维持“买入”评级,并上调目标价至54.00港元。零跑汽车(“公司”)2024年业绩超出我们预期。考虑到公司在竞争激烈的国内市场持续提升运营能力,2024年毛利率同比增长7.9个百分点至8.4%,以及2025年公司在海外市场的持续发展和突破,我们将2025-2027年的SVPS预测上调至人民币38.530元(+14.205)/人民币54.159元(+15.705)/人民币71.841元(+...
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