岚图汽车光速递表背后：销量增速大幅放缓、新车表现不及预期 研发投入占比4%、销售费用率近20%

Core Viewpoint - Lantu Automotive has submitted its prospectus to the Hong Kong Stock Exchange for a listing via "share distribution + absorption merger" without raising new funds, following a significant improvement in sales and a temporary turnaround in profitability after years of losses [1][3][4]. Financial Performance - From 2022 to 2024, Lantu Automotive is projected to achieve revenues of 6.052 billion, 12.749 billion, and 19.361 billion yuan, with net losses of 1.538 billion, 1.496 billion, and 91 million yuan respectively [4]. - In the first seven months of 2025, the company reported revenue of 15.782 billion yuan, a year-on-year increase of 90.2%, and a net profit of 434 million yuan, marking a phase of profitability [4][5]. - Cumulative new car sales reached 97,000 units in the first three quarters of 2025, representing a year-on-year growth of 84.6% [7]. Sales and Market Performance - Despite significant sales growth, Lantu's average monthly sales have only recently reached 10,000 units, with September sales at 15,224 units, showing a modest year-on-year increase of 12.7% and a notable slowdown in growth [8]. - The newly launched Lantu FREE+, which was expected to perform well, has underperformed with July sales below 5,000 units and August sales at 5,239 units, falling short of earlier expectations [9][10]. R&D and Marketing Expenditure - Lantu's R&D expenditure as a percentage of revenue has decreased to 4% in the first seven months of this year, significantly lower than comparable companies like Leap Motor [13]. - The sales expense ratio is close to 20%, indicating a heavy focus on marketing over R&D, which raises concerns about the long-term competitiveness of its products [15]. Strategic Implications - Dongfeng Motor Group believes that Lantu's listing will help reassess the value of its H-shares, although the market's acceptance of Lantu's valuation post-listing remains uncertain [2][17].