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零跑汽车(09863.HK):半年报符合预期 新车推动下增长空间广阔
Ge Long Hui· 2025-08-30 03:15
Group 1 - The company reported a significant increase in revenue and sales for the first half of 2025, achieving revenue of 24.25 billion yuan, a year-on-year increase of 174%, and sales of 222,000 vehicles, a year-on-year increase of 156% [1] - In Q2 2025, the company achieved revenue of 14.23 billion yuan, a year-on-year increase of 165% and a quarter-on-quarter increase of 42%, with sales of 134,000 vehicles, a year-on-year increase of 152% and a quarter-on-quarter increase of 53% [1] - The gross profit margin for the first half of 2025 was 14.1%, an increase of 13.0 percentage points year-on-year, while the net profit attributable to shareholders was 30 million yuan, marking a turnaround from losses [1] Group 2 - The B series has become a new driver for sales growth, with the B10 model contributing significantly to sales since its launch, achieving sales of 31,000 units in Q2 2025, accounting for 23.2% of total sales [2] - The B01 model, launched in July, continued the high cost-performance characteristics, securing 10,132 orders within 72 hours of its launch, indicating strong future sales potential [2] - The company expects to achieve over one million vehicle sales next year, driven by both domestic and overseas markets, with the D series expected to enhance gross profit margins [2] Group 3 - The company launched the Leap 3.5 architecture in March 2025, featuring advanced integrated control architecture and supporting high-level autonomous driving capabilities [3] - The company has maintained strong cost control, enabling the integration of laser radar into vehicles priced below 150,000 yuan, and has reserved over 1.5 EFLOPS of computing power [3] - The company has revised its revenue and net profit forecasts for 2025-2027, increasing revenue estimates from 62.6 billion yuan to 65.3 billion yuan for 2025, and net profit estimates from 200 million yuan to 700 million yuan for 2025 [3]
首次实现半年度盈利!零跑汽车上调年度销量指引
Mei Ri Jing Ji Xin Wen· 2025-08-21 13:56
Core Insights - Leap Motor reported a significant revenue increase of 174% year-on-year, reaching 24.25 billion yuan in the first half of 2025, with a net profit of 30 million yuan, marking its first positive half-year profit [1][2] - The company raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a target of 170,000-180,000 units for Q3 [1][4] - Leap Motor aims to achieve a sales target of 1 million units in 2026, supported by new model launches and existing series [1][3] Financial Performance - Revenue for the first half of 2025 was 24.25 billion yuan, a 174% increase from 8.85 billion yuan in the same period of 2024, driven by a significant rise in vehicle deliveries [2] - The total delivery volume reached 221,664 units, a 155.7% increase year-on-year, making Leap Motor the top-selling new energy vehicle brand in China [2] - The gross margin improved to 14.1%, up from 1.1% in 2024, nearing levels of competitors like Tesla and Li Auto [2][3] Research and Development - R&D expenditure for the first half of 2025 was 1.89 billion yuan, a 54.9% increase from 1.22 billion yuan in 2024, reflecting increased investment in smart driving technology [3] - The company plans to enhance its smart driving capabilities, aiming to reach a leading position in the domestic market by the end of 2025 [3] Market Strategy - Leap Motor plans to launch multiple new models in the second half of 2025, including the B05 at the Munich Auto Show and the D series, which will debut in Q1 2026 [5] - The company is focusing on maintaining a competitive edge in the domestic market while targeting 50,000-80,000 units in overseas sales without raising the current overseas sales target [5][6] - Leap Motor has initiated local assembly projects in Malaysia and plans to establish local production in Europe for its B series models [6]
零跑汽车(09863):销量连创新高,首次半年度盈利
HTSC· 2025-08-21 07:47
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 88.93 HKD [7][8] Core Insights - The company achieved record sales and reported its first half-year profit, with H1 2025 revenue reaching 24.25 billion HKD, a year-on-year increase of 174.15%, and a net profit of 0.33 billion HKD, marking a turnaround from losses [1][2] - The company is expected to maintain high revenue growth from 2025 to 2027, driven by strong sales momentum, competitive models across four major platforms, accelerated overseas market expansion, and strategic partnerships [1][5] Revenue Performance - In Q2 2025, the company sold 134,000 vehicles, a year-on-year increase of 152% and a quarter-on-quarter increase of 53%, with July sales exceeding 50,000 units [2] - The sales structure is improving, with B/C platform vehicles accounting for 57.6% and 24.4% of sales in Q2 2025, while the lower-priced T03 model's share decreased to 18.0% [2] Profitability - The company achieved a gross margin of 14.1% in H1 2025, a year-on-year increase of 13.0 percentage points, and a net profit margin of 1.1% in Q2 2025, reflecting improved cost management and sales structure [3][4] - The report anticipates stable gross margins moving forward, with Q2 2025 net profit expected to continue its upward trend [3] Future Outlook - A strong new vehicle cycle is anticipated in 2025-2026, with multiple new models set to launch across various platforms [4] - The company is expanding its domestic and international presence, with plans to increase its store coverage and accelerate localization efforts in overseas markets [4] - Strategic collaborations and self-manufactured core components are expected to enhance revenue and profitability [4] Earnings Forecast and Valuation - The earnings forecast has been revised upward, with projected sales of 640,000, 1,030,000, and 1,416,000 vehicles for 2025, 2026, and 2027 respectively, reflecting growth rates of 6.69%, 28.75%, and 37.16% [5][12] - Revenue projections for 2025, 2026, and 2027 are set at 74.53 billion, 128.73 billion, and 170.75 billion HKD, with corresponding net profits expected to reach 1.13 billion, 5.24 billion, and 8.25 billion HKD [5][15]
性价比之王成了新势力一哥
Hua Er Jie Jian Wen· 2025-08-21 06:50
Core Insights - Leap Motor has emerged as a leading player in the new energy vehicle sector, achieving significant growth in revenue and profitability during a traditionally slow sales season [2][3][5] - The company reported a remarkable increase in sales volume, reaching 221,700 units in the first half of the year, and aims to sell between 580,000 to 600,000 units by year-end [3][10] - Leap Motor's strategy focuses on cost control and self-research, allowing it to offer competitive pricing and advanced features, which has resonated well with consumers [7][8][19] Financial Performance - Leap Motor's revenue surged to 15.4 billion yuan, with a gross margin increase from 1.1% to 14.1% year-on-year, marking a significant turnaround to profitability [7][8] - The company achieved its first half-year net profit, becoming the second new force in the industry to do so after Li Auto [2][3] Market Strategy - The company plans to challenge the sales limit of 750,000 units per month and aims for a target of 1 million units by next year, which is considered a survival threshold [4][10][14] - Leap Motor is expanding its product lineup, with new models in the B series and plans for the A and D series to cover a broader price range [15][16] Competitive Landscape - The current market environment is characterized by aggressive pricing strategies, and Leap Motor is capitalizing on this by penetrating the 150,000 yuan segment effectively [7][19] - The company is also expanding its presence in overseas markets, with plans for local assembly in Malaysia and partnerships to enhance its global footprint [18][19] Future Outlook - Leap Motor's management is optimistic about continued growth, with expectations of significant sales increases in the upcoming months [9][10] - The company is positioning itself to become a top-tier player in the global automotive industry, with ambitious long-term sales targets [11][13][19]
招银国际:升零跑汽车(09863)目标价至80港元 料强劲销售势头持续
Zhi Tong Cai Jing· 2025-08-20 09:32
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:升零跑汽车目标价至80港元 料强劲销售势头持续
Zhi Tong Cai Jing· 2025-08-20 09:27
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。 ...
零跑汽车(9863.HK):二季度利润再次转正 上调全年销量指引
Ge Long Hui· 2025-08-20 03:07
Core Viewpoint - The company maintains a "Buy" rating for Leap Motor, raising the target price to HKD 83.0, indicating a potential upside of 22% [1] Group 1: Sales and Profitability - Leap Motor's revenue for Q2 reached RMB 14.23 billion, a year-on-year increase of 166% and a quarter-on-quarter increase of 42% [2] - The gross margin improved to 13.6%, up 10.8 percentage points year-on-year, although it decreased by 1.3 percentage points quarter-on-quarter [2] - The company achieved an operating profit of RMB 61.37 million, marking its first positive result, exceeding both internal and market expectations [2] - Net profit for Q2 was RMB 16.3 million, returning to profitability after Q1 [2] Group 2: Sales Guidance and Future Outlook - The company has raised its sales guidance for 2025, expecting Q3 vehicle sales to be between 170,000 and 180,000 units, and adjusting the annual sales target to a range of 580,000 to 650,000 units [2] - With the growth in sales volume and the completion of model transitions, there is potential for further improvement in gross margin in the second half of the year, with an annual gross margin expected to reach 14%-15% [2] - The company aims to control expenses, projecting an annual profit of RMB 500 million to 1 billion [2] Group 3: Valuation - The company is valued using a sum-of-parts approach, applying a price-to-sales ratio of 1.6x for automotive sales/services and 2.0x for other revenues, leading to a target price of HKD 83.0, corresponding to a target price-to-sales ratio of 1.6x [2]
新势力又一盈利新王浮现:零跑上半年营收翻1.7倍,下半年继续"量价齐升"?
3 6 Ke· 2025-08-19 09:42
Core Viewpoint - The Chinese electric vehicle market in 2025 is characterized by intense competition, with companies like Leap Motor setting ambitious sales targets, aiming for a significant increase in both volume and profitability, challenging the notion that new entrants cannot achieve profitability [1][3]. Group 1: Financial Performance - Leap Motor's revenue for the first half of 2025 reached 24.249 billion yuan, a 174% increase from 8.845 billion yuan in the same period last year, significantly outpacing the industry average and the company's own sales growth of 155.7% [3][4]. - The company achieved a net profit of approximately 33 million yuan, a turnaround from a loss of over 2.2 billion yuan in the previous year, making it the second new force after Li Auto to report a half-year profit [3][4]. - Leap Motor's gross margin improved dramatically from 1.1% to 14.1%, with expectations to reach around 15% in the second half of the year [3][4]. Group 2: Strategic Focus - Leap Motor's success is attributed to a dual strategy of cost control and product structure optimization, with sales costs increasing by only 137.9%, significantly lower than revenue growth [4][5]. - The company has shifted from a "money-for-market-growth" approach to a model that emphasizes efficiency for profit growth, with a revised sales target of 580,000 to 650,000 units for 2025 [5][6]. Group 3: Competitive Positioning - Leap Motor differentiates itself by targeting the mass market with high-value configurations, avoiding the pitfalls of the high-end market, and leveraging a platform strategy that enhances cost control through high parts commonality [6][7]. - The company employs a "light asset" strategy, utilizing leasing and contract manufacturing to minimize capital expenditure while maintaining cost control through centralized procurement and strict expenditure oversight [7][8]. Group 4: Market Challenges and Future Outlook - Despite its achievements, Leap Motor faces significant competition from established players like BYD, which has a strong market presence and vertical integration advantages [8][9]. - The company plans to launch its D series, targeting the 200,000 to 250,000 yuan segment, which will face intense competition from brands with higher recognition and established technological advantages [9][10]. - Leap Motor aims to enhance its smart driving capabilities and is investing heavily in R&D to compete with industry leaders by the end of 2025 [10][11].
首次实现半年度盈利!零跑汽车上调年销指引,副总裁“剧透”新车发布、海外建厂规划
Mei Ri Jing Ji Xin Wen· 2025-08-19 01:47
Core Insights - Leap Motor reported a significant revenue increase of 174% year-on-year, reaching 24.25 billion yuan in the first half of 2025, with a net profit of 30 million yuan, marking its first positive half-year profit after a loss of 2.21 billion yuan in the same period last year [1][2] - The company raised its annual sales guidance from 500,000-600,000 units to 580,000-650,000 units, with a projected third-quarter sales volume of 170,000-180,000 units [1][4] - Leap Motor aims to challenge a sales target of 1 million units in 2026, with expectations for growth in existing B and C series models and new A and D series models [1][4] Financial Performance - The revenue growth was primarily driven by a substantial increase in vehicle and parts deliveries, with total deliveries reaching 221,664 units in the first half of 2025, a 155.7% increase compared to the same period in 2024 [2] - The gross margin for the first half of 2025 was 14.1%, up from 1.1% in 2024, marking a historical high for the company, approaching levels seen in Tesla and Li Auto [2][3] - The automotive gross margin was approximately 12%, indicating contributions from non-automotive sales such as carbon credit trading and technology licensing [2][3] Research and Development - Leap Motor increased its R&D expenditure to 1.89 billion yuan in the first half of 2025, a 54.9% rise from 1.22 billion yuan in 2024, reflecting enhanced R&D efforts and personnel growth [3] - The company is focusing on smart driving technology, aiming to elevate its capabilities to the top tier in China by the end of 2025 [3] Market Strategy - Leap Motor achieved a monthly sales record of 50,000 units in July 2025 and has seen daily orders exceed 3,000 units [4][6] - The company plans to launch multiple new models in the second half of 2025, including the B05 at the Munich Auto Show and the D series models [4][6] - Leap Motor is pursuing local production in Europe, with plans to double overseas sales next year and further increase in subsequent years [8][9]
零跑狂按加速键
Hua Er Jie Jian Wen· 2025-05-20 13:17
Core Viewpoint - Leapmotor has achieved significant growth in Q1, with revenue nearly doubling year-on-year, surpassing 10 billion yuan, and achieving a historical high gross margin of 15% despite being in a traditionally slow sales season [4][5]. Financial Performance - Leapmotor's Q1 revenue reached over 10 billion yuan, marking a nearly 100% year-on-year increase [4]. - The gross margin improved to 15%, driven by strategic cooperation income of approximately 300 million yuan, contributing around 200 million yuan to gross profit [4]. - Excluding the impact of cooperation, the actual gross margin was 13.3%, which still exceeded expectations and remained stable compared to the previous quarter [4][5]. Market Position and Strategy - Leapmotor has consistently outperformed market expectations for three consecutive quarters, with an increasing market share in the new energy vehicle sector [5]. - The company aims to achieve annual sales of 500,000 to 600,000 vehicles, targeting a gross margin of 10-12% and breakeven for the year [5][10]. - Leapmotor's sales structure has shifted, with a notable increase in the sales ratio of lower-priced models, contributing to a rise in average vehicle price by 3,000 yuan to 114,000 yuan [4]. Product Development and Sales Strategy - Leapmotor plans to launch several new models, including the B05 at the Chengdu Auto Show in August and updates to the C series in June and July [6]. - The company has set a sales target of 130,000 to 140,000 vehicles for Q2, translating to monthly sales of approximately 43,000 to 47,000 units [6]. - Leapmotor has become the sales champion among new car manufacturers in April, delivering 41,000 vehicles [6]. Expansion Plans - The company aims to expand its retail network to over 1,000 stores this year, enhancing its presence in key automotive markets [8]. - Leapmotor has revised its overseas sales target to 50,000 to 80,000 units, up from the initial estimate of 50,000 to 60,000 units, due to strong early performance [8][9]. - The company is accelerating its overseas channel development, with a net increase of 100 European channels in Q1, leveraging Stellantis' brand recognition for market entry [9]. Production and Supply Chain - Leapmotor is addressing battery production capacity issues that have affected the recent rollout of the B10 model, with expectations for resolution by late May [10]. - The company anticipates that the upcoming B01 model's launch and delivery will not be impacted by supply chain constraints, allowing for greater contribution from the B series to overall sales [10]. Market Outlook - Analysts suggest that Leapmotor has at least 30% growth potential in market valuation, positioning the company to reach a market capitalization of over 100 billion yuan [10].