从岚图汽车递表港交所，看新能源汽车估值逻辑之变

Core Viewpoint - The electric vehicle (EV) sector is experiencing a fundamental shift in valuation logic, moving from a focus on scale to a focus on quality, which is reflected in the stock performance of various companies despite solid sales and earnings [1][14]. Group 1: Performance and Growth - Lantu Automotive has demonstrated impressive sales growth, with a compound annual growth rate (CAGR) of 103.2% from 2022 to 2024, increasing sales from 19,409 units to 80,116 units [1][8]. - In September 2025, Lantu achieved a monthly delivery of 15,224 units, marking a 52% year-on-year increase, and cumulative deliveries for the first nine months of 2025 reached 96,992 units, up 85% year-on-year [1][2]. - The company has diversified its product offerings across sedans, SUVs, and MPVs, eliminating reliance on a single model and enhancing its market presence [4][7]. Group 2: Financial Performance - Lantu's revenue is projected to grow significantly, with expected revenues of 60.52 billion yuan, 127.49 billion yuan, and 193.61 billion yuan from 2022 to 2024, reflecting a CAGR of 78.9% [8][12]. - The gross margin for Lantu reached 21.3% in the first seven months of 2025, positioning it as the second highest in the industry [8][12]. - The company is on track to achieve quarterly profitability by Q4 2024, with continued profitability in the first seven months of 2025 [8][12]. Group 3: Technological Edge - Lantu's competitive advantage lies in its fully self-developed technology system, which creates a robust technological moat and supports long-term profitability [9][10]. - The ESSA platform architecture allows for the simultaneous production of electric, hybrid, and range-extended vehicles, enhancing cost control and efficiency [9][10]. - Lantu has a strong patent portfolio, with 1,519 granted patents and 4,783 pending applications, indicating rapid technological advancement in the EV sector [13]. Group 4: Market Position and Future Outlook - Lantu's upcoming IPO in Hong Kong is expected to reshape the valuation framework for high-end EVs, filling a gap in the market for a "national team" brand [14][15]. - The company plans to launch 1-3 new models annually, aiming to have 6-9 models by the end of 2026, which will drive sales and revenue growth [16]. - Lantu is also focusing on expanding its domestic and international market presence, enhancing brand value and market penetration [16][17].