Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [12]. Core Insights - The company achieved a revenue of 64.73 billion yuan in 2025, representing a year-on-year growth of 101.3%. The gross margin reached a record high of 14.5%, up by 6.1 percentage points year-on-year, with a quarterly gross margin of 15% in Q4 2025 [5][6]. - The company turned profitable in 2025 with a net profit of 540 million yuan, marking a significant turnaround from previous losses [5][6]. - The company is set to launch new models in 2026, including the A series and D series, which are expected to fill gaps in its current product lineup and contribute to increased sales [8]. Financial Performance Summary - Revenue projections for the company are as follows: 32.16 billion yuan in 2024, 64.73 billion yuan in 2025, 100.81 billion yuan in 2026, 138.68 billion yuan in 2027, and 163.5 billion yuan in 2028, with growth rates of 92%, 101%, 56%, 38%, and 18% respectively [4]. - The net profit forecast shows a recovery trajectory with estimates of -2.82 billion yuan in 2024, 538 million yuan in 2025, 4.82 billion yuan in 2026, 7.35 billion yuan in 2027, and 9.25 billion yuan in 2028, indicating a year-on-year growth of 33%, 119%, 796%, 52%, and 26% respectively [4]. - The company’s gross margin is projected to improve slightly to 15.1% in 2026 and further to 15.3% by 2028 [10]. Market Position and Expansion - The company ranked first among new energy vehicle manufacturers in terms of export volume, with 67,000 units exported in 2025 and over 100,000 units cumulatively by February 2026 [7]. - The company is actively expanding into the South American market, having launched models in Brazil and established a significant presence in Europe with over 800 outlets [7]. - The upcoming production of the B10 model in Spain is expected to enhance the company's local manufacturing capabilities and support its international growth strategy [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [12] Core Insights - The company achieved a revenue of 64.73 billion yuan in 2025, representing a year-on-year growth of 101.3%. The gross margin reached a record high of 14.5%, up by 6.1 percentage points year-on-year, with a quarterly gross margin of 15% in Q4 2025 [5][6] - The company turned profitable in 2025 with a net profit of 540 million yuan, marking a significant turnaround from previous losses [5][6] - The company is set to launch new models in 2026, including the A series and D series, which are expected to fill gaps in the current product lineup and contribute to increased sales [8] Financial Performance Summary - Revenue projections for the company are as follows: 32.16 billion yuan in 2024, 64.73 billion yuan in 2025, 100.81 billion yuan in 2026, 138.68 billion yuan in 2027, and 163.5 billion yuan in 2028, with growth rates of 92%, 101%, 56%, 38%, and 18% respectively [4] - The company’s net profit is projected to reach 4.82 billion yuan in 2026, 7.35 billion yuan in 2027, and 9.25 billion yuan in 2028, with year-on-year growth rates of 796%, 52%, and 26% respectively [4] - The earnings per share (EPS) is expected to be 0.38 yuan in 2025, 3.39 yuan in 2026, 5.17 yuan in 2027, and 6.51 yuan in 2028 [4] Market Position and Expansion - The company ranked first among new energy vehicle manufacturers in terms of export volume, with 67,000 vehicles exported in 2025 and over 100,000 cumulative exports by February 2026 [7] - The company is actively expanding into the South American market, with new models launched in Brazil and plans for further growth in this region [7] Future Outlook - The introduction of the A and D series models is anticipated to drive domestic sales upward, while the new factory in Spain is expected to commence production of the B10 model in October 2026 [8] - Despite adjustments in profit forecasts due to industry challenges, the company is expected to maintain strong growth driven by new vehicle cycles and international expansion [8]

2025 年度扭亏为盈，看好 A 系列和 D 系列新车 零跑汽车实现全年盈利。零跑汽车 25Q4 实现 20.1 万销量，同比增长 66%，带动 收入实现 210 亿元，同比增长 56.1%。2025 年全年实现 59.7 万销量，连续两年 销量翻倍，收入同比翻倍至 647 亿元。2025 年全年汽车收入/服务及其他销售收 入分别为 620.1/27.2 亿元，服务及其他收入大幅增长主要是由于海外整车销量大 幅增长，带动相关碳积分交易收入增加，其绝对值大约为 10 亿元左右。25Q4 综 合毛利率达到 15%，其中汽车毛利率大约 12%；2025 年全年毛利率提升 6.1pct 至 14.5%，主要是由于持续的成本管理、产品组合的优化、其他业务收入。由于 品牌力的建设和营销活动的增加，Q4 销售费用明显增加，Q4 公司归母净利润实 现 2.3 亿元，同比增长 177%。2025 年全年归母净利润实现 5.4 亿元，首次实现 年度的扭亏为盈，也使得零跑成为第二家实现年度盈利的中国新势力车企；调整 后归母净利润 10.8 亿元。 展望 2026 年，公司维持 100 万销量、50 亿利润的指引。2025 年公司销 ...

Investment Rating - The report maintains a "Buy" rating for Leap Motor, with a target price of HKD 72, corresponding to a valuation of HKD 1,030 billion, based on 18x 2026e P/E and 0.8x 2026e P/S [4][6]. Core Insights - Leap Motor is expected to achieve profitability in 2025, with a projected sales volume of 597,000 units, doubling sales for two consecutive years, and revenue reaching HKD 64.7 billion, a year-on-year increase of 56.1% [1][2]. - The company plans to launch four new models in 2026, including the A10 and D19, to sustain strong sales growth [2]. - Leap Motor's overseas market expansion is progressing steadily, with 67,000 units exported in 2025, leading the Chinese new energy vehicle sector [3]. Financial Performance - In Q4 2025, Leap Motor achieved a net profit of HKD 230 million, a year-on-year increase of 177%, and a full-year net profit of HKD 540 million, marking its first annual profit [1]. - The gross margin for 2025 improved by 6.1 percentage points to 14.5%, driven by cost management and product mix optimization [1]. - The company anticipates a revenue of HKD 112.6 billion in 2026, with a net profit of HKD 5 billion, and aims for a profit target of HKD 5 billion for 2026 [2][4]. Sales and Market Strategy - Leap Motor's sales network covers 295 cities with 950 sales stores and 526 service centers, aiming to enhance channel quality through investor programs [2]. - The company is focusing on local production in Spain, with plans to start production of the B10 model in October 2026 [3]. - The sales volume forecast for 2026-2028 is 1 million, 1.42 million, and 1.61 million units, respectively, with corresponding revenues of HKD 1,126 billion, HKD 1,618 billion, and HKD 1,772 billion [4].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [6]. Core Insights - The company achieved a revenue of 64.73 billion yuan in 2025, marking a year-on-year growth of 101.3%, and a net profit attributable to shareholders of 540 million yuan, indicating a turnaround from losses [2]. - The launch of the B series new cars significantly boosted sales and revenue, with Q4 2025 automotive business revenue reaching 202 million yuan, a year-on-year increase of 53.7% [3]. - The company is expanding its global footprint, with a focus on localizing operations in key markets such as Europe and South America, having established around 900 sales service outlets in approximately 40 international markets by the end of 2025 [4]. - The company is in a strong new product cycle, with four major product series set to launch in 2026, which is expected to drive sales growth and help achieve an annual sales target of one million units [5]. Financial Summary - The company is projected to achieve net profits of 4.65 billion yuan, 6.75 billion yuan, and 7.22 billion yuan for the years 2026, 2027, and 2028, respectively [6]. - The report indicates a significant improvement in gross margin, with Q4 2025 gross margin at 15.0%, up 1.8 percentage points year-on-year [3]. - The company’s revenue growth rate is expected to stabilize at 53.52% in 2026, following the substantial growth of 101.25% in 2025 [11].

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨零跑汽车（09863.HK） [Table_Title] 零跑汽车点评：1-2 月销量超 6.0 万辆，期待后 续 A&D 系列新车上市 报告要点 [Table_Summary] 零跑汽车 2 月交付 28,067 辆，同比增长 11.0%，环比下降 12.5%。展望未来，公司国内新车 周期带来销量持续增长，海外与 Stellantis 合作实现轻资产出海，打开全球销量空间。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% 1 [Table_scodeMsg2] 零跑汽车（09863.HK） cjzqdt11111 [Table_Title 零跑汽车点评：2] 1-2 月销量超 6.0 万辆，期待后 续 A&D 系列新车上市 [Table_Summary2] 事件描述 零跑汽车 2 月交付 28,067 辆，同比增长 11.0%，环比下降 12.5%。 事件评论 丨证券研究 ...

Core Insights - Leap Motor has achieved significant growth in both scale and efficiency, with a monthly delivery volume of 32,059 units in January 2026, marking a 27% year-on-year increase despite a market downturn [1] - The company aims to sell 1 million vehicles annually by 2026, with a long-term goal of becoming a world-class smart electric vehicle manufacturer [6] Group 1: Market Performance - In 2023, Leap Motor delivered 144,000 vehicles, and this number is expected to double to nearly 300,000 in 2024 [2] - The company set an ambitious target of 500,000 units for 2025, ultimately achieving close to 600,000 units, representing a 103% year-on-year growth and a target achievement rate of 119.3% [2] - Leap Motor maintained its position as the top seller among new forces in the automotive sector for ten consecutive months from March to December 2025, with overseas exports exceeding 67,000 units [2] Group 2: Product Development - Leap Motor has established a diverse product lineup, including four major series and the Lafa 5, covering various vehicle types from A0 to D levels, and offering both pure electric and range-extended options [4] - The C series, particularly the C10 model, has achieved a monthly sales record of 20,000 units, while the upcoming A series aims to target the 100,000 yuan market with features like a 500 km range and advanced smart driving capabilities [4] - The Lafa 5 Ultra is set to launch in the second quarter of 2026, featuring enhanced power and new design elements [4] Group 3: Strategic Goals and Investments - Leap Motor has received over 9 billion yuan in investments from various local governments and strategic partnerships, including a significant investment from Stellantis [6] - The company has achieved profitability ahead of schedule in Q4 2024, becoming the second new force to do so, and has been included in the Fortune China 500 and China Private Enterprises 500 lists [6] - Leap Motor's global strategy includes plans to establish over 800 sales outlets in 35 countries by 2026, with a target of exceeding 100,000 units in overseas sales [6][7] Group 4: Industry Recognition - Leap Motor has been recognized by major media outlets as a leading player in the new energy vehicle sector, with its founder emphasizing the importance of mastering core technologies for future success [8]

Core Insights - Leap Motor celebrated its 10th anniversary, showcasing its journey in the automotive industry and unveiling its strategic plan for the next decade [1] - The company has achieved significant milestones, including over 1.2 million cumulative deliveries and a projected annual sales of nearly 600,000 units by 2025, positioning itself as a leader among new automotive forces in China [1] Group 1: Company Achievements - Leap Motor has established a global network of over 1,800 sales outlets, with more than 800 located overseas, and has entered 35 countries and regions [1] - The company has achieved consecutive quarterly profitability and expects to export 60,000 units in 2025, aiming to be the top seller among new forces in overseas markets [1] Group 2: Technological and Product Development - Leap Motor's core advantage lies in its "full self-research" approach, which has led to a competitive in-house parts system and a high R&D personnel ratio of 80% [2] - The company has developed a comprehensive product lineup, including the A, B, C, and D series, covering various vehicle types and offering both pure electric and range-extended options [2] Group 3: Future Goals and Strategy - Leap Motor aims to become a world-class automaker with an annual sales target of 4 million vehicles, setting 2026 as the year to break the 1 million sales mark [3] - The company will focus on five key areas for the next decade: technological innovation, product innovation, ecosystem development, localized industrial layout, and refined marketing management [3]

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge, but several companies achieved substantial annual growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO saw a 46.88% year-on-year increase. Li Auto, however, struggled to regain its peak performance due to unmet expectations in its pure electric strategy [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, marking a year-on-year increase of 42.11%, and achieved a total of 596,555 deliveries for the year, a 103.1% increase, setting a new record for new energy vehicle sales [2][3]. - NIO's December deliveries reached 48,135 vehicles, a historical monthly high with a year-on-year growth of 54.59%. The total deliveries for 2025 amounted to 326,028 vehicles, reflecting a 46.88% increase [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 for the year, representing an 18.81% decline. However, it became the first new energy brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved 429,445 deliveries in 2025, a significant year-on-year increase of 125.94%, although December deliveries were 37,508, falling short of its quarterly guidance [9]. Group 2: Market Trends and Future Outlook - The absence of a year-end surge in the 2025 car market was confirmed by industry analysts, with government policies expected to stabilize the market in 2026 [11]. - Leap Motor aims to reach a delivery target of one million vehicles in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model has become a key contributor to sales, with a significant number of orders expected to mitigate performance dips in early 2026 [5]. - Li Auto is focusing on expanding its overseas market presence to alleviate domestic competition pressures [7]. - Xpeng Motors plans to introduce seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - Leap Motor plans to issue 74.832 million domestic shares to FAW at a price of HKD 50.03 per share, totaling HKD 3.744 billion. Approximately 50% of the funds will be allocated for R&D, 25% for operational capital, and 25% for expanding sales and service networks [2][4][6]. - The company is expected to benefit from a strong domestic new car cycle, driving continuous sales growth, while its partnership with Stellantis will facilitate a light-asset overseas expansion, enhancing global sales potential [4][6]. - The projected net profits for Leap Motor from 2025 to 2027 are estimated at CNY 6.3 billion, CNY 5.0 billion, and CNY 8.37 billion, with corresponding P/E ratios of 102.5X, 13.0X, and 7.7X [4]. Summary by Relevant Sections Domestic Market - The company leverages its technological foundation to create a strong price-performance ratio, which is expected to enhance sales during the ongoing new car cycle. Scale effects and product structure optimization are anticipated to improve profitability [4][6]. Overseas Market - The collaboration with Stellantis, the fourth-largest automotive group globally, allows Leap Motor to utilize Stellantis's extensive sales and after-sales network and production capacity for a rapid and flexible overseas expansion. This partnership is expected to yield significant profit contributions from high single-vehicle profitability [4][6]. Product Development and Sales Network - Leap Motor plans to launch 2-3 new products globally each year over the next three years, with several models already introduced in 2025. The company has established a robust domestic sales network with 866 sales outlets across 292 cities and has expanded its international presence with over 700 sales and service points in approximately 30 international markets [6].