国海证券发布研报称，看好零跑汽车(09863)未来发展，维持"增持"评级。公司务实高效，2025年上半 年完成半年度转盈，该行预计公司2025-2027年实现营业收入641.9、1002.6、1281.3亿元，同比增速为 100%、56%、28%;实现归母净利润9.4、44.2、64.1亿元，同比转盈、+371%、+45%;EPS为0.66、3.11、 4.51元。 该行表示，10月16日，零跑汽车发布旗舰D平台、D19旗舰车型首度亮相。10月20日，公司发布公告， 基于对公司未来发展的强烈信心，于近期公司股东、董事长兼首席执行官朱江明先生及公司股东傅利泉 先生合共购入324.35万股公司H股，平均价格为每股股份约63.19港币。该行认为公司管理层增持体现了 对公司未来发展的强烈信心，看好公司长期的发展。 ...

Core Viewpoint - Guohai Securities expresses optimism about Leap Motor's future development, maintaining a "Buy" rating for the company [1] Financial Projections - The company is expected to achieve operating revenues of 64.19 billion, 100.26 billion, and 128.13 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 100%, 56%, and 28% respectively [1] - The projected net profit attributable to shareholders is 0.94 billion, 4.42 billion, and 6.41 billion yuan for the same period, indicating a turnaround and growth rates of +371% and +45% [1] - Earnings per share (EPS) are forecasted to be 0.66, 3.11, and 4.51 yuan for 2025, 2026, and 2027 respectively [1] Recent Developments - On October 16, Leap Motor unveiled its flagship D platform and the D19 flagship model [1] - On October 20, the company announced that its chairman and CEO, Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 3.2435 million shares of the company's H shares at an average price of approximately 63.19 HKD per share, reflecting strong confidence in the company's future [1] - The management's share purchase is seen as a strong signal of confidence in the company's long-term development [1]