Investment Rating - The report upgrades the investment rating of Horizon Robotics-W (09660.HK) to "Buy" [1] Core Views - The company achieved a revenue of 2.384 billion yuan in 2024, representing a year-on-year growth of 53.6%, and a net profit of 2.347 billion yuan, marking a turnaround from losses, primarily due to a 4.68 billion yuan contribution from the fair value changes of preferred shares and other financial liabilities [7] - The J6 series has been fully launched, with ongoing partnerships with over 20 OEM brands, which is expected to support long-term growth [7] - The company has a leading market share in the Chinese OEM ADAS/OEM AD market, with a market share of over 40% and 30% respectively [7] Financial Summary - Total revenue projections for 2025 and 2026 have been raised to 3.66 billion yuan and 5.37 billion yuan respectively, with a forecasted revenue of 8.05 billion yuan for 2027 [7] - The company’s gross margin improved, with product solution revenue increasing by 31.2% and service revenue by 70.9% in 2024 [7] - R&D expenses increased by 33.4% to 3.16 billion yuan in 2024, reflecting a focus on enhancing technological capabilities [7][8]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company achieved a revenue of 2.384 billion yuan in 2024, representing a year-on-year growth of 53.6%, and turned a profit with a net profit of 2.347 billion yuan, primarily due to a fair value change of preferred shares and other financial liabilities contributing 4.68 billion yuan [7] - The J6 series has been fully launched, with ongoing partnerships with over 20 OEM brands, which is expected to support long-term growth [7] - The company has a leading market share in the Chinese OEM ADAS/OEM AD market, with a market share of over 40% and 30% respectively [7] Financial Summary - Total revenue forecast for 2024 is 2.384 billion yuan, with projections of 3.659 billion yuan in 2025 and 5.365 billion yuan in 2026 [8] - The adjusted operating loss for 2024 is expected to narrow to 1.5 billion yuan, a year-on-year improvement of 11.4% [7] - Research and development expenses are projected to increase by 33.4% to 3.16 billion yuan in 2024, reflecting a focus on enhancing technological capabilities [7] Market Position - The company has secured over 310 model designations, with expectations to exceed 10 million cumulative shipments of the J series by 2025 [7] - The gross margin for product solutions and services is expected to improve, with a gross margin of 44.7% for product solutions in 2024 [7] Valuation Metrics - The price-to-earnings ratio (P/E) for 2025 is projected at 26.1, decreasing to 11.9 by 2027 [1][8] - The report anticipates a significant increase in revenue, with expectations of 8.05 billion yuan by 2027 [1][8]

本月行情： 2月CS汽车板块上涨8.66%，其中CS乘用车上涨9.08%，CS商用车上涨2.54%，CS汽车零部件上涨 10.33%，CS汽车销售与服务上涨2.47%，CS摩托车及其它上涨4.61%，同期沪深300指数上涨1.91%，上证综合指数上 涨2.16%，CS汽车板块跑赢沪深300指数6.75pct，跑赢上证综合指数6.5pct；汽车板块自2023年初至今上涨28.71%，沪 深300上涨13.38%，上证综合指数上涨11.63%，CS汽车板块跑赢沪深300指数15.33pct。 成本跟踪： 截至2025年2月28日，浮法平板玻璃、铝锭类、锌锭类价格分别同比去年同期-33.1%/+9.4%/+15.9%，分别 环比上月同期-0.4%/+1.9%/-2.9%。 库存： 2025年2月中国汽车经销商库存预警指数为56.9%，同比下降7.2个百分点，环比下降5.4个百分点，库存预警指 数位于荣枯线之上。 市场关注： 1）智驾进展：奇瑞发布"猎鹰智驾"智能化方案推动智驾平权；吉利发布千里浩瀚智驾系统；理想汽车发 布下一代自动驾驶架构MindVLA；广汽发布智能科技品牌"星灵智行"；2）机器人：长安汽车在机器人 ...

Financial Data and Key Metrics Changes - The total revenue for 2024 amounted to RMB 2.4 billion, an increase of 53.6% compared to the previous year [16] - Revenue from automotive solutions grew by 57.2%, with product solutions increasing by 31.2% to RMB 664.2 million and revenue from licenses and services rising by 70.9% to RMB 1.6 billion [17][18] - The overall gross margin was 77.3%, significantly higher than other automotive solution providers in the industry [18] - Adjusted operating loss narrowed by 11.4% to RMB 1.5 billion, reflecting improved operational efficiency [21] Business Line Data and Key Metrics Changes - The company shipped approximately 2.9 million units in 2024, bringing total delivery volumes to around 7.7 million units [10] - Design wins for over 100 vehicle models were secured, increasing total design wins to more than 310 by the end of 2024 [10] Market Data and Key Metrics Changes - The installation rates of smart driving systems in China's passenger vehicle sector exceeded 65% in 2024, with new energy vehicle penetration reaching 46% [6] - The penetration rate of autonomous driving solutions grew, with vehicles equipped with AD solutions accounting for 19.5% of all intelligent vehicles [6] Company Strategy and Development Direction - Horizon Robotics aims to make highway NOA accessible in the price segment of RMB 100,000 and anticipates urban NOA solutions to be available in the RMB 200,000 price range [14] - The company is focused on globalization, having formed strategic partnerships with international Tier 1 suppliers to promote its next-generation ADAS solutions globally [7][32] Management Comments on Operating Environment and Future Outlook - Management highlighted the rapid growth in the smart driving market and the increasing demand for advanced driver assistance systems (ADAS) [5][14] - The company expects significant growth in delivery volumes and average selling prices (ASP) as it transitions from basic L2 ADAS applications to more advanced solutions [44][47] Other Important Information - Horizon Robotics launched the Horizon Superdrive (HSD) in April 2024, which integrates hardware and software for enhanced driving behavior and efficiency [12] - The company has established a comprehensive infrastructure for consumer robotics through its subsidiary D Robotics, shipping approximately 5 million units [10] Q&A Session Summary Question: Can Horizon convert clients from mid-range to high-end Journey6P users? - Management noted that the democratization of smart driving has increased volume and ASP, with strong software capabilities being key to differentiation [24][28] Question: Will the new platform from global carmakers help Horizon accelerate in the global market? - Management confirmed that they are prepared for global demand and have secured designs from several overseas automakers [31][34] Question: Can more details be provided on key customers for the Horizon Superdrive product? - Management stated that while they cannot disclose customer names yet, several automakers have secured orders for the HSD [36] Question: What is the forecast for shipment volume growth and ASP guidance? - Management expects high delivery volume growth in 2025, driven by a shift in product mix and increasing ASP as smart driving solutions are adopted [42][44] Question: When will the industry see commercialization of level three autonomous driving? - Management indicated that while automakers plan to launch L3 vehicles by the end of the year, regulatory approval will be crucial for commercialization [49][51]

Horizon Robotics (09660) Q4 2024 Earnings Call March 21, 2025 08:00 AM ET Company Participants None - ExecutiveAnnie Feiwen Tao - Co-Founder & COO Operator Greetings, ladies and gentlemen. Welcome to Horizon Robotics twenty twenty four Full Year Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I'd now like to turn the call over to your host, Ms. Sheung Jain, ...

Revenue and Profitability - Revenue from customer contracts for the year ended December 31, 2024, was RMB 2,383.6 million, representing a year-on-year increase of 53.6%[3] - Gross profit for the same period was RMB 1,841.4 million, reflecting a year-on-year growth of 68.3%[3] - Revenue from licensing and service business was RMB 1,647.5 million, marking a year-on-year increase of 70.9%[8] - Revenue for the year ended December 31, 2024, increased by 53.6% to RMB 2,383.6 million compared to RMB 1,551.6 million in 2023[13] - Gross profit for 2024 was RMB 1,841.4 million, representing a 68.3% increase year-over-year, with a gross margin improvement from 70.5% in 2023 to 77.3% in 2024[13] - The automotive solutions segment's revenue increased by 57.2% to RMB 2,311.7 million, with significant growth in both product solutions and licensing services[13] - Automotive solutions revenue increased to RMB 2,311,703 thousand in 2024, up 57.0% from RMB 1,470,364 thousand in 2023[50] - The gross profit margin for automotive solutions improved from 73.7% in 2023 to 78.9% in 2024, with licensing and service business margins reaching 92.0%[14] Expenses and Losses - Adjusted operating loss narrowed to RMB 1,495.2 million, a decrease of 11.4% compared to the previous year[3] - Research and development expenses rose by 33.4% to RMB 3,156.1 million, driven by increased technical service procurement and higher personnel costs[14] - Administrative expenses increased by 43.8% to RMB 637.6 million, primarily due to higher employee benefits and professional service fees related to the IPO[15] - Sales and marketing expenses grew by 25.2% to RMB 409.9 million, reflecting increased promotional and marketing efforts[15] - The company recorded a loss of RMB 557.3 million from equity method investments, an increase from RMB 112.1 million in the previous year, attributed to losses from a newly established subsidiary[16] - Adjusted net loss for 2024 was RMB 1,681.2 million, slightly higher than RMB 1,635.2 million in 2023[18] - The company recorded a net loss attributable to equity holders of RMB 2,340,358 thousand for the year ending December 31, 2024, compared to a loss of RMB 6,739,021 thousand in 2023, showing a reduction in losses[58] Financial Position - Cash and cash equivalents increased by 35.3% to RMB 15.4 billion as of December 31, 2024, from RMB 11.4 billion as of December 31, 2023[21] - The company's debt-to-asset ratio improved to 41.5% as of December 31, 2024, compared to 255.4% in the previous year[26] - Total assets as of December 31, 2024, amounted to RMB 20,378,992 thousand, an increase from RMB 15,873,873 thousand in 2023[44] - The company reported a total liability of RMB 8,464,180 thousand as of December 31, 2024, down from RMB 40,539,257 thousand in 2023[46] - The company’s non-current liabilities totaled RMB 7,186,358 thousand in 2024, a substantial increase from RMB 287,144 thousand in 2023[46] - The company’s net assets improved to RMB 11,914,812 thousand in 2024, compared to a net liability of RMB 24,665,384 thousand in 2023[46] Shareholder Information - The company has no plans to declare an annual dividend for the year ended December 31, 2024[39] - The company did not declare or pay any dividends for the years ending December 31, 2024, and 2023, maintaining a focus on reinvestment[61] - Basic earnings per share for 2024 was RMB 0.51, a recovery from a loss of RMB 2.50 per share in 2023, reflecting improved profitability[58] - The weighted average number of ordinary shares outstanding increased to 4,576,138 thousand in 2024 from 2,700,123 thousand in 2023, contributing to the change in earnings per share[58] Strategic Developments - The company achieved a market share of over 40% in the Chinese OEM advanced driver-assistance systems (ADAS) market by the end of 2024[6] - Total deliveries of product solutions reached approximately 2.9 million units in 2024, with cumulative deliveries amounting to about 7.7 million units[6] - The new generation Horizon SuperDrive (HSD) solution was launched in 2024, designed for seamless high-level autonomous driving across various scenarios[7] - Strategic partnerships with over 20 OEM brands were established to promote the application of the Journey 6 series processing hardware[7] - The HSD solution received the iF Design Award for its intuitive interface and user engagement[10] - The company anticipates cumulative shipments of the Journey series processing hardware to exceed 10 million units by 2025, becoming the first autonomous driving technology company in China to achieve this milestone[11] Compliance and Governance - The audit committee has reviewed the audited consolidated financial statements for the year ended December 31, 2024, and found them compliant with applicable accounting standards[34] - The company is evaluating the potential impact of new accounting standards expected to be effective in the coming years, with no significant impact anticipated on financial performance[49] - The company has proposed amendments to its articles of association to enhance flexibility in holding shareholder meetings and adopting electronic communications[63] - The company plans to publish its annual report and performance announcement on its website and the stock exchange, ensuring transparency for shareholders[62] Other Financial Metrics - Other income surged to RMB 195.9 million, driven by financial subsidies related to key R&D milestones[16] - Financial income net increased significantly to RMB 375.8 million, primarily due to higher interest income[16] - The fair value change of preferred shares and other financial liabilities recorded a gain of RMB 4,676.7 million in 2024, compared to a loss of RMB 4,760.4 million in 2023[17] - The net profit for 2024 was RMB 2,346.5 million, a significant recovery from a net loss of RMB 6,739.1 million in 2023[17] - The income tax expense for 2024 was RMB (4,507) thousand, compared to an income tax benefit of RMB 5,075 thousand in 2023[55]

Company Overview - The report rates the company as "Recommended" for investment, indicating a positive outlook for its future performance [1] - Horizon Robotics, established in July 2015, focuses on edge AI chip development and provides solutions for advanced driver assistance systems (ADAS) and high-level autonomous driving (AD) [17] - The company has achieved significant revenue growth, with total revenue increasing from 470 million to 1.55 billion yuan from 2021 to 2023, reflecting a compound annual growth rate (CAGR) of 82% [7][10] Core Insights - The company has a strong technical background, a flat management structure, and high R&D efficiency, which contribute to its leading position in the market for integrated software and hardware solutions [2][8] - Horizon Robotics has established high-stickiness relationships with quality customers and has extensive strategic partnerships across the industry [2][8] - The company is positioned as a core third-party supplier in the domestic market, benefiting from the increasing demand for high-level autonomous driving solutions and domestic substitution trends [7][10] Financial Performance - The company's total revenue is projected to reach 2.21 billion yuan in 2024, 3.55 billion yuan in 2025, and 5.26 billion yuan in 2026, with growth rates of 42.5%, 60.3%, and 48.4% respectively [3][9] - Despite the revenue growth, the company is currently operating at a loss, with net profit expected to improve from -6.11 billion yuan in 2024 to -2.24 billion yuan in 2026 [3][9] - The gross margin has remained stable around 70%, indicating strong pricing power and technical premium [10][40] Industry Dynamics - The transition from L2 to L3 level autonomous driving is accelerating, with significant market potential expected in the coming years [49][52] - The global market for ADAS and AD solutions is projected to exceed 400 billion yuan by 2030, with a CAGR of approximately 49% from 2023 to 2030 [7][49] - The competitive landscape is characterized by rapid technological changes and intense competition among automotive manufacturers and suppliers [49][53]

Group 1 - Horizon Robotics-W (09660) saw a stock increase of over 8%, reaching 8.3 HKD with a trading volume of 362 million HKD [1] - According to Citi, Horizon Robotics' stock has more than doubled this year, with market valuation shifting from comparable company PS ratios to the company's long-term potential [1] - Short-term catalysts for Horizon Robotics include more design orders from original equipment manufacturers, completion of J6P chip packaging, the release of Horizon Super Drive, and updates on the "Digua" humanoid robot [1] Group 2 - The company will hold a board meeting on March 21 to consider and approve the consolidated annual results for the year ending December 31, 2024, and to consider the payment of a final dividend [2] - Tianfeng Securities anticipates significant growth for Horizon Robotics this year, particularly with the integration of its J6M computing solution in BYD's "Tian Shen Zhi Yan C" and the DEEPALADPro from Changan Deep Blue, which will enhance the adoption of smart driving [2]

Investment Rating - The automotive sector is rated as "Overweight" with a recommendation to increase holdings in specific stocks [1][48]. Core Insights - The automotive sector experienced a 3.08% increase from March 3 to March 7, 2025, outperforming the CSI 300 index by 1.69 percentage points [9][37]. - The passenger vehicle retail sales in February are expected to reach 1.4 million units, reflecting a year-on-year growth of 26% but a month-on-month decline of 22% [6][39]. - The release of Geely's "Qianli Haohan" intelligent driving system marks a significant advancement in high-level autonomous driving technology [3][39]. Summary by Sections Market Performance - The automotive sector's performance includes a 0.68% increase in the passenger vehicle segment, a 1.42% increase in the commercial vehicle segment, and a 2.67% increase in the truck segment, while the bus segment saw a decline of 0.89% [9][37]. - The automotive parts sector rose by 5%, and the automotive services sector increased by 2.21%, both outperforming the CSI 300 index [9][37]. Valuation Levels - As of March 3, 2025, the automotive industry's PE-TTM stands at 28.92, up by 0.81 from the previous week [10][38]. - The valuations for sub-sectors are as follows: passenger vehicles at 31.53, commercial vehicles at 37.02, and parts at 25.96 [10][38]. New Developments - Geely's "Qianli Haohan" system includes features like high-speed NOA and automatic parking, with plans for a large-scale rollout in March 2025 [3][39]. - In February, the wholesale of passenger vehicles reached 1.781 million units, a 35% year-on-year increase [6][39]. Raw Material Prices - As of March 7, 2025, the prices for key raw materials are as follows: aluminum index at 20,847.07, copper index at 78,223.6, rebar index at 3,266.92, and rubber index at 17,431.15, with respective weekly changes of 0.93%, 1.8%, -2.2%, and -1.8% [19][38].

评论 智能驾驶芯片深度 《 智能驾驶芯片行业专题-智能驾驶进入快车道，地平线机器人-W和黑芝麻智能的投资价值分析 》——20250207 公司点评 《地平线机器人-W（09660.HK）-地平线征程6量产上车，共启全民智驾时代新篇》 ——20250309 事项 公司公告： 根据地平线官微，地平线征程6系列全方位覆盖智能驾驶全阶应用，征程6系列共推出六个版本，包括征程 6B、征程6L、征程6E、征程6M、征程6H、征程6P，面向不同智能驾驶场景进行了计算方案的灵活配置，均能提供兼 顾性能与成本的最优解， 1）面向低阶智驾市场，征程6B以极致性价比重塑主动安全新体验，致力于打造业界最强性 价比主动安全一体机方案；2）面向中阶智驾市场，地平线推出普惠城区性价比方案最优解——征程6M，以及极致体 验高速NOA最优解——征程6E；3）面向高阶智驾市场，地平线推出了专为新一代全场景智能驾驶而生的征程6P，单 颗征程6旗舰可支持感知、规划决策、控制等全栈计算任务，将重新定义全场景NOA计算效率。 截止2025年1月，地平 线征程家族车载智能计算方案累计已出货超700万套。征程6系列已获超20家车企及品牌的平台化定点，自20 ...