New Stock Analysis | From Hematopoiesis to Leadership: The High Growth Logic and Revaluation of Investment Value of Lantu Automobile

On March 19th, Lantu Automobile (07489) was officially listed on the main board of the Hong Kong Stock Exchange, becoming the "first stock of high-end new energy vehicles of central state-owned enterprises". In the current context of the reshaping of the valuation system of new energy vehicles and the return of market fundamentals, Lantu Automobile, with its unique combination of state-owned background and market-oriented mechanisms, as well as its realized high growth financial performance, has established an investment logic that combines scarcity and growth certainty, becoming a landmark sample of the strategic transformation and asset revaluation of central state-owned enterprises in this round. The anchoring of new energy valuation by central state-owned enterprises, built on the basis of institutional endowment, industry positioning, and cyclical dividends In the capital pricing model, scarcity is the source of excess returns. As the first "central state-owned high-end new energy" entity to land on the international capital market, the scarcity of Lantu Automobile is formed by the three factors of institutional endowment, industry positioning, and cyclical dividends, creating systematic competitive barriers. These three factors mutually support each other, anchoring its valuation coordinates in the secondary market. In terms of institutional endowment, as a high-end new energy platform independently spun off by Dongfeng Motor Corporation, Lantu Automobile simultaneously carries the credit endorsement of the state-owned system and the dynamic vitality of the market-oriented entity, forming a dual governance structure of "central enterprise background + market vitality". From a risk pricing perspective, the value of this structure lies in its hedging attribute: in a period of exacerbated global macro fluctuations and frequent disruptions in the supply chain, Dongfeng's 57 years of manufacturing accumulation and supply chain bargaining power are transformed into Lantu's bottom-line guarantee; while in an industry environment of accelerated technological iteration and fragmented user demands, Lantu has built an innovation agility that is in sync with new forces with internet genes. The scarcity of this "institutional arbitrage" lies in the fact that the state-owned credit reduces investors' tail risk expectations, while the market mechanism retains the valuation elasticity that growth stocks should have. Entities that have both are rare among the current Hong Kong Stock Connect targets. From the perspective of industry positioning, among central state-owned high-end new energy companies, Lantu is the only listed entity that has completed a full product range layout. Its product matrix covers the three main tracks of SUVs, MPVs, and sedans. This full category coverage enhances its ability to resist risks and penetrate the market far beyond new energy brands that still rely on single explosive models. It is worth noting that Lantu Dreamer's average unit price of over 400,000 RMB and its continuous leadership in the high-end MPV market share demonstrate the ability of independent brands to define value in sub-markets traditionally dominated by imports. 55% of its users come from BBA replacement purchases, indicating that Lantu has successfully established brand trust among high-net-worth individuals. In the theory of industrial life cycle, the accuracy of seizing the window of opportunity often determines a company's potential valuation leap. 2026 is seen as a key turning point for advanced autonomous driving to transition from the "technology validation period" to the "commercialization and scaling period", and Lantu has already positioned itself systematically at this juncture. Firstly, it has set the pace of mass production in line with policy dividends. With the gradual opening of L3-level autonomous driving trials at the national level, Lantu's technological reserves and production pace coincide with the rhythm of policy breakthrough. Secondly, it has built data barriers to establish a first-mover advantage. By the end of 2025, Lantu had completed 110,000 kilometers of L3 on-road testing and 900,000 kilometers of simulation testing, covering complex scenarios such as urban congestion and extreme weather. In the logic of autonomous driving where "data is king", this testing mileage forms a data moat that makes it difficult for latecomers to replicate in the short term. Thirdly, the end-to-end large model has entered the value realization phase. Lantu has implemented the on-board application of the end-to-end intelligent driving large model, transitioning from "functional configuration" to "experience-driven" stage of intelligence. In the current capital market where the commercialization of AI is becoming more practical, Lantu's differentiation lies in the fact that its intelligent story already has a realization path at the financial report level. In summary, with these three scarce factors, Lantu is building a valuation anchor that combines defensive attributes and growth elasticity, becoming the preferred cornerstone for institutions to lay out the core track of "central state-owned high-end new energy". Behind the compound annual growth rate of 72.8% in sales volume, the triple support of high growth logic At the turning point of the capital market valuation logic switching from "story-driven" to "value return", the core anchor of growth certainty has shifted from "future expectations" to "current realization". The fundamental reason why Lantu Automobile is seen as an investment target that combines scarcity and growth is that it has already built a verifiable performance realization ability, confirmed profit inflection point, and an expected global growth curve. These three support each other, jointly locking in the source of valuation elasticity for the next 2-3 years. Performance realization shows that self-sustaining ability has been formed, providing a safety margin for valuation. From 2023 to 2025, Lantu's core operating indicators showed a trend of high-quality growth. First, the compound annual growth rate of sales volume is 72.8%. From 5.03 million vehicles in 2023 to 15.02 million vehicles in 2025, the growth rate is significantly higher than the industry average. Secondly, the compound annual growth rate of revenue is 65.4%. Revenue reached 34.865 billion RMB in 2025, doubling from 12.749 billion RMB in 2023. In addition, net profit turned positive. In 2025, net profit reached 1.02 billion RMB, making it one of the fastest new energy vehicle companies to achieve profitability in a single quarter. This profitability is not driven by incidental factors, but the result of the combined effects of scale effects and cost optimization driven by technology. The inflection point of profit proves the sustainability of the business model, providing a solid foundation for valuation elasticity. From 2023 to 2025, Lantu's gross profit margin increased from 14.2% to 20.9%, a leap of 6.7 percentage points, ranking at the forefront of the industry. Behind this improvement reflects a triple value logicscale effect releases, technology premium realization, and cost control optimization. Global layout indicates that Lantu Automobile's valuation has long-term premium potential. As of March 2026, Lantu has entered more than 40 countries and regions, initially establishing a global sales network covering key markets such as Europe. It is worth noting that Lantu's globalization is not about an "all-out offensive", but a focused breakthrough in high-potential markets. This "precision positioning" strategy avoids resource dispersion and reserves elastic space for future scale expansion. After listing on the Hong Kong Stock Exchange, the globalization layout will enter an accelerated phase. In conclusion, Lantu Automobile, with a compound annual growth rate of 72.8% in sales volume, an industry-leading gross profit margin of 20.9%, and an annual net profit of 1.02 billion RMB, has delivered a high-quality answer as a "national team". It proves that central state-owned enterprises can not only survive in intense competition but can also achieve value transformation with a sustainable business model. Standing on the platform of the international capital market, Lantu will continue to realize the capital narrative of "high growth". For investors, Lantu is not only a high-quality target that combines scarcity and growth certainty, but also a core leverage point for positioning in the three major themes of China's high-end manufacturing going global, deepening reform of central state-owned enterprises, and the realization of intelligent value. From scarcity to consensus, from growth to leadership, Lantu's road in the capital market is just beginning.