零跑汽车(09863)毛利率改善显著，看好24H2盈利能力提升&出海兑现

中泰证券08-20

销量及毛利率持续改善，C10大规模交付短期制约ASP24Q2公司实现营收53.59亿元，同比+22.6%，环比为+53.7%。24Q2毛利率2.8%，同比+8pct，环比+4.1pct，毛利率改善主要系24款新车大批量交付及销量提升带来的规模效应，随下半年C16放量，毛利率有望持续向上。24Q2单车营收约10.1万元，同比下降2.8万元，环比下降0.4万元，单车营收承压原因：①2024年新旧车型...

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