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 article highlights a significant shift in the valuation logic of the new energy vehicle (NEV) sector, moving from a focus on "scale" to "quality" as companies like Lantu Automotive demonstrate strong sales and performance despite stagnant stock prices [2][3]. Group 1: Lantu Automotive's Performance - Lantu Automotive has shown 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 [4][6]. - In September 2025, Lantu achieved a monthly delivery of 15,224 units, a year-on-year increase of 52%, and cumulative deliveries for the first nine months of 2025 reached 96,992 units, up 85% [6]. - The company has diversified its product offerings across sedans, SUVs, and MPVs, eliminating reliance on a single model and enhancing its market presence [8][10]. Group 2: Financial Growth and Profitability - 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% [12]. - The gross margin for Lantu reached 21.3% in the first seven months of 2025, ranking second in the industry, indicating improved profitability [12]. - The company is expected to maintain profitability, having achieved its first quarterly profit in Q4 2024 and continuing to show positive results in 2025 [12]. Group 3: Technological Advantages - Lantu's competitive edge lies in its full-stack self-research capabilities, which create a technological moat and support long-term profitability [13][20]. - The ESSA architecture allows for the production of various vehicle types on a single platform, enhancing cost control and efficiency [14][19]. - Lantu's focus on R&D has resulted in a significant patent portfolio, with 1,519 granted patents and 4,783 pending, showcasing its innovation in smart connectivity and safety [19][20]. Group 4: Market Position and Future Outlook - Lantu's upcoming IPO in Hong Kong is expected to reshape the valuation landscape for high-end NEV companies, filling a gap in the market for a "national team" brand [22][24]. - The company plans to launch 1-3 new models annually, aiming to have 6-9 models by the end of 2026, which will drive further sales and revenue growth [25]. - Lantu is also focusing on expanding its domestic and international market presence, enhancing brand value and competitiveness against traditional luxury brands [26][27].