领跑汽车上调 2025 年销量指引至 58-65 万台，目标 2026 年冲击百万 台销量，并通过推出 B 级、A 系列（10 万元以内小型车）、D 系列（高 端 SUV，20 万元以内）等车型，实现产品线全覆盖。 2025 年一、二季度收入分别为 100 亿元和 142 亿元，单车均价分别为 11.4 万元和 10.6 万元。尽管二季度毛利率因价格调整略有下降（一季 度 14.9%，二季度 13.6%），但通过费用管控实现扭亏为盈，并预计 全年整车毛利率维持在 14-15%之间。 公司预计 2025 年实现收入 600 多亿元（对应 60 多万辆销量），归母 净利润 9.4 亿元。2026 年销量目标百万辆，预计收入达千亿级别，归 母净利润预计 44-50 亿元。 领跑汽车通过 2023 年推出 C11 SUV，成功将品牌定位从中低端市场提 升至 15 万元左右的中高端市场，并抓住小型电动车和增程式电动车的 市场机遇。 领跑汽车通过全域自研和平台化能力有效控制成本，例如，利用创始团 队在大华科技的技术积累，自主开发零部件，并采用多供应商比价策略。 Q&A 零跑汽车 20250825 摘要 领跑汽车在 202 ...

研究员：高伊楠/王子豪 机构：长江证券 零跑汽车全球强势新车周期正当时，智驾规划加速，看好未来销量及盈利双升。目前公司覆盖5-20 万 价格带不同细分市场，并实现T03 和C10 出海，预计9 月B10 海外上市。 未来三年公司将每年在全球推出2-3 款产品，其中2025 年B10 和B01 已上市，后续2025 年计划再推出B 系列的1 款车型，价格在10-15 万元。渠道端，零跑国内坚持"1+N"渠道发展模式，截至2025 年6 月30 日，零跑共有806 家销售门店，其中315 家零跑中心，491 家体验中心，461 家服务门店，覆盖286 个城 市；海外方面，1-7 月出口2.5 万辆，目前已有超过600 家销售及服务网点，覆盖欧洲、中东、非洲及亚 太等超过24 个国际市场，计划在在2026 年实现欧洲本地化制造。智驾方面，公司加大对智驾领域投 入，2025H1 智驾团队规模和算力资源投入均提升近100%，计划2025 年年底前实现城市NOA 组合辅助 驾驶能力。 国内持续强势新车周期及极致品价比推动销量持续成长，海外与Stellantis 反向合资开启全球大征程。 1）国内：公司以技术底蕴打造极致品 ...

7 月公司月销规模破5 万，销量规模稳步提升: 1-7 月，公司累计销售汽车27.2 万辆，YOY+150%，其中 7 月销量为50129 辆，首次破5 万辆，YOY+127%。今年公司新推出的两款B 系列车型具备较强的市场 竞争力，7月B01 和B10 分别销售8576 辆和7244 辆。目前公司各款车型销量增长较为均衡，公司产品在 10-20 万元价格区间已经具备较好的市场认可度，市占率稳步提升。公司计划明年Q1 将发布D 系列产 品，定位高于C 系列，售价预计超20 万，已规划的车型有SUV 和MPV。此外，公司正在加速拓展销售 渠道，截止上半年公司已有806 家销售门店和461 家服务店。随着新车投放和渠道拓展，公司2026 年销 量目标为100 万辆，较2025 年目标增长54%-72%。 公司产品定位走量市场，特点是高性价比，目前在10-20 万左右价格区间确立了产品的差异化竞争优 势。公司坚持全域自研，占整车成本70%以上的核心零部件自研自造，为公司提供高性价比产品奠定了 基础，也支持了产品快速迭代。此外，Stellantis 在2023 年底入股零跑，在提升品牌知名度和拓展海外 销售渠道方面提 ...

机构：东北证券 研究员：康杭/李恒光 风险提示：新车型发布节奏不及预期；车型销量不及预期；海外销量不及预期；原材料价格波动；行业 价格战加剧。 零跑汽车发布2025H1 业绩公告：2025H1 公司实现总营业收入 242.50亿元，同比增长174.15%；税前利 润为0.33 亿元，同比增长101.49%；实现净利润0.33 亿元，同比增长101.49%。2025H1 首次实现半年度 净利润转正，毛利率提升至14.1%，创下历史新高。零跑汽车2025H1 总交付量达221,664 辆，同比增长 103.8%。2025 年7 月，公司交付量再次突破新高，达到50,129 辆，连续5 个月位居新势力销量榜首。 新车周期强劲，销量持续高增。2025 上半年，公司先后推出B10、B01两款全新车型，并完成C10、C11 与C16 的改款升级，形成了覆盖5-20W价格带主流市场的完善产品矩阵。其中，C 系列在15-20W 价格 带持续热销，新推出的B 系列则凭借极致性价比切入12W 以下价格带高销量市场，零跑B10 在今年6 月 份销量达到1.43 万辆，已经成为现象级的爆款车型。在今年年底前，零跑还将推出B 系列的第 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][11]. Core Insights - The company achieved a significant revenue increase in Q2 2025, with a revenue of 142.3 billion yuan, representing a year-on-year growth of 165.5% and a quarter-on-quarter growth of 42.0%. The gross margin reached 13.6%, with a year-on-year increase of 10.8 percentage points [7]. - The company reported a net profit of 1.6 billion yuan in Q2 2025, marking its first positive net profit in a half-year period [5][10]. - The company has signed a carbon credit transfer agreement with Stellantis, which is expected to enhance its performance further [7]. Summary by Sections Recent Performance - In the first half of 2025, the company reported a revenue of 242.5 billion yuan, a year-on-year increase of 174.1%, and a net profit of 0.3 billion yuan, marking a turnaround from losses [5][7]. Sales and Delivery - The company delivered 134,000 vehicles in Q2 2025, reflecting a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2%. The annual sales target has been raised to 580,000 to 650,000 vehicles [7]. Product Development - The company launched new models based on the LEAP 3.5 technology architecture, with significant sales from the B10 SUV and B01 sedan. Upcoming models are expected to drive further growth [7][8]. International Expansion - The company exported 20,000 vehicles in the first half of 2025, leading among new car manufacturers. It has established over 600 sales outlets globally, with plans for local assembly in Malaysia and a production base in Europe by 2026 [8][10]. Financial Projections - The company is projected to achieve revenues of 641.9 billion yuan, 1,002.6 billion yuan, and 1,281.3 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.4 billion yuan, 44.1 billion yuan, and 64.1 billion yuan [10][11].

证券研究报告 零跑汽车 (9863 HK) 港股通 销量连创新高，首次半年度盈利 2025 年 8 月 21 日│中国香港 乘用车 公司发布半年报，25H1 营收 242.50 亿元（yoy+174.15%），归母净利 0.33 亿元（同比转正），扣非净利-0.58 亿元（yoy-97.47%）；Q2 营收 142.30 亿元（yoy+165.48%、qoq+42.01%），归母净利+1.63 亿元（24Q2 和 25Q1 分别为-12.00/-1.30 亿）。考虑到公司销量强力持续向上&看好 ABCD 四大 平台车型竞争力&海外市场拓展加速&战略合作和零部件业务等增厚业绩， 我们预计公司 25-27 年营收将保持高速增长并逐步释放盈利弹性，我们本次 上调公司盈利预测并上调目标价。维持买入评级。 收入：销量连创新高&结构优化，B/C 平台销量占比提升 1）25Q2 公司实现销量 13.4 万辆，同环比+152%/+53%，7 月销量再次新 高破 5 万，连续 5 个月位列新势力销冠；2）销量结构持续优化，25Q2 B/C 平台销量占比 57.6%/24.4%，价格较低的 T03 占比 18.0%，同环比-7. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company focuses on self-research to create cost advantages, resulting in an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. For Q2 2025, revenue reached 14.23 billion CNY, with a gross margin of 13.6% and a net profit attributable to shareholders of 160 million CNY. The domestic new car cycle is expected to drive continuous sales growth, while collaboration with Stellantis opens up global sales opportunities [2][4][6]. Summary by Sections Company Performance - In Q2 2025, the company achieved a sales volume of 134,000 units, representing a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2%. Revenue for the same period was 14.23 billion CNY, up 165.5% year-on-year and 42.0% quarter-on-quarter. The average revenue per vehicle was 106,000 CNY, with a year-on-year increase of 6,000 CNY [6]. Profitability - The gross margin for Q2 2025 was 13.6%, an increase of 10.9 percentage points year-on-year, while it decreased by 1.2 percentage points quarter-on-quarter. The improvement in gross margin was attributed to scale effects, cost reduction, product structure optimization, and income from other businesses. The net profit attributable to shareholders was 160 million CNY, marking a turnaround from loss, with a profit margin of 1.1% [6]. Future Outlook - The company is expected to sell 620,000, 910,000, and 1,210,000 vehicles in 2025, 2026, and 2027, respectively. The company plans to launch 2-3 new products globally each year, with the B10 and B01 already launched in 2025. The company aims to achieve localized manufacturing in Europe by 2026 [4][6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][7]. Core Insights - The company has turned profitable in the first half of 2025, achieving a revenue of 24.25 billion RMB, a year-over-year increase of 174%, and a net profit of 33 million RMB, translating to an EPS of 0.02 RMB, which exceeded expectations [8]. - The company has sold 272,000 vehicles from January to July 2025, marking a 150% year-over-year increase, with July sales surpassing 50,000 units for the first time [10]. - The company focuses on the volume market with high cost-performance products, establishing a competitive advantage in the 100,000 to 200,000 RMB price range [8]. - The company plans to launch new models and expand sales channels, aiming for a sales target of 580,000 to 650,000 vehicles for the year [8]. Financial Performance - The company reported a significant increase in revenue and net profit in its half-year report, with Q2 revenue reaching 14.24 billion RMB, a 166% year-over-year increase, and a net profit of 163 million RMB [8]. - The gross margin for the first half of 2025 was 14.1%, up 13 percentage points year-over-year, attributed to scale effects and product structure optimization [8]. - The company has adjusted its annual sales target to 580,000 to 650,000 vehicles, with expectations to approach the upper limit of this target [8]. Future Projections - The company is projected to achieve net profits of 895 million RMB, 4.095 billion RMB, and 5.662 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.67 RMB, 3.06 RMB, and 4.24 RMB [10][12]. - The current stock price corresponds to a P/E ratio of 22 for 2026 and 16 for 2027, supporting the "Buy" recommendation [10].

Core Insights - Leap Motor reported a significant financial performance for the first half of 2025, achieving a revenue of 24.25 billion yuan, a gross margin of 14.1%, and a net profit of 30 million yuan, making it the second Chinese new energy vehicle company to achieve semi-annual profitability after Li Auto [2] - The company raised its annual sales target from 500,000-600,000 units to 580,000-650,000 units and set a goal to challenge 1 million units in 2026 [2][6] Financial Performance - The delivery volume reached 221,664 units, a year-on-year increase of 155.7% - Revenue increased by 174% year-on-year to 24.25 billion yuan - Gross margin rose to 14.1%, marking a historical high for the company in the first half of the year - Operating cash flow and free cash flow were both positive, with cash reserves amounting to 29.58 billion yuan, indicating strong financial health [2][3] Research and Development - R&D expenditure for the first half of the year reached 1.89 billion yuan, a year-on-year increase of 54.9%, with a doubling of the scale and computational resources of the intelligent driving team [3] - The company aims to leverage its strong cash flow and reserves to support future R&D and global expansion [3] Profitability Drivers - Scale effects are fundamental to Leap Motor's profitability, with main models like C10 and C11 achieving significant sales milestones - Over 65% of core components are self-developed, enhancing cost structure and competitive differentiation [5] - The company reported nearly 1.1 billion yuan in revenue from non-automotive sales, contributing to overall revenue growth [5] Sales and Market Strategy - The annual sales target has been adjusted to 580,000-650,000 units, with a goal of reaching 1 million units by 2026 - The product matrix will continue to expand with new models launching in the coming months [6] - The company plans to establish a localized production base in Europe by the end of 2026 [8] International Expansion - Leap Motor is pursuing international growth through a "reverse joint venture" model, aiming to leverage partnerships for faster development in global markets - As of mid-2025, the company has established over 600 outlets in approximately 30 global markets, with Europe contributing 1.85 billion yuan in revenue [8]

Core Viewpoint - Leap Motor has demonstrated aggressive growth expectations by raising its annual sales target to 650,000 units, reflecting a 155.7% increase in sales in the first half of the year, and achieving its first half-year net profit of approximately 33 million yuan [4][5][6]. Financial Performance - Leap Motor's total revenue for the first half of the year was approximately 24.25 billion yuan, with a growth rate faster than sales [5]. - The gross margin increased from 1.1% in the same period last year to 14.1%, with expectations to rise to around 15% in the second half of the year [5][6]. - Operating efficiency improved significantly, with revenue increasing by 15.37 billion yuan while R&D, marketing, and administrative expenses only rose by 1.53 billion yuan [6]. Strategic Initiatives - The company has adopted a cost control strategy focused on platformization and high commonality of parts, allowing for significant cost savings and improved bargaining power [10][11]. - The B series vehicles, which are priced between 100,000 to 150,000 yuan, have achieved monthly sales of over 10,000 units, showcasing the effectiveness of their aggressive pricing and configuration strategy [11]. Market Positioning - Leap Motor aims to challenge the high-end market with the upcoming D series, priced between 200,000 to 250,000 yuan, set to be unveiled in October [12]. - The company prioritizes scale over short-term profits, with a target of 1 million annual sales as a survival line [12]. Industry Context - The Chinese automotive market is experiencing intense competition, with many companies adopting conservative growth expectations, contrasting with Leap Motor's aggressive stance [5][13]. - The rapid evolution of technology and market dynamics is pushing the industry into a high-investment, high-risk environment, where no company can feel completely secure [13][14].