20240926-财通证券-零跑汽车-09863.HK-零跑C10_T03正式在欧洲上市_出海进展顺利_3页_430kb

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English Summary

LIORAC (09863): The company review highlights their successful European launch of the Liorac C10 and T03. This marks a significant step in their internationalization strategy, leveraging Stellantis partnership for technology, R&D, and distribution channels. Key pillars for expansion include CTC battery/cabin integration, central E/E architecture, safety (E-NCAP 5*), range, and design awards. Target markets initially focus on major EU nations with planned expansion. Despite recent financial losses, projections indicate profitability restoration by 2026 (10 minimum revenue growth needed this year). The investment rating remains "Add". Risks include sales/acceptance uncertainties abroad.

中文总结

零跑汽车（09863）点评：报告指出公司成功在欧洲推出零跑C10和T03车型，这是其国际化战略的重要进展。此举借助了与Stellantis的合作，利用其技术、研发和分销渠道。扩张的三大支柱是CTC电池底盘一体化、中央电子电气架构、高安全性（E-NCAP五星）、续航里程和屡获设计奖项。初始目标市场集中于主要欧洲国家，并计划进行地域扩张。尽管公司近期仍处于亏损状态，但预测显示或将在2026年恢复盈利（今年需要达到至少10%的最低收入增长）。维持“增持”评级。风险则包括海外市场销量/接受度的不确定性等。