智通财经APP获悉，招银国际研究发布研报称，零跑汽车(09863)次季净利润1.63亿元人民币，较该行预 期高1.15亿元人民币。该行料强劲的销售势头将持续至2026年，由新车型推出及海外生产布局所推动。 考虑到规模经济效益扩大及高利润的其他收入贡献提升，该行将零跑汽车今明两年净利润预测分别上调 220%及129%，至9.27亿及33亿元人民币。维持"买入"评级，目标价由72港元升至80港元。 管理层指引 第三季销量达17万至18万辆，或8至9月的月均销售达6万至6.5万辆，均好过该行预期。该行将2025年销 量预测升至60万辆。基于公司第三季销售指引，该行认为B01轿车可望获得市场积极反应，C16车型的 成功亦令该行对后续D系列车型更具信心。 该信息由智通财经网提供 ...

招银国际研究发布研报称，零跑汽车(09863)次季净利润1.63亿元人民币，较该行预期高1.15亿元人民 币。该行料强劲的销售势头将持续至2026年，由新车型推出及海外生产布局所推动。考虑到规模经济效 益扩大及高利润的其他收入贡献提升，该行将零跑汽车今明两年净利润预测分别上调220%及129%，至 9.27亿及33亿元人民币。维持"买入"评级，目标价由72港元升至80港元。 管理层指引第三季销量达17万至18万辆，或8至9月的月均销售达6万至6.5万辆，均好过该行预期。该行 将2025年销量预测升至60万辆。基于公司第三季销售指引，该行认为B01轿车可望获得市场积极反应， C16车型的成功亦令该行对后续D系列车型更具信心。 ...

Core Insights - Leap Motor has reported a strong half-year performance for 2025, achieving revenue of 24.25 billion yuan and a net profit of 33 million yuan, becoming the second new force in China's automotive industry to achieve profitability after Li Auto [2] - The company's profitability is based on a strategy of offering affordable models with an average price of around 100,000 yuan, challenging the notion that new energy vehicle companies must focus on high-end models to be profitable [2][3] - Despite its success, Leap Motor faces challenges in maintaining its profitability, improving gross margins, and increasing R&D investment while aiming for ambitious sales targets [2][6] Revenue and Sales Performance - Leap Motor's sales strategy focuses on high cost-performance vehicles, with models like the B01 sedan and B10 SUV achieving rapid sales growth, including over 22,170 vehicles delivered in the first half of the year, a 155.7% increase year-on-year [3][4] - The company has set an aggressive sales target for 2025, increasing its guidance from 500,000-600,000 units to 580,000-650,000 units, with a long-term goal of reaching one million units sold by 2026 [6][7] Strategic Partnerships and Global Expansion - Strategic partnerships, such as the collaboration with Stellantis, have been crucial for Leap Motor, generating 1.5 billion yuan in carbon credit trading income and facilitating overseas sales through shared channels [4][10] - Leap Motor has begun to establish a presence in international markets, exporting 20,375 vehicles in the first half of 2025 and achieving over 1% market share in Germany's BEV market [10][11] Challenges and Future Outlook - The company faces challenges in gross margin improvement, with a gross margin of approximately 12% in the first half of 2025, which is lower than competitors like Tesla and Li Auto [4][5] - Leap Motor's R&D spending of 1.89 billion yuan in the first half of 2025 is still lower than that of competitors, raising concerns about potential technological gaps in the future [5][6] - The company is also navigating the complexities of balancing short-term sales growth with long-term brand building, particularly in the competitive European market [11]