Zhi Tong Cai Jing·2025-08-26 06:53Group 1 - The core viewpoint of the report is that Dongfeng Group's shares are undervalued, and the proposed transactions will create a win-win situation for all parties involved [1][2] - Dongfeng Group's projected revenue for 2025 is estimated at 28.8 billion RMB, with a corresponding sales forecast of 120,000 units, leading to a valuation of Lantu at 34.6 billion RMB, equating to a per-share value of 3.66 HKD [1] - The new target price for Lantu is set at 10.3 HKD, representing a 73% upside potential compared to the pre-suspension share price of 5.97 HKD, with expectations of a positive market reaction post-resumption [1] Group 2 - The proposed transactions include the distribution of existing shares of Lantu and an introduction listing, as well as a cash privatization offer for the remaining businesses of the listed company by the controlling shareholder DFM [2] - Independent H-share shareholders will receive a cash payment of 6.68 HKD per share and an additional allocation of 0.3552608 shares of Lantu, providing substantial returns [2] - The privatization will allow the controlling shareholder to consolidate internal resources, focus on the development of new energy vehicles, and address long-term valuation discount issues caused by the deterioration of traditional business [2]