CMB International: Maintains "buy" rating for Zero Run Automotive, Q4 profit may be more resilient.

Guosen Securities International report states that Zero-Run Auto's profitability in the third quarter of the automotive business remains stable, with quarterly revenue increasing by 37% to 19.5 billion yuan, mainly due to higher than expected average selling price. The gross profit margin in the quarter increased by 0.9 percentage points to 14.5% compared to the previous quarter. The total sales, management, and research and development expenses ratio in the quarter decreased by 1.8 percentage points to 14.3% compared to the previous month, which is basically in line with expectations. The net profit in the quarter remained at 1.5 billion yuan, mainly related to factors outside the automotive business.