Group 1 - The company achieved a revenue of 10.02 billion RMB in Q1 2025, representing a year-on-year increase of 187%, although it saw a quarter-on-quarter decline of 25.6% [1] - The gross margin reached 14.9%, benefiting from economies of scale and an increased proportion of high-margin C series models [1] - The company delivered 87,552 vehicles in Q1 2025, with cumulative deliveries exceeding 700,000 units, including over 100,000 units of the C10 model [1] Group 2 - The company launched the Leap3.5 architecture, enhancing the integration of intelligent driving, electric drive, battery, thermal management, and chassis systems [1] - A new B platform electric vehicle, the B10, was introduced with a price range of 109,800 to 139,800 RMB, featuring high-performance Qualcomm chips and competitive pricing [1] - The company signed a cooperation agreement with Stellantis for local assembly in Malaysia, marking a significant step in its global expansion with over 10% of exports in the first four months of 2025 [2] Group 3 - The company is projected to achieve revenues of 60.5 billion RMB, 82.4 billion RMB, and 98.8 billion RMB for 2024, 2025, and 2026 respectively, with net profits expected to grow significantly [2] - A target price of 88.03 HKD has been set, indicating a potential upside of 64.23% from the current price, with a buy rating assigned [2]

深度报告： 零跑汽车系列 车中旭霞 点评报告： 《零跑汽车系列四：2024Q4单季度扭亏为盈,新车型B10开启预售》-20250314 《零跑汽车点评：与Stellantis达成深度合作，三季报及10月销量表现优秀》-20231105 核心观点 零跑汽车发布2024年年报，全年收入高速增长，其中2024年第四季度单季度扭亏为盈 零跑汽车2024全年实现营收321.64亿元（+92.06%），归母净利润-28.21亿元，大幅收窄。其中四季度单季度净利润转 正，盈利0.8亿元，系公司成立来首次单季度实现盈利。毛利率大幅改善，2024全年毛利率8.38%，2024年第四季度， 公司毛利率高达13.3%，创下公司成立以来的单季毛利率新高。2024年全年销量超29万辆；2024年平均单车营收10.95 万元，较以往有所下降，单车成本10.03万元，规模效应带来显著的降本。 发布Leap3.5架构，更加智能化、更高集成度 从LEAP 3.0到LEAP 3.5，实现了以中央域控为底座，对智驾、智能、电驱、电池、热管理和底盘等技术进行了全新升 级。LEAP3.5首次搭载于B10之上，带来了同级领先的端到端高阶智驾、大模型旗舰 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company is expected to maintain high growth in revenue and sales, with projections of 50,000 units sold in 2025 and potential to reach 1 million units in the medium to long term [31][35] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06%. The net profit attributable to shareholders was -2.821 billion yuan, a significant reduction from previous losses [4][8] - The gross margin for the year was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The average revenue per vehicle in 2024 was 109,500 yuan, while the average cost per vehicle was 100,300 yuan, indicating a notable cost reduction due to scale effects [17] Product Development - The company introduced the Leap 3.5 architecture, enhancing the integration and intelligence of its vehicles, with the B10 model being the first to feature this new system [20][23] - The B10 model is positioned competitively in the market, with pre-sale prices ranging from 109,800 to 139,800 yuan, depending on the features [6][28] Future Projections - Revenue forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 58.302 billion yuan, 84.036 billion yuan, and 116.348 billion yuan respectively, reflecting a growth rate of 81.3%, 44.1%, and 38.5% [35] - The net profit projections for the same period are -0.72 billion yuan, 2.488 billion yuan, and 5.081 billion yuan, indicating a path towards profitability [35] Market Positioning - The company is positioned to benefit from the growing demand for high-performance electric vehicles, with a focus on cost control and product innovation [34][35] - The competitive landscape includes established players like NIO, Li Auto, and BYD, with the company expected to outperform these peers due to its unique product offerings and strategic partnerships [34]