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零跑汽车(09863):Q1毛利率表现大超预期,新车周期强劲
Soochow Securities· 2025-05-20 11:58
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 gross margin performance significantly exceeded expectations, driven by a strong new vehicle cycle [8] - The company achieved a revenue of 10.02 billion yuan in Q1 2025, with a year-on-year increase of 187.1% [8] - The company’s Q1 gross margin reached a historical high of 14.9%, with a year-on-year increase of 16.3% [8] - The company is expanding its sales and service network, with 756 sales stores and 449 service stores covering 279 cities as of March 2025 [8] - The company is actively pursuing localization of production in overseas markets, including plans for local assembly in Malaysia and Europe [8] - The new B platform vehicles are performing well, with the first model, B10, achieving over 10,000 deliveries shortly after launch [8] - The profit forecast for 2025-2027 has been revised upwards due to the strong new vehicle cycle, with expected net profits of 613.67 million yuan, 4.40 billion yuan, and 7.67 billion yuan respectively [8] Financial Summary - Total revenue forecast for 2023A is 16.75 billion yuan, with a year-on-year growth of 35.23% [1] - The company is expected to achieve a net profit of 613.67 million yuan in 2025E, marking a significant turnaround from previous losses [1] - The earnings per share (EPS) is projected to be 0.46 yuan in 2025E, with a P/E ratio of 97.41 [1] - The company’s asset-liability ratio is projected to be 76.32% in 2025E [9] - The gross margin is expected to improve to 11.48% in 2025E [9]
零跑汽车20250512
2025-05-12 15:16
零跑汽车 20250512 摘要 • 零跑汽车 4 月批售 41,000 辆,连续两月位居新势力车企批发销量榜首, 环比增长 4,000 台,主要受益于 B10 完整交付月及海外批发高增长,其 中海外出口 6,086 台,位居新势力第一,显示出海战略加速。 • 五一期间零跑汽车订单量创新高,5 月 1 日至 5 日总订单超 18,000 台,5 月 5 日单日订单突破 3,700 台,反映市场需求强劲,预示未来销量增长潜 力。 • B 平台第二款新车 B01 在上海车展亮相,定位紧凑型纯电轿车,预计售价 更具竞争力,续航达 650 公里,搭载 LIP3.5 架构、激光雷达、高通 8,295 座舱芯片及 8,650 智驾芯片,强化智驾平权策略。 • 新款 C10 已开启预售,纯电版续航提升至 605 公里,采用 800 伏高压快 充平台,电机功率提升至 220 千瓦,搭载 LIP3.5 架构,售价区间为 12.98 至 14.98 万元,降价增配提升市场竞争力。 • 零跑汽车与中国一汽签署战略合作备忘录,将在新能源乘用车联合开发、 零部件技术融合及资本合作等方面展开深入合作,一汽采购红旗品牌 G117 产品整车 ...
恒指收升385点,全周累涨523点
· 2025 年 5 月 6 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 41,218.83 | -0.24% | | 标普 500 指数 | 5,650.38 | -0.64% | | 纳斯达克综合指数 | 17,844.24 | -0.74% | | 英国富时 100 指数 | 8,596.35 | 1.17% | | 德国 DAX 指数 | 23,344.54 | 1.12% | | 日经 225 指数 | 36,830.69 | 1.04% | | 台湾加权指数 | 20,532.99 | -1.23% | | 内地股市 | | | | 上证指数 | 3,279.03 | -0.23% | | 深证成指 | 9,899.82 | 0.51% | | 香港股市 | | | | 恒生指数 | 22,504.68 | 1.74% | | 国企指数 | 8,231.04 | 1.92% | | 红筹指数 | 3,788.06 | 0.47% | | 恒生科技指数 | 5,244.06 | 3.08% | | AH 股溢价指 ...
汽车与汽车零部件行业周报、月报:关税不阻成长趋势,持续创新动能向上
Guoyuan Securities· 2025-04-14 01:23
Investment Rating - The report maintains a positive investment recommendation for the automotive industry, highlighting ongoing growth and innovation [7]. Core Insights - The passenger car market continues to experience rapid growth, with retail sales reaching 210,000 units in early April, a 2% year-on-year increase, and cumulative retail sales of 5.336 million units, up 6% year-on-year [1]. - The electric vehicle segment shows significant growth, with retail sales of new energy vehicles reaching 113,000 units in early April, a 17% year-on-year increase, and cumulative retail sales of 2.533 million units, up 35% year-on-year [1]. - The overall performance of the automotive industry remains robust, with 75% of listed companies reporting revenue growth and 69% reporting profit growth, indicating a strong expansion trend despite economic challenges [2][12]. - The shift towards pure electric vehicles is evident, with sales of pure electric cars increasing by 45.2% year-on-year in the first quarter, while hybrid models saw a 33.7% increase [3]. - The industry is witnessing a wave of stock buybacks, with 130 companies announcing buyback plans totaling over 53.73 billion yuan, reflecting confidence in the market [15][17]. Summary by Sections Current Performance of Listed Companies - As of April 11, 2025, 122 automotive companies have reported their annual performance, with 75% showing revenue growth and 69% showing profit growth, significantly above the A-share average [12]. - The automotive sector has initiated a buyback trend, with a notable increase in the number of buyback announcements and the total amount planned for repurchase [15][17]. Market Data Tracking - In the first week of April, the national retail sales of passenger cars were 210,000 units, a 2% increase year-on-year, while wholesale sales were 212,000 units, an 11% increase year-on-year [33]. - The new energy vehicle market also showed strong performance, with retail sales of 113,000 units, a 17% increase year-on-year, and wholesale sales of 120,000 units, a 25% increase year-on-year [33]. Industry News - The automotive industry is advancing in smart technology, with new high-performance MCU chips being developed and partnerships between major companies like Dongfeng and Huawei to enhance smart driving capabilities [4][47]. - Significant developments include the unveiling of new models and the introduction of innovative technologies, such as the DF30 chip and various new electric vehicle models [48][56].
中国将“适度”减少美国电影进口数量;迅销因关税下调下半年盈利预期;马云现身阿里云谷园区丨百亿美元公司动向
晚点LatePost· 2025-04-10 14:52
中国将 "适度" 减少美国电影进口数量。 国家电影局发言人称,美国政府加征关税 "会令国内观众对美国影片好感度进一步降低",因此将 遵循市场规律,适度减少美国影片进口数量。中国是全球第二大电影市场,据猫眼娱乐数据,引入 国内的美国电影数量在 2018 年达到峰值,共 63 部,随后数量下滑,2022 年仅 25 部,去年又升至 42 部。近年来国产电影更受消费者支持,一个例子是《哪吒之魔童闹海》全球票房已破 156 亿, 进入全球影史票房第五。 优衣库大部分销往美国的优衣库产品都产自东南亚,此前特朗普宣布将对中国以外的其他国家、地 区暂停征收 90 天的关税。有分析师称,纺织供应链比其他行业供应链灵活,关税对优衣库的负面 影响将小于任天堂、丰田等日本公司。 马云现身阿里云谷园区。 社媒流传的影像显示,马云身穿阿里云 15 周年纪念 T 恤,并佩戴了阿里新版工牌,工牌上印有他 的照片和花名 "风清扬"。此行他参加了阿里云新财年启动会并上台讲话。据我们了解,阿里近期 在大力鼓励员工佩戴工牌,并推出了有戴脖、斜挎和卡夹三种戴法的新工牌,员工可自愿申请换 新,员工还可凭工牌享受园区附近商户的折扣。自去年底以来,马云已 ...