【券商聚焦】长江证券维持零跑汽车(09863)“买入”评级 指其销量及收入有望持续快速增长并推动盈利提升

金吾财讯
Dec 04, 2025

金吾财讯 | 长江证券研报指,零跑汽车(09863)2025年11月销量70,327 辆,同比增长75.1%,环比增长0.1%,销量再创历史新高。累计交付来看,零跑汽车1-11 月累计销量53.6万辆,同比增长113.4%,已提前完成今年50万辆交付目标。展望未来,公司当下终端需求持续火热,明年新车规划丰富,11月27日,零跑零跑Lafa5 正式上市,定价9.78-12.18 万元,延续零跑极致品价比路线,打造超长续航,产品力强,为零跑注入新动能。后续公司强势新车周期下随海外销售开启加之国内车型矩阵不断扩充,公司销量及收入有望持续快速增长并推动盈利持续提升。 该机构指,国内持续强势新车周期及极致品价比推动销量持续成长,海外与 Stellantis 反向合资开启全球大征程。1)国内:公司以技术底蕴打造极致品价比,竞争优势强大,未来强势新车周期有望推动销量持续上升,规模效应及产品结构优化推动盈利提升。2)海外:公司与全球第四大汽车集团Stellantis合作,利用其强大的经销售后网络、工厂产能等全球资源实现轻资产出海,具有初始低投入、布局更快速、调整更灵活的优势,看好海外高单车盈利带来可观利润贡献。预计公司2025-2027 年归母净利润分别为6.3、50.1、83.7 亿元,对应PE分别为108.7X、13.8X、8.2X,维持“买入”评级。 

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10