3月10日，零跑发布了LEAP 3.5技术架构，采用高通8650芯片和高通8295智能座舱芯片的组合方案，实现了组合辅助 驾驶的舱驾一体，同时将区域控制器布置在一个总区域控制器中，实现了高集成度的中央域控。今年上半年，零跑智 能驾驶的智驾团队规模和算力资源投入均提升近100%。零跑计划在2025年下半年进一步加大端到端和VLA技术的研 发资源，并在2025年年底前实现城市NOA组合辅助驾驶能力。 今年上半年，零跑汽车在海外市场的销量实现稳步增长。今年前7个月，零跑汽车的累计出口量为24980辆。其中，7 月欧洲订单量超过4000辆。首批B10车型已于7月运往欧洲，将于9月在慕尼黑车展正式上市。截至2025年6月底，零跑 国际在欧洲、中东、非洲和亚太等约30个国际市场建立了约600家兼具销售与售后服务功能的网点，其中欧洲超过550 家，在亚太市场近50家。 4月18日，零跑与Stellantis集团宣布在Stellantis集团的的马来西亚吉打州的Gurun工厂启动零跑C10马来西亚本地化组装 项目。零跑还计划于2026年底前建立欧洲本土化生产基地。 在国内，零跑汽车计划在2025年下半年继续推进空白城市渠道下 ...

Core Viewpoint - The company, Leap Motor, reported exceptional Q1 2025 financial results, achieving a revenue of 10.02 billion yuan, a year-on-year increase of 187.1%, and a significant reduction in net loss to 130 million yuan, outperforming market expectations of over 500 million yuan in losses [1] Financial Performance - Revenue reached 10.02 billion yuan, marking a 187.1% year-on-year growth [1] - Gross margin improved to a historical high of 14.9% [1] - Net loss narrowed to 130 million yuan, significantly better than the expected loss of over 500 million yuan [1] - Positive operating cash flow of 340 million yuan for the quarter, with a total of 8.471 billion yuan for the year 2024 [1] - Cash and cash equivalents totaled 25.7 billion yuan as of March 2025 [1] Market Position and Sales - The company delivered approximately 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1%, solidifying its position as the leading new force in the automotive sector [2] - The C series accounted for 67,812 units delivered, representing 77.5% of total sales, with a 4.9% increase in single-vehicle revenue [2] - In April, total deliveries reached 41,039 units, a 173% year-on-year increase, making it the only new force brand to surpass 40,000 units in monthly sales [5] Product Development and Innovation - The launch of the B10 model in April has seen over 10,000 units delivered, contributing to the sales growth [2] - The company introduced the LEAP 3.5 technology architecture, enhancing its smart driving capabilities and integrating advanced hardware [5][6] - The B10 is the first model to feature the LEAP 3.5 architecture, making it a competitive product in the 120,000 yuan price range [5] International Expansion - The company has expanded its market presence to 23 international markets, including Europe, the Middle East, Africa, Asia-Pacific, and South America [9][10] - The C10 model was launched in Europe in January 2025, with deliveries starting in March 2025 [9] - Plans for local assembly in Malaysia for the C10 model are set to begin by the end of 2025 [10] Investor Sentiment - The company's strong performance has attracted positive market sentiment, with significant share purchases by the founder and CEO, totaling over 3 billion HKD [12] - Investment banks have raised their target prices for the company, with Citigroup increasing its target from 50.1 HKD to 74.2 HKD [12]

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 66, corresponding to a valuation of HKD 885 billion, which is 1.5x the estimated 2025 P/S ratio [4][7]. Core Views - Leap Motor achieved profitability in Q4 2024, with expectations for full-year profitability in 2025. Q4 2024 sales exceeded 120,000 units, leading to revenue of RMB 13.44 billion and a gross margin improvement of 6.6 percentage points year-on-year to 13.3% [1][4]. - The launch of the LEAP 3.5 technology architecture and the B10 model is expected to drive strong product cycles, with pre-sale orders for the B10 model reaching 31,688 units within 48 hours [2][4]. - A strategic partnership with FAW aims to enhance cost and scale advantages through joint development and component cooperation, potentially lowering production costs [3][4]. Financial Summary - The projected sales volume for Leap Motor is expected to exceed 500,000 units in 2025, with total revenue forecasted at RMB 54.94 billion, reflecting a year-on-year growth rate of 71% [4][13]. - The company anticipates a net profit margin of 0.6% in 2025, improving to 6.2% by 2027, with net profit estimates of RMB 336 million in 2025 and RMB 6.036 billion in 2027 [4][12]. - Key financial metrics include a projected revenue of RMB 32.16 billion in 2024, increasing to RMB 54.94 billion in 2025, with a gross profit of RMB 5.968 billion and a gross margin of 10.9% [6][13].