中金维持公司"跑赢行业"评级，由于公司盈利能力提升且销量持续强劲，上调公司2025、2026年净利润 预测70.4%及50.7%，至分别8.62亿及48.87亿元，上调目标价11.5%至89.2港元。 中金发表研报指，零跑汽车上半年业绩符合市场预期，收入242.5亿元，按年增长174%，归母净利润约 3000万元，扭亏为盈。中金认为，随着新车型的陆续上市和产品配置的持续升级，零跑的车型周期将进 一步向上，为后续销量增长提供有力支撑；又认为随着高端化产品推出和全球化产能释放，零跑有望在 保持新势力领先地位的同时，进一步拓展盈利空间和市场份额。 ...

Group 1 - Citic Securities raised the target price for Leap Motor (09863) by 11.1%, from HKD 72 to HKD 80, maintaining an "Outperform" rating [1] - Leap Motor is expected to achieve a profit of approximately RMB 33 million in the first half of 2025, exceeding the breakeven expectation [1] - The annual sales target has been increased from 500,000-600,000 units to 580,000-650,000 units, driven by strong new car orders in August, with further growth anticipated from July's 50,000 units [1] Group 2 - Citic Securities forecasts that with the launch of more new models, Leap Motor's total sales will reach 900,000-1,000,000 units by 2026, with a profit margin expected to be between 2% and 3% (RMB 2,000-3,000 per vehicle) [1] - Sales forecasts for 2025 and 2026 have been revised upward to 608,700 and 946,000 units, respectively [1]

Core Viewpoint - CITIC Securities has raised the target price for Leap Motor (09863) by 11.1%, from HKD 72 to HKD 80, while maintaining an "Outperform" rating [1] Group 1: Financial Performance - Leap Motor is expected to achieve a profit of approximately RMB 33 million in the first half of 2025, surpassing the previously anticipated breakeven point [1] - The sales target for the year has been increased from 500,000-600,000 units to 580,000-650,000 units, primarily due to strong new car orders in August [1] Group 2: Sales Forecast - CITIC Securities anticipates that with the launch of more new models, Leap Motor's total sales will reach 900,000-1,000,000 units by 2026, with a profit margin expected to be between 2% and 3% (RMB 2,000-3,000 per vehicle) [1] - The sales forecasts for 2025 and 2026 have been revised upward to 608,700 and 946,000 units, respectively [1]