零跑汽车More positive on FY25E after 1Q25 beat

招银国际
20 May

一、核心观点与评级调整CMB国际全球市场研究团队对Leapmotor(9863HK)的2025财年预期更加乐观,主要基于其第一季度业绩超出预期。报告维持“买入”评级,并将目标价从50港元上调至72港元,对应1.5倍的2025财年市销率(P/S)。分析师认为,Leapmotor的成本削减能力及其自主研发优势正在显现,预计将在2025年中全面转向Leap3.5架构后进一步提升盈利能力。二、一季度业绩...

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