP 3.5 technology architecture and the B10 model is expected to drive strong product cycles, with pre-sale orders for the B10 model reaching 31,688 units within 48 hours [2][4]. - A strategic partnership with FAW aims to enhance cost and scale advantages through joint development and component cooperation, potentially lowering production costs [3][4]. Financial Summary - The projected sales volume for Leap Motor is expected to exceed 500,000 units in 2025, with total revenue forecasted at RMB 54.94 billion, reflecting a year-on-year growth rate of 71% [4][13]. - The company anticipates a net profit margin of 0.6% in 2025, improving to 6.2% by 2027, with net profit estimates of RMB 336 million in 2025 and RMB 6.036 billion in 2027 [4][12]. - Key financial metrics include a projected revenue of RMB 32.16 billion in 2024, increasing to RMB 54.94 billion in 2025, with a gross profit of RMB 5.968 billion and a gross margin of 10.9% [6][13].