《大行》里昂:零跑汽车(09863.HK)强劲产品线及非汽车业务收入抵销销售压力

阿斯达克财经
10 hours ago

里昂研究报告指,零跑汽车(09863.HK) 2025年第四季净利润按季增长137%至3.55亿元人民币(下同),带动全年净利润首次转正至5.38亿元,符合市场预期。季度业绩强劲受破纪录的15.1%毛利率支持,较第三季的14.5%有所提升,主要受非汽车收入增加带动;估计海外销售碳信用及高利润技术授权对毛利率贡献约3个百分点。展望今年首季,该行预期原材料成本上升及销量压力将影响盈利,但非汽车收入应有...

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