机构：华泰证券 研究员：宋亭亭/张硕 零跑汽车发布三季报，25Q3 营收194.5 亿元（yoy+97.3%、qoq+36.7%），归母净利+1.5 亿元（24Q3 和 25Q2 分别为-6.9/+1.6 亿），单季度盈利延续，海外拓展提速。25-26 年公司迎全球化新车周期，配合渠 道端提前布局和下沉，新车销量有望强力持续向上，叠加战略合作逐步贡献增量，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。维持买入评级。 销量连创新高&结构优化，海外拓展加速起量 1）25Q3 销量17.4 万辆，同环比+102%/+30%，单季销量创历史新高，7/8/9月销量5.0/5.7/6.7 万台，环 比逐月攀升，10 月突破7 万台，连续8 个月蝉联新势力销冠。公司已于11 月15 日提前约一个半月完成 全年50 万台目标，全年销量有望突破60 万台。2）结构持续优化，Q3 销量中B/C 平台占比分别为 56%/35%，低价格的T03 占比进一步降至9%，带动单车ASP 环比提升约6 千元至11.2 万元。3）海外市 场加速起量：25 年1-9 月累计出口3.8万台，Q3 海外上牌数环比+50%，10 月海 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 89.40 [1][5] Core Insights - The company reported a revenue of RMB 19.45 billion for Q3 2025, representing a year-over-year increase of 97.3% and a quarter-over-quarter increase of 36.7% [1] - The company achieved a net profit of RMB 150 million in Q3 2025, continuing its trend of profitability [1] - The company is expected to experience a strong new car cycle from 2025 to 2026, with anticipated revenue growth driven by strategic partnerships and overseas expansion [1][4] Summary by Sections Quarterly Performance - In Q3 2025, the company sold 174,000 vehicles, marking a historical high with a month-over-month increase in sales [2] - The sales structure improved, with the B/C platform accounting for 56% and 35% of sales, respectively, while the low-priced T03 model's share decreased to 9% [2] - The gross margin for Q3 was 14.50%, reflecting a year-over-year increase of 6.40 percentage points, attributed to scale effects and cost management [3] Growth Prospects - The company is set to launch multiple new models in 2026, supporting a sales target of one million units [4] - The overseas market is expanding rapidly, with 38,000 units exported from January to September 2025 and a significant increase in overseas orders [4] - Strategic collaborations are expected to contribute to revenue growth, including partnerships with Stellantis and FAW [4] Financial Forecast - The company is projected to achieve sales of 640,000, 1,030,000, and 1,416,000 vehicles from 2025 to 2027, with corresponding revenues of RMB 74.5 billion, RMB 128.7 billion, and RMB 170.7 billion [5] - The net profit is expected to grow significantly, reaching RMB 11.3 million, RMB 52.4 million, and RMB 82.5 million over the same period [5] - The target price reflects a 20% premium based on the anticipated strong new car cycle and overseas production localization [5]