迭代中引领，岚图打响东风突围战的第一枪

Core Viewpoint - Dongfeng Motor Company is committed to developing new energy vehicles as a key direction for transformation and upgrading, accelerating the "three-year action plan for transformation and upgrading" [1] Group 1: Corporate Actions - Dongfeng Group announced that its subsidiary, Lantu Motors, will be listed on the Hong Kong Stock Exchange, while Dongfeng Group will complete its privatization and delisting [1][4] - The privatization allows Lantu Motors to escape the long-term undervaluation pressure of Dongfeng Group's stock, providing more room for growth and international competition [3][4] Group 2: Financial Details - The transaction will involve a "share distribution + absorption merger" model, where shareholders of Dongfeng Group will receive 0.3552608 shares of Lantu Motors for each share of Dongfeng Group, valued at approximately 4.17 HKD per share, along with a cash compensation of 6.68 HKD per share [4] - Lantu Motors' overall valuation is estimated between 36.786 billion to 41.884 billion RMB, which is considered reasonable compared to the long-term undervaluation of Dongfeng Group [4][11] Group 3: Market Position and Performance - Lantu Motors has shown impressive performance, with a projected new car delivery of approximately 85,700 units in 2024, representing a year-on-year growth of about 70% [13] - The brand has established a complete technical system covering core areas such as platform architecture, electric drive systems, and intelligent driving, enhancing its competitive edge [20][23] Group 4: Strategic Partnerships - Lantu Motors has partnered with Huawei to integrate advanced smart technologies, which has allowed for rapid adjustments and improvements in their vehicle offerings [24][25] - The collaboration has resulted in successful flagship models like the Lantu Dreamer and Lantu FREE+, which have gained significant market traction [19][24] Group 5: Future Outlook - The introduction of Lantu Motors on the Hong Kong Stock Exchange marks a new phase for Dongfeng's new energy business, facilitating a virtuous cycle of technology, industry, and finance [26] - The independent listing will enable Lantu Motors to participate in global competition with a clearer corporate positioning and accelerate core technology development and international expansion [26]