CICC: Maintains Zero Run Car (09863) Outperform Rating, Raises Target Price to HK$89.20

Intelligence financial APP learned that CICC released a research report stating that it maintains a rating of outperform for Zero Run Cars (09863). Due to the company's improved profit capabilities and continued strong sales volume, the bank raised its net profit forecast for 2025/2026 by 70.4%/50.7% to 862 million yuan/4.887 billion yuan. The bank believes that the company has officially entered a comprehensive profit cycle, and by 2026, it will be able to achieve a stable level of profitability. The valuation method has been switched to the 2026 P/E valuation method, with the current stock price corresponding to a 2026 P/E of 16.8x. The bank raised its target price by 11.5% to 89.20 Hong Kong dollars, corresponding to a 2026 P/E of 22.0x, representing a 30.9% upside from the current stock price.