智通财经网·2025-10-03 08:21Group 1 - Morgan Stanley reports that Dongfeng Group's electric vehicle startup, Lantu, has submitted detailed listing application documents, indicating an acceleration in the spin-off listing process, which is expected to positively impact the stock price [1] - Lantu's average selling price in the first seven months of 2025 increased by approximately 1% compared to 2024, contrary to the previous expectation of a 5% decline, suggesting potential revenue upside [1] - The gross margin for Lantu in the first seven months of 2025 reached 21.3%, comparable to the full-year margin of 21% in 2024, positioning it among the industry leaders [1] Group 2 - Dongfeng Group's privatization is estimated to provide approximately HKD 10.65 per share in cash and value, broken down into HKD 6.68 in cash and an estimated HKD 3.97 per share for Lantu stock, based on a sales multiple of 1.25 times [2] - The valuation multiple for Lantu is considered to be at the lower end of the range for H-shares, primarily due to uncertainties in the transaction timeline and limited business and financial transparency prior to Lantu's official listing [2]