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零跑汽车20250825
2025-08-25 14:36
领跑汽车上调 2025 年销量指引至 58-65 万台,目标 2026 年冲击百万 台销量,并通过推出 B 级、A 系列(10 万元以内小型车)、D 系列(高 端 SUV,20 万元以内)等车型,实现产品线全覆盖。 2025 年一、二季度收入分别为 100 亿元和 142 亿元,单车均价分别为 11.4 万元和 10.6 万元。尽管二季度毛利率因价格调整略有下降(一季 度 14.9%,二季度 13.6%),但通过费用管控实现扭亏为盈,并预计 全年整车毛利率维持在 14-15%之间。 公司预计 2025 年实现收入 600 多亿元(对应 60 多万辆销量),归母 净利润 9.4 亿元。2026 年销量目标百万辆,预计收入达千亿级别,归 母净利润预计 44-50 亿元。 领跑汽车通过 2023 年推出 C11 SUV,成功将品牌定位从中低端市场提 升至 15 万元左右的中高端市场,并抓住小型电动车和增程式电动车的 市场机遇。 领跑汽车通过全域自研和平台化能力有效控制成本,例如,利用创始团 队在大华科技的技术积累,自主开发零部件,并采用多供应商比价策略。 Q&A 零跑汽车 20250825 摘要 领跑汽车在 202 ...
零跑汽车(09863):销量连创新高,首次半年度盈利
HTSC· 2025-08-21 07:47
证券研究报告 零跑汽车 (9863 HK) 港股通 销量连创新高,首次半年度盈利 2025 年 8 月 21 日│中国香港 乘用车 公司发布半年报,25H1 营收 242.50 亿元(yoy+174.15%),归母净利 0.33 亿元(同比转正),扣非净利-0.58 亿元(yoy-97.47%);Q2 营收 142.30 亿元(yoy+165.48%、qoq+42.01%),归母净利+1.63 亿元(24Q2 和 25Q1 分别为-12.00/-1.30 亿)。考虑到公司销量强力持续向上&看好 ABCD 四大 平台车型竞争力&海外市场拓展加速&战略合作和零部件业务等增厚业绩, 我们预计公司 25-27 年营收将保持高速增长并逐步释放盈利弹性,我们本次 上调公司盈利预测并上调目标价。维持买入评级。 收入:销量连创新高&结构优化,B/C 平台销量占比提升 1)25Q2 公司实现销量 13.4 万辆,同环比+152%/+53%,7 月销量再次新 高破 5 万,连续 5 个月位列新势力销冠;2)销量结构持续优化,25Q2 B/C 平台销量占比 57.6%/24.4%,价格较低的 T03 占比 18.0%,同环比-7. ...
零跑汽车(09863):点评:规模效应持续带动盈利提升,二季度业绩再超预期
Changjiang Securities· 2025-08-20 10:11
Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company focuses on self-research to create cost advantages, resulting in an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. For Q2 2025, revenue reached 14.23 billion CNY, with a gross margin of 13.6% and a net profit attributable to shareholders of 160 million CNY. The domestic new car cycle is expected to drive continuous sales growth, while collaboration with Stellantis opens up global sales opportunities [2][4][6]. Summary by Sections Company Performance - In Q2 2025, the company achieved a sales volume of 134,000 units, representing a year-on-year increase of 151.7% and a quarter-on-quarter increase of 53.2%. Revenue for the same period was 14.23 billion CNY, up 165.5% year-on-year and 42.0% quarter-on-quarter. The average revenue per vehicle was 106,000 CNY, with a year-on-year increase of 6,000 CNY [6]. Profitability - The gross margin for Q2 2025 was 13.6%, an increase of 10.9 percentage points year-on-year, while it decreased by 1.2 percentage points quarter-on-quarter. The improvement in gross margin was attributed to scale effects, cost reduction, product structure optimization, and income from other businesses. The net profit attributable to shareholders was 160 million CNY, marking a turnaround from loss, with a profit margin of 1.1% [6]. Future Outlook - The company is expected to sell 620,000, 910,000, and 1,210,000 vehicles in 2025, 2026, and 2027, respectively. The company plans to launch 2-3 new products globally each year, with the B10 and B01 already launched in 2025. The company aims to achieve localized manufacturing in Europe by 2026 [4][6].
从“二线”到“新势力”榜首 销量大涨156% 零跑首次实现半年度盈利
Hua Xia Shi Bao· 2025-08-19 13:45
Core Viewpoint - Leapmotor has significantly changed the perception of "new forces" survival rules in the electric vehicle market with its impressive half-year report, achieving a 156% surge in sales, a gross margin exceeding 14.1%, and its first half-year profit, positioning itself as a leader among new energy vehicle brands [2][3]. Financial Performance - In the first half of 2025, Leapmotor reported revenue of 24.25 billion yuan and a net profit of 30 million yuan, marking a turnaround from a loss of 2 billion yuan in the same period of 2024 [3]. - The gross margin increased from 1.1% in the previous year to 14.1%, surpassing the critical 10% profitability threshold [3]. - Operating cash flow reached 2.86 billion yuan, a tenfold increase year-on-year, while free cash flow improved to 860 million yuan from a negative 480 million yuan [3]. Sales and Delivery - Leapmotor's total delivery volume in the first half of 2025 reached 221,664 units, a year-on-year increase of 155.7%, setting a new record for the company [3]. - In July 2025, Leapmotor achieved a monthly delivery of over 50,000 units, becoming the first new energy vehicle company to reach this milestone in the year [3]. Product Strategy - The company launched two new models based on the B platform and upgraded three existing models on the C platform, effectively covering a broader range of consumer needs [4]. - The C10 model achieved cumulative global deliveries of over 100,000 units within 13 months, while the C11 surpassed 250,000 units by June 2025 [4]. Sales Network and Channel Strategy - Leapmotor expanded its sales network to 286 cities, with over 800 stores, focusing on channel penetration strategies [4]. - The "1+N" model and "Golden Seed" plan enhanced single-store operational efficiency and improved customer conversion rates through a digital retail system [4]. Research and Development - The company significantly increased its investment in R&D, particularly in intelligent driving, with team size and computational resources nearly doubling compared to the previous year [5]. - Leapmotor aims to enhance its R&D resources in end-to-end algorithms and VLA technology, targeting the launch of city NOA (Navigation Assisted Driving) by the end of 2025 [5]. Global Expansion - Leapmotor's international strategy is accelerating, with 20,375 units exported in the first half of 2025, capturing a 1% share of the competitive German BEV market [6]. - The new B10 model is set to launch in Europe, with plans for localized production and R&D by the end of 2026 [6][7]. Long-term Strategy - The company emphasizes a "long-termism" approach in its overseas strategy, prioritizing brand recognition and sustainable market share over immediate high margins [8]. - Leapmotor aims to establish a complete ecosystem covering R&D, manufacturing, sales, and service in key overseas markets, with a sales target of 1 million units by 2026 [8].
零跑汽车上半年营收243亿:运营亏损8863万,交付22.1万辆车
Sou Hu Cai Jing· 2025-08-19 08:16
浙江零跑科技股份有限公司(简称:"零跑汽车",股票代码:"9863")今日发布截至2025年6月30日的业绩报告,财报显示,零跑汽车2025年上半年营收 为242.49亿元,较上年同期的88.45亿元增长174%。 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | 人民幣千元 | 人民幣千元 | | | (未經審計) | (未經審計) | | 收益 | 24.249.601 | 8.845.408 | | 销售成本 | (20,823,968) | (8.745.183) | | 毛利 | 3,425,633 | 100,225 | | 銷售開支 | (1.405.355) | (902.653) | | 行政開支 | (789.558) | (435.015) | | 研發開支 | (1.894.331) | (1.221.285) | | 金融資產及合約資產減值虧損淨額 | (3,447) | (354) | | 其他收入 | 510,496 | 42,756 | | 其他收益一淨額 | 67,932 | 21,297 | | ...
全球化整车框架培训
2025-08-05 03:16
Summary of Conference Call Records Industry Overview - The global automotive industry, particularly focusing on the Chinese electric vehicle (EV) sector, is experiencing significant growth, with a notable increase in exports and a shift towards localization in production [1][6]. Key Points on Chinese EV Exports - In the first half of 2025, China's EV exports reached 1 million units, marking a 70% year-on-year increase, primarily driven by BYD's doubling of exports, while other manufacturers remained stable or saw slight declines [1][3]. - The total passenger car exports for 2025 are projected to be around 5.2 million units, reflecting an approximate 11% year-on-year growth, although this is below initial expectations [1][5]. - The decline in the Russian market, with a 25% drop in exports to CIS countries, has impacted overall growth, attributed to increased vehicle scrappage tax and stricter controls on parallel imports [3]. BYD's Performance - BYD's exports in the first half of 2025 approached 500,000 units, representing a 130% increase, with significant growth in the European market [4][10]. - Plug-in hybrid electric vehicles (PHEVs) accounted for about 40% of BYD's sales in Q1 2025, a 30 percentage point increase from 2023 [10]. - BYD is accelerating its overseas production base layout, with expectations to reach an overseas capacity of 1.5 million units by 2027 [4][10]. Leap Motor's International Strategy - Leap Motor, through its joint venture with Stantys, has launched the T03 and C10 models in Europe, maintaining monthly retail sales around 2,000 units [1][7]. - The wholesale monthly export figures are approximately 3,000 units, with a peak of 6,000 units in April 2025 [7]. - The company aims for its export business to break even by 2025, focusing on increasing market share and establishing a robust overseas presence [8]. SAIC's Adaptation to EU Tariffs - SAIC has adjusted its product structure to mitigate the impact of EU tariffs by increasing the share of HEV models, which accounted for 41% of its exports to the EU in the first half of 2025 [11]. - This strategy has allowed SAIC to achieve positive growth despite tariff challenges, with expectations for steady profit improvement [11]. Localization and Production Challenges - Chinese passenger car manufacturers are entering a localization phase similar to Japan's automotive industry development, facing challenges in managing relationships with local unions and governments [6][12]. - The need for patience and time is emphasized as companies navigate these complexities while establishing local production capabilities [6][13]. Other Notable Companies - Besides BYD and Leap Motor, companies like Great Wall, Geely, and Chery are also actively expanding into overseas markets, compensating for declines in the Russian market through diverse energy vehicle offerings and partnerships with multinational firms [12]. Conclusion - The Chinese automotive industry, particularly in the EV segment, is poised for growth with increasing exports and a strategic shift towards localization, although challenges remain in navigating international markets and regulatory environments [1][6][12].
零跑汽车
数说新能源· 2025-07-23 03:17
Core Viewpoint - The next three years are crucial for Leap Motor's rapid development, with expectations of doubling sales in 2024 and 2025, and a target of 50% to 100% growth in 2026 [1] Group 1: Sales and Market Position - Leap Motor aims to rank 11th in global sales among new energy vehicle companies in 2024, with aspirations to enter the top five in the future [2] - The company has a solid foundation and unique advantages that allow it to identify new growth opportunities [2] Group 2: Product Development and Cost Management - All models of Leap Motor are designed on a platform basis, allowing for flexibility and cost optimization [1] - The company has a clear and stable R&D strategy, focusing on self-research and manufacturing of high-value components, which helps reduce costs and improve vehicle value [1] Group 3: Product Offering and Market Confidence - Leap Motor is confident in entering the market above 200,000 yuan, with the C11 model exceeding previous price ranges while maintaining strong sales [1] - The D series is expected to be a high-end offering that will also attract customers due to its quality and features [1] Group 4: Production Capacity and Financial Health - Leap Motor plans to establish production capacity that aligns with its sales targets while controlling fixed asset investment [3] - The company will maintain sufficient cash reserves to support its operations [3]
零跑汽车香港开店 ,“轻资产”出海从欧洲扩张至亚太
Jing Ji Guan Cha Wang· 2025-06-13 15:05
Core Insights - The opening of Leap Motor's first experience center in Hong Kong marks a significant step for the company in showcasing its brand and products in an international market [2][3] - Hong Kong's automotive market is becoming increasingly favorable for Chinese electric vehicle brands, with a reported 68% penetration rate for new energy vehicles in the first four months of 2025 [3] - Leap Motor aims to leverage its international partnership with Stellantis to expand its global presence while maintaining a focus on domestic marketing strategies [4][7] Group 1 - Leap Motor's Hong Kong store is its 1,500th globally, with plans to open another location in the city within the year [3] - The company has achieved the highest sales among new Chinese car brands for three consecutive months as of May 2025, with a revenue increase of 187% year-on-year in Q1 2025 [11] - Leap Motor's CEO emphasizes the importance of Hong Kong as a strategic market for brand exposure and product demonstration [2][3] Group 2 - The company has set a sales target of 500,000 to 600,000 vehicles for 2025, with overseas markets expected to contribute significantly to this goal [8][13] - Leap Motor has established a strong presence in Europe, with approximately 500 of its global stores located there, and plans for local manufacturing in Southeast Asia and Europe by 2026 [7][8] - The company is focused on maintaining a high cost-performance ratio in its product offerings, with the T03 and C10 models priced competitively in the Hong Kong market [9] Group 3 - Leap Motor's strategy includes a commitment to "full-domain self-research," with 65% of core components developed in-house, enhancing supply chain control and cost management [12] - The company is exploring partnerships with major enterprises, including a notable collaboration with FAW Group for joint development of new energy vehicles [11][12] - Leap Motor's management is confident in achieving profitability through scale, cost control, and strategic partnerships [13]
零跑极速出征香港
Hua Er Jie Jian Wen· 2025-06-13 09:23
Core Viewpoint - Leapmotor's entry into the Hong Kong market is a strategic move aimed at brand positioning and market penetration, leveraging its successful models and understanding of local consumer behavior [2][3]. Group 1: Market Entry and Strategy - Leapmotor opened its 1500th store in Hong Kong's Central business district, showcasing its C10 SUV and T03 compact car at the Hong Kong International Auto Show [2]. - The C10 is targeted at young families and has been labeled as a "half-price ideal" in mainland China, while the T03 is designed for Hong Kong's congested driving conditions [2]. - The company aims to capture market share from established brands like Toyota by offering quality vehicles at competitive prices, addressing the price-sensitive nature of Hong Kong consumers due to high registration taxes [3]. Group 2: Policy and Market Conditions - The Hong Kong government has facilitated the growth of electric vehicles (EVs) by exempting pure electric models from initial registration taxes and reducing annual license fees, contributing to a 68% penetration rate of EVs in the first four months of the year [3]. - Despite the favorable policies, the limited annual market size of 40,000 to 50,000 vehicles raises questions about the scale of Leapmotor's investment in the region [3]. Group 3: Future Plans and Global Expansion - Leapmotor's founder, Zhu Jiangming, views Hong Kong as a key window for brand exposure and attracting investment, with plans to introduce a flagship D series model priced between 200,000 to 300,000 yuan [4]. - The collaboration with Stellantis allows Leapmotor to share development costs for right-hand drive vehicles, facilitating entry into markets like the UK, Australia, and Southeast Asia [4][8]. - The company has set ambitious sales targets, aiming for 500,000 to 600,000 units this year, 1 million units in two years, and 4 million units in five years [6]. Group 4: Financial Performance and Market Position - Leapmotor achieved nearly 300,000 total sales last year and has maintained a leading position among new energy vehicle manufacturers, with increasing gross margins [4]. - The company is focused on achieving profitability by 2025, with strategies including scaling production, maintaining cost control through in-house development, and improving product offerings [17][18]. - Leapmotor's market capitalization is expected to grow significantly, with the potential to reach a valuation of 100 billion yuan [10][9].
正式进军香港市场,零跑汽车加速全球化布局
Di Yi Cai Jing· 2025-06-11 14:03
Group 1 - Hong Kong is becoming an important strategic hub for Chinese automotive companies to expand globally [1][4] - Leap Motor has opened its first store in Hong Kong and plans to establish a second experience center by December this year [1][4] - The company has a global network of 1,500 outlets and operates in over 24 international markets, including Europe, the Middle East, Africa, and Asia-Pacific [1] Group 2 - Leap Motor's initial models in Hong Kong are the right-hand drive versions of C10 and T03, which are also sold in Europe [3] - The company has achieved nearly 800,000 cumulative sales, with C11 selling over 250,000 units in three years and C10 surpassing 100,000 units in 13 months [3] - Leap Motor aims for overseas sales of 50,000 to 80,000 units by 2025 and plans to start local production in Europe by mid-2026 [3] Group 3 - The Hong Kong government has extended tax reduction policies for electric vehicles until March 31, 2026, promoting EV adoption [4] - In the first four months of this year, 8,916 electric vehicles were registered in Hong Kong, with a penetration rate of 68% for new energy vehicles [4] - The 2025 International Automotive and Supply Chain Expo will be held in Hong Kong, featuring 11 mainland car companies, including Leap Motor [4]