来源：智通财经 近期，零跑汽车业绩表现强劲。11月17日，零跑汽车发布2025年三季度财报。 11月24日，零跑汽车（09863.HK）盘中一度大涨超7%，截至智通财经发稿，公司报50．2港元/股，上 涨了6.27%。 当天，公司发布公告，恒生指数有限公司已于11月21日宣布将该公司纳入恒生科技指数成份股。这一调 整将于12月5日收市后实施，并于12月8日正式生效。 恒生科技指数由恒生指数有限公司编制，覆盖经筛选后、与科技主题高度相关的香港上市科技公司，成 份股数量上限为30只。 公告显示，此次调整意味着零跑汽车在市值规模、流动性表现及业务科技属性等维度，达到了恒生科技 指数的纳入标准。 零跑汽车在公告中指出，被纳入恒生科技指数，有助于提升公司在二级市场的关注度，并可能带来更为 多元的投资者结构变化。从历史表现来看，此类指数调整往往会引发部分被动资金跟随配置，对股票交 易活跃度形成正向影响。 早在2022年11月18日，零跑汽车已被纳入恒生综合指数及其分类指数（包括恒生综合中型指数）。 财报显示，零跑汽车2025年第三季度营收达194.5亿，同比大幅增长97.3%。这一增长主要得益于整车及 备件交付量的提升， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target valuation of HKD 110 billion, corresponding to a 20x P/E for 2026 and 0.9x P/S for 2026, with a target price of HKD 77 [4][6]. Core Insights - The company has shown strong growth in both domestic and international markets, with Q3 sales reaching 174,000 units, a year-on-year increase of 102%, leading to a revenue growth of 97.3% to CNY 19.45 billion [1][2]. - The gross margin improved to 14.5%, up 6.4 percentage points year-on-year, attributed to scale effects, product mix optimization, and ongoing cost management [1]. - The company aims for a sales target of 1 million units and a profit of CNY 5 billion by 2026, supported by new model launches and an expanding sales network [2][4]. Sales and Revenue Growth - Q3 sales included 17,397 units exported and 156,000 units sold domestically, with the newly launched B01 model achieving over 10,000 deliveries for three consecutive months [2][3]. - The company plans to introduce four new models by 2026, enhancing its product lineup across various price segments [2]. International Expansion - The company is the leading new force in exports, with Q3 exports totaling 17,397 units and a cumulative export of 37,772 units for the first three quarters [3]. - Strong overseas demand is evident, with October orders reaching 12,000 units and expected to exceed 15,000 units in November [3]. - The company has established over 700 sales and service points across 30 international markets, with plans for local production in Malaysia and Europe by 2026 [3]. Financial Projections - The company forecasts sales of 610,000, 1,020,000, and 1,320,000 units for 2025, 2026, and 2027, respectively, with projected revenues of CNY 67.54 billion, CNY 112.95 billion, and CNY 151.02 billion [4][5]. - Expected net profits for 2025, 2026, and 2027 are CNY 1 billion, CNY 5.07 billion, and CNY 11.28 billion, respectively, with net profit margins improving to 1.5%, 4.5%, and 7.5% [5][12].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant revenue growth and improved profitability metrics, indicating a positive trend in its business operations [1][2] Financial Performance - In Q3 2025, the company achieved revenue of 19.45 billion yuan, representing a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [1] - The gross margin reached 14.5%, improving by 6.3 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, driven by increased sales volume, cost management, and enhanced revenue from carbon credit sales, which contributed approximately 250 million yuan [1] - The net profit for Q3 2025 was 150 million yuan, with a total net profit of 180 million yuan for the first three quarters [1] Product and Channel Expansion - The company delivered 174,000 vehicles in Q3 2025, maintaining the top position in new energy vehicle deliveries for eight consecutive months [1] - The introduction of new models, such as the B01, has contributed to strong sales, with monthly sales exceeding 10,000 units since its launch [1] - The sales service network expanded to cover 292 cities, an increase of 88 cities year-on-year, with a total of 866 sales outlets, enhancing market reach [1] Export Growth and Overseas Expansion - In Q3 2025, the company exported 17,400 vehicles, leading the new energy vehicle sector in exports, with a total of 37,800 vehicles exported in the first three quarters [2] - The company has established over 700 sales points overseas, including more than 650 in Europe, and plans to enter the South American market with a presence at the São Paulo Auto Show [2] - Local production projects in Malaysia and Europe are expected to enhance profitability and supply capabilities in local markets by 2026 [2] Profitability Forecast - The company maintains its profitability outlook, projecting revenues of 63.9 billion yuan, 113.2 billion yuan, and 174 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 740 million yuan, 6.27 billion yuan, and 8.43 billion yuan [2]

Core Insights - The company achieved a revenue of 19.45 billion yuan in Q3 2025, with a gross margin of 14.5% and a net profit attributable to shareholders of 150 million yuan [1] Group 1: Financial Performance - In Q3 2025, the company reported a sales volume of 174,000 vehicles, representing a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6% [1] - The revenue of 19.45 billion yuan in Q3 2025 reflects a year-on-year growth of 97.3% and a quarter-on-quarter growth of 36.7% [1] - The average revenue per vehicle was 112,000 yuan, showing a year-on-year decrease of 600 yuan but a quarter-on-quarter increase of 600 yuan [1] - The gross margin of 14.5% in Q3 2025 improved by 6.4 percentage points year-on-year and by 0.9 percentage points quarter-on-quarter [1] - The company achieved a net profit of 150 million yuan in Q3 2025, marking a turnaround from losses year-on-year, but a quarter-on-quarter decrease of 6.3% [1] Group 2: Operational Highlights - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 and B01 already launched in 2025 and an additional model, Lafa5, planned for release within the year [2] - As of September 30, 2025, the company had 866 sales outlets in China, including 367 core stores and 499 experience centers, covering 292 cities [2] - The company exported 38,000 vehicles from January to September 2025, with a significant increase in overseas customer contracts in October [2] - The company has established over 700 sales and service points in approximately 30 international markets, including over 650 in Europe [2] Group 3: Strategic Initiatives - The company is leveraging its technological advantages to create a strong price-performance ratio, which is expected to drive continued sales growth [3] - A partnership with Stellantis, the fourth-largest automotive group globally, is aimed at utilizing its extensive sales and service network for efficient international expansion [3] - The company anticipates net profits of 630 million yuan, 5.01 billion yuan, and 8.37 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 112.2X, 14.2X, and 8.5X [3]

Core Viewpoint - Leap Motor continues to show strong growth, achieving record revenue and significant sales increases in Q3 2025, driven by product launches and expanded sales channels [1][2][4]. Financial Performance - In Q3 2025, the company reported revenue of 19.45 billion yuan, a 97.3% increase from 9.86 billion yuan in the same period of 2024, and a 36.7% quarter-on-quarter growth, marking a new quarterly revenue high [2]. - The net profit attributable to the parent company reached 150 million yuan, a turnaround from a loss of 690 million yuan in Q3 2024, with a gross margin improvement to 14.5%, up from 8.1% year-on-year [7]. Sales and Delivery - The company delivered 173,900 vehicles in Q3, a year-on-year increase of 101.77% and a quarter-on-quarter increase of 29.63%, maintaining its position as the sales leader among new energy vehicle manufacturers for eight consecutive months [2][4]. - Leap Motor has set an ambitious sales target of 600,000 vehicles for the year, having already achieved its initial goal of 500,000 vehicles ahead of schedule [4]. Product Strategy - The growth in sales is attributed to the launch of multiple new models, including the C11 and B01, with the latter achieving over 46,700 cumulative deliveries by the end of October [4]. - The company is expanding its product lineup across four major series, with new models like the Lafa 5 and D19 set to debut soon [4]. Market Expansion - As of September 30, the company has expanded its sales and service network to cover 292 cities, an increase of 88 cities year-on-year, with 866 sales stores and 499 service centers [5]. - Leap Motor is also accelerating its international expansion, with over 700 stores established in approximately 30 international markets, and aims for overseas sales of 100,000 to 150,000 vehicles next year [6][9]. Research and Development - The company invested 1.21 billion yuan in R&D in Q3, a 55.4% increase year-on-year, focusing on automotive electronics, new product development, and future technology reserves [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [12]. Core Insights - The company achieved its first half-year profit, with both domestic and international sales accelerating significantly [3]. - The third quarter of 2025 saw the company report revenue of 19.45 billion yuan, reflecting a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [4]. - The gross margin for Q3 2025 reached 14.5%, showing improvements both year-on-year and quarter-on-quarter, primarily due to increased sales volume and cost management [5]. - The company delivered 174,000 vehicles in Q3 2025, maintaining its position as the top new force in vehicle deliveries for eight consecutive months [7]. - The company is expanding its product matrix and sales channels, with a significant increase in sales service network coverage [6][8]. Financial Performance Summary - Revenue projections for the company are as follows: 32.16 billion yuan in 2024, 63.90 billion yuan in 2025, 113.20 billion yuan in 2026, and 174.00 billion yuan in 2027, with growth rates of 92%, 99%, 77%, and 54% respectively [3][9]. - The company is expected to turn a profit in 2025, with a projected net profit of 738 million yuan, followed by 6.27 billion yuan in 2026 and 8.43 billion yuan in 2027 [3][9]. - The net asset return rate is projected to improve significantly, reaching 7% in 2025 and 45% in 2026 [3][9]. - The company’s cash flow per share is expected to turn positive in 2025, with projections of 15.74 yuan in 2026 and 18.80 yuan in 2027 [3][9].

Core Insights - Leap Motor reported a strong Q3 2025 earnings with revenue of 19.45 billion yuan, a 97.3% increase year-over-year and a 36.7% increase from Q2 2025, alongside a net profit of 150 million yuan [1] - The company has successfully completed its annual sales target of 500,000 units ahead of schedule, boosting investor confidence in its performance for the year [1] Group 1: Business Strategy - Leap Motor follows a "Uniqlo of the automotive industry" strategy, focusing on mass-market appeal and operational efficiency, which has led to sustained profitability and growth [4][5] - The company has developed a comprehensive product matrix that minimizes internal competition while maximizing market coverage, contributing to its sales success [5][7] Group 2: Product Performance - The C series, particularly the C11 model, has established a strong foothold in the competitive 150,000 to 200,000 yuan market, achieving over 11,000 units sold in October alone [7] - The B series has also gained traction, with the B01 model quickly reaching monthly sales of over 10,000 units, offering advanced features at a competitive price point [7][8] Group 3: Cost Efficiency - Leap Motor's sales and management expense ratios are significantly lower than competitors, indicating effective cost management [8] - The company has achieved a net cash flow from operating activities of 4.88 billion yuan, reflecting strong cash generation capabilities [8] Group 4: Technological Innovation - Leap Motor emphasizes in-house research and development, achieving a self-manufacturing rate of 65%, which enhances cost control and product quality [12][13] - The company has pioneered technologies such as CTC battery integration, improving vehicle space utilization and safety [10][12] Group 5: Growth Projections - Leap Motor aims to sell one million vehicles by 2026, supported by a robust product lineup and expanding market presence [15][19] - The company plans to enhance its product offerings with new models across various price segments, targeting both domestic and international markets [17][21] Group 6: Market Expansion - Leap Motor is actively expanding its sales channels, aiming to exceed 1,000 domestic outlets by year-end and penetrate lower-tier cities [19] - The company is also pursuing international market opportunities, particularly in regions with high growth potential for electric vehicles [21]

Investment Rating - The report maintains a "Buy" rating for the company [8][7]. Core Insights - The company achieved a revenue of 19.45 billion yuan in Q3 2025, with a gross margin of 14.5% and a net profit attributable to shareholders of 150 million yuan. The strong domestic new car cycle and competitive pricing strategy are expected to drive continuous sales growth [2][5][9]. - The collaboration with Stellantis, the fourth largest automotive group globally, allows the company to leverage its extensive sales and after-sales network for a low-investment, rapid global expansion strategy, enhancing profitability through higher per-vehicle earnings [7][9]. Summary by Sections Financial Performance - In Q3 2025, the company sold 174,000 vehicles, representing a year-on-year increase of 107.3% and a quarter-on-quarter increase of 29.6%. The revenue of 19.45 billion yuan reflects a year-on-year growth of 97.3% and a quarter-on-quarter growth of 36.7% [9]. - The average revenue per vehicle was 112,000 yuan, showing a slight year-on-year decrease of 6,000 yuan but a quarter-on-quarter increase of 6,000 yuan [9]. - The gross margin improved by 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter, driven by economies of scale, cost reduction, and product structure optimization [9]. Market Strategy - The company is positioned in the 50,000 to 200,000 yuan price range, with plans to launch 2-3 new models globally each year over the next three years. The B10 and B01 models have already been launched, with another model, Lafa5, planned for release within 2025 [9]. - As of September 30, 2025, the company had 866 sales outlets in China and over 700 international sales and service points across approximately 30 markets, including Europe, the Middle East, Africa, and Asia-Pacific [9]. Future Outlook - The company forecasts net profits attributable to shareholders of 630 million yuan, 5.01 billion yuan, and 8.37 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 112.2x, 14.2x, and 8.5x [7][9].

在新能源汽车市场竞争日趋白热化的2025年，头部车企的每一份财报都牵动着行业神经。 11月17日，零跑汽车正式披露2025年第三季度财务报告，以一组"全维向好"的数据交出了一份超预期 的"成绩单"，连续两个季度稳健盈利、三季度营收近乎翻倍创下历史峰值、毛利率同比大幅跃升、339 亿元在手资金筑牢安全垫。 而就在财报发布前两天，零跑已提前一个半月达成50万辆年度销量目标，产销两旺的强劲势头叠加财务 数据的质变，不仅印证了其"技术创新→好而不贵→规模效应→持续盈利"的高质量发展路径完全跑通， 更向市场传递出2026年冲击百万辆销量的坚定底气。 盈利成色彰显发展韧性 三季报数据清晰勾勒出零跑从"规模增长"向"质量提升"的质变轨迹 尤为值得关注的是，公司经营利润实现0.5亿元，较去年同期的-7.4亿元大幅改善，连续两个季度盈利的 表现，彻底打破了市场对新势力车企"盈利难"的固有认知，彰显出强劲的经营韧性。 盈利能力的持续提升，核心源于毛利率的"阶梯式"增长。2025年三季度，零跑汽车毛利率攀升至 14.5%，较2024年同期的8.1%提升6.4个百分点，较二季度也实现0.9个百分点的环比增长。 这一成绩的背后，是全域 ...

Core Viewpoint - Leap Motor has demonstrated significant growth and profitability in its Q3 2025 financial report, achieving a revenue of 19.45 billion yuan, a 97.3% increase year-over-year, and a net profit of 150 million yuan, indicating a strong market position and operational efficiency [2][5]. Group 1: Scale Efficiency - Leap Motor's strategy mirrors that of Uniqlo, focusing on a streamlined product matrix that caters to mainstream consumer needs, which has led to a positive feedback loop of sales growth and profitability [5][7]. - The C-series models, particularly the C11, have established a strong foothold in the competitive 150,000-200,000 yuan market segment, achieving over 11,000 units sold in October alone [9][10]. - The company has optimized its cost structure, with Q3 sales and management expense ratios at 4.88% and 3.24%, respectively, outperforming competitors like NIO and Xpeng [10][11]. Group 2: Technical Density - Leap Motor's commitment to in-house research and development has resulted in a high self-sufficiency rate of 65%, allowing for significant cost reductions without compromising quality [17][18]. - The introduction of CTC 2.0 technology enhances vehicle space utilization and safety, addressing common consumer concerns about electric vehicle performance [14][16]. - The company has increased its R&D investment to 1.21 billion yuan in Q3, a 55.4% year-over-year increase, reflecting a strategic focus on effective cost management and technological advancement [17][19]. Group 3: Growth Engine - Leap Motor has set an ambitious target of selling one million vehicles by 2026, supported by a robust product lineup and strategic market expansion [20][21]. - The company plans to introduce multiple new models across various price segments, enhancing its market reach and catering to diverse consumer demographics [23][25]. - Leap Motor is accelerating its international expansion, targeting markets in Europe, the Middle East, Africa, and South America, which are expected to contribute significantly to future growth [26][28].