东风“腾笼换鸟”，岚图单飞港股｜钛度车库

Core Viewpoint - Dongfeng Motor Group's subsidiary, Lantu Automotive, is set to go public on the Hong Kong Stock Exchange through a reverse listing, while Dongfeng Group will simultaneously complete its privatization and delisting, marking a significant capital operation that reflects the transformation of traditional automakers in the era of new energy vehicles [1][2]. Group 1: Capital Market Dynamics - Dongfeng Group has faced a prolonged undervaluation in the Hong Kong market, with a total market value of HKD 39.12 billion and a price-to-book (PB) ratio of only 0.24 as of July 31, 2025, indicating a significant gap between market value and net assets [2]. - The introduction of Lantu Automotive as a high-end smart electric vehicle brand is expected to reshape the value of Dongfeng's brand matrix, with Lantu achieving a delivery of 85,697 vehicles in 2024, a year-on-year increase of approximately 70% [2]. Group 2: Financial Performance - Lantu Automotive has reached a critical point of turning from loss to profit, with a revenue of CNY 1.767 billion in 2021 and a net loss of CNY 706 million, but showing significant improvement in subsequent years, including a 185.8% increase in total deliveries in 2022 [3]. - In 2023, Lantu's sales grew to 50,600 units, a year-on-year increase of 160%, although it still reported a net loss of CNY 1.472 billion after tax, with expectations of narrowing losses in 2024 [3]. Group 3: Listing Strategy - The reverse listing approach allows Lantu to enhance liquidity and brand image without issuing new shares, which is suitable for companies that do not require immediate financing but seek to unlock value [5]. - The dual cash and equity compensation structure for minority shareholders is designed to provide certainty and activate value realization, while the listing is expected to break the historical undervaluation of Dongfeng Group's shares [5]. Group 4: Industry Transformation - Dongfeng Group's decision to privatize reflects the broader challenges faced by traditional automakers during industry transformation, with a reported 14.7% decline in vehicle sales in the first half of the year, despite a 6.6% increase in sales revenue [6]. - The shift from pursuing sales volume to focusing on quality and efficiency is crucial for traditional automakers, especially during the electrification transition [6]. Group 5: Future Challenges - Lantu faces significant challenges ahead, including the need to achieve profitability and reach a sales target of 200,000 units by 2025, with only 28% of the target achieved in the first half of the year [7]. - The reliance on a single product, the Lantu Dreamer, which accounts for nearly 60% of total sales, poses a risk to growth potential, prompting Lantu to accelerate product launches and collaborations to diversify its offerings [7]. Group 6: Independent Market Position - Lantu's independent listing on the Hong Kong market signifies a departure from reliance on its parent company, with future valuations dependent on its own product competitiveness and financial health [8]. - The success of this transformation will be measured not by short-term stock price fluctuations but by Lantu's ability to establish sustainable profitability and market position, serving as a reference for other traditional automakers undergoing similar transitions [9].