零跑汽车季报点评:Q1业绩超预期,毛利率再创新高

华泰证券
20 May

公司公布一季度业绩:25Q1实现营收100.2亿元(yoy+187.1%、qoq-25.6%),归母净利-1.3亿元(24Q1/24Q4分别为-10.1/+0.8亿)。Q1业绩超出我们预期(Q1前瞻中预计Q1亏损5-10亿),主要系Q1销量高增推动营收同比+187.1%,且Q1毛利率达14.9%再创新高。25年公司将迎全球化新车周期,叠加渠道端提前布局和下沉,LEAP3.5架构进一步集成降本,以及...

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