新造车下半场，稀缺标的阿维塔赴港IPO

Core Viewpoint - The article discusses the significance of Avita Technology's IPO application to the Hong Kong Stock Exchange, highlighting its unique position as a state-owned enterprise in the new energy vehicle sector and the transition from a cash-burning growth phase to a focus on profitability and efficiency [1]. Group 1: Long-term Value Foundation - Avita's financial health and continuous innovation are core to its value, with projected revenues of 15.195 billion yuan in 2024, a 169.16% increase year-on-year, and 12.208 billion yuan in the first half of 2025, a 98.52% increase year-on-year [4][5]. - The company achieved a positive gross margin in the year following its delivery, with a rapid increase to 10.1% in the first half of 2025, indicating a sustainable business model through pricing power and cost control [5]. - Avita's commitment to R&D is evident, with 57.1% of its 3,666 employees in R&D, an R&D investment of 830 million yuan in the first half of 2025 (up over 167% year-on-year), and a total of 1,326 patents [5]. Group 2: CHN Model Evolution - The "CHN model," involving Changan, Huawei, and CATL, creates a competitive barrier for Avita, with a strategic investment of 11.5 billion yuan in Huawei's smart automotive solutions company, making Avita the second-largest shareholder [7][8]. - This partnership transforms the relationship with Huawei from a supplier to a stakeholder, ensuring access to cutting-edge technology and shared profits, enhancing Avita's competitive edge [8][10]. - Avita's unique shareholder structure combines state-owned enterprise credibility, industry giant resources, and entrepreneurial market sensitivity, positioning it as a benchmark for state-owned enterprise reform [11]. Group 3: Global Ambitions and Capital Operations - Avita's IPO is seen as a launchpad for its global high-end brand strategy, with plans to introduce four new models in 2026, targeting a price range of 200,000 to 700,000 yuan [13]. - The company aims to double its overseas channels from 38 countries and regions, enhancing its global presence while navigating geopolitical challenges [13][14]. - Avita has demonstrated high capital operation efficiency, completing over 19 billion yuan in financing and submitting its IPO application, which will support product development, technology R&D, brand building, and channel expansion [15][17]. Group 4: Ecological Advantage - Avita's IPO marks the beginning of a new phase, emphasizing ecological collaboration over individual efforts, with a focus on financial health and global market expansion [17]. - The company's unique ecological position makes it a prime example of the evolution of the Chinese automotive industry in the competitive landscape of new energy vehicles [17].