Core Viewpoint - The establishment of a joint venture between Zhongxin Innovation and Leap Motor signifies a trend of vertical integration in the new energy sector, particularly in the supply chain of power batteries, which are crucial for electric vehicles [2]. Group 1: Joint Venture and Industry Trends - The National Market Regulation Administration approved the joint venture between Zhongxin Innovation and Leap Motor, with a review date set for August 15, 2025 [2]. - This partnership indicates a shift from a supplier-customer relationship to deeper equity cooperation, reflecting the growing trend of vertical integration in the new energy industry [2]. - Power batteries are identified as the core component and cost center of electric vehicles, prompting many automakers to enhance supply chain collaboration to ensure supply stability and technological uniqueness [2]. Group 2: Company Performance - Leap Motor achieved a revenue of 24.25 billion yuan in the first half of 2025, marking a year-on-year increase of 174%, and reported a net profit of 30 million yuan, a significant turnaround from a net loss of 2.21 billion yuan in the same period of 2024 [3]. - The gross margin for Leap Motor reached 14.1%, up 13% year-on-year, representing the highest level since the company's inception [3]. - Leap Motor's total delivery volume for the first half of 2025 was 221,700 units, a year-on-year increase of 155.7%, making it the top-selling brand among new forces in China [3]. Group 3: Future Projections - Leap Motor anticipates third-quarter sales to be between 170,000 and 180,000 units, with a full-year sales target of 580,000 to 650,000 units for 2025, and aims to challenge the 1 million unit sales target by 2026 [3]. - As of July 2025, Leap Motor's cumulative sales reached 271,793 units, reflecting a year-on-year growth of 149% and setting a historical record [3].

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. ...

Group 1 - The Zhejiang Provincial Disabled Persons Welfare Foundation launched the third phase of the technology assistance project for limb-disabled individuals, aiming to recruit 100 beneficiaries for free installation of smart bionic legs [1][3] - Leap Motor, as a charitable donor for the project, encourages limb-disabled individuals in need to apply through official channels, aligning with its mission of providing high-quality, well-configured electric vehicles through continuous technological innovation [1][3] - The project addresses the dual challenges of limited functionality of traditional prosthetics and the high cost of smart prosthetics, promoting a collaborative model involving government, charitable enterprises, and technology companies [3] Group 2 - Leap Motor, founded in 2015, is a technology-driven smart electric vehicle company headquartered in Hangzhou, Zhejiang Province, focusing on the design, research, and manufacturing of electric vehicles and related technologies [3] - The company has a self-research and manufacturing ratio of 65% in its core components, having introduced several industry-leading technologies, including the first eight-in-one electric drive and the first mass-produced CTC battery chassis integration technology [3] - In 2023, Stellantis Group invested in Leap Motor, and in May 2024, they established a joint venture to expand into international markets [3]

Core Insights - The April sales data for various new energy vehicle companies shows a continued upward trend for both traditional brands and new car manufacturers, indicating a robust market performance during the holiday period [1] Traditional Brands' Performance - BYD sold over 380,100 new energy vehicles in April, with passenger car sales reaching 372,615 units, a year-on-year increase of 19.4%. The main brands, Dynasty and Ocean, contributed over 340,000 units, growing by 16.5% [2] - Geely's total sales reached 234,112 units in April, a 53% increase year-on-year. New energy vehicle sales reached 125,563 units, up 144%, accounting for 54% of total sales, marking a historical high [4] - Chery Group's total sales were 200,760 units, a 10.3% increase. New energy vehicle sales reached 61,223 units, up 85.5% [6] - Great Wall Motors' wholesale sales were 100,061 units, a 5.55% increase, with new energy vehicle sales at 28,813 units, up 28.42% [8] New Forces in the Market - Leap Motor achieved a delivery volume of 41,039 units in April, a 172% year-on-year increase, driven by its competitive pricing strategy and new model launches [9] - XPeng Motors maintained a delivery volume of over 30,000 units, reaching 35,045 units, a 273% increase, supported by the popularity of models like MONA M03 and P7+ [11] - Li Auto delivered 33,939 new vehicles, a 31.6% increase, with a total of 126,800 units delivered in the first four months, achieving 18% of its annual target [13] - Xiaomi Auto delivered over 28,000 units in April, indicating stable consumer demand, with new models expected to drive future growth [13] Other Notable Performances - GAC Aion's sales reached 28,301 units, showing year-on-year growth but a decline compared to the previous month [15] - Lantu Motors achieved sales of 10,019 units, a 150% increase, with plans to launch an upgraded model soon [17] - NIO delivered 23,900 vehicles in April, a 53% year-on-year increase, benefiting from promotional policies [17]

Core Viewpoint - Leap Motor's performance has shown significant improvement, with a revenue increase of 92.1% year-on-year in 2024, reaching 32.16 billion, and a delivery growth of 103.8%, totaling 294,000 vehicles. However, the company still faces challenges in profitability and R&D investment compared to competitors [3][39][43]. Group 1: Financial Performance - In 2024, Leap Motor reported a revenue of 32.16 billion, a 92.1% increase year-on-year, and a net loss of 2.82 billion, with a loss rate narrowing to 8.8% [3][39]. - The company achieved a record gross profit margin of 13.3% in Q4 2024, with a net profit of 80 million, marking its first quarterly profit [3][39]. - As of March 2025, Leap Motor's cumulative deliveries reached nearly 690,000 vehicles, with a delivery ratio of C-series to T03 models approximately 6:4 [9]. Group 2: Sales and Market Position - In Q1 2025, Leap Motor delivered approximately 88,000 vehicles, ranking third among new energy vehicle manufacturers, with March deliveries reaching 37,100, making it the top performer in that month [5][6]. - The average selling price of vehicles has decreased from 116,000 in 2023 to 108,000 in 2024, indicating a shift away from the "mid-to-high-end" market segment [12][15]. Group 3: Cost Structure and Profitability - Leap Motor's raw material costs accounted for over 90% of total costs, making it difficult to significantly reduce per-vehicle costs despite increased production scale [21][25]. - The company's "idiot index" for raw material costs is 1.16, indicating a relatively low markup compared to competitors, which limits its ability to improve gross profit margins [25]. - R&D expenditures remain significantly lower than competitors, with 2023 spending at 2.9 billion, which raises concerns about future technological competitiveness [28][43]. Group 4: Comparison with Competitors - Compared to Li Auto, Leap Motor's gross profit margin is significantly lower, despite similar delivery numbers in Q1 2025 [18][39]. - In 2024, Leap Motor's gross profit was 2.69 billion, with a gross profit margin of 8.4%, while Li Auto's gross profit margin was 20.5% [35][43]. - Leap Motor's financial situation is better than Xiaopeng and NIO, but it still lags behind Li Auto in terms of profitability and R&D investment [43].