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【券商聚焦】财通证券维持零跑汽车(09863)“增持”评级 公司预计2024年第四季度实现净利润转正

[Brokerage Focus] Caitong maintains a 'Shareholding' rating on LEAPMOTOR (09863). The company expects to achieve positive Net income in the fourth quarter of 2024.

Jinwu Financial News ·  Jan 15 08:55  · Ratings

Jingwu Financial News | Caitong Securities issued a research report, stating that on January 13, 2025, LEAPMOTOR (09863) announced that the company expects to achieve positive Net income in the fourth quarter of 2024, reaching its single-quarter profit target one year ahead of schedule.

The firm indicated that the company's annual sales volume reached 293,724 vehicles for the year ending December 31, 2024, a year-on-year increase of 104%. The company's operating revenue for the year ending December 31, 2024, is expected to be no less than 30.5 billion yuan, with a year-on-year growth of over 80%. The company's gross margin for the year ending December 31, 2024, is expected to be no less than 8%, representing a significant increase compared to the overall gross margin for 2023.

The firm further stated that in the fourth quarter of 2024, the company had an average monthly delivery of over 0.04 million units, with the higher-priced C series models accounting for over 77% of sales; significant sales growth and product structure optimization directly drove a substantial increase in operating revenue, laying a solid foundation for the company’s profitability. Meanwhile, effective cost control and improvements in Operation efficiency also contributed to this, together pushing Net income to turn positive ahead of schedule.

The firm projected that the company will achieve attributable Net income of -2.867/0.54/1.671 billion yuan from 2024 to 2026, corresponding to PE ratios of 68.36 times and 22.08 times for 2025 and 2026 respectively, maintaining a 'Shareholding' rating.

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