Core Viewpoint - Horizon Robotics-W (09660) demonstrated strong performance in the first half of the year, with total revenue increasing by 68% year-on-year, driven by hardware shipments reaching 2 million units and an average product selling price rising by over 60% [1] Group 1: Financial Performance - Total revenue increased by 68% year-on-year [1] - Hardware shipments reached 2 million units [1] - Average product selling price rose by over 60% [1] Group 2: Market Outlook - Increased visibility of J6B shipments in overseas markets [1] - Successful progress of J6P and upgraded HSD models [1] - Anticipated significant contribution to shipments in the passenger vehicle and Robotaxi sectors over the next five years [1] Group 3: Analyst Predictions - Revenue forecasts for Horizon Robotics for 2025 to 2027 have been raised by 3% to 5% [1] - Target price increased from HKD 10.5 to HKD 11 [1] - Business developments in the coming months are expected to act as catalysts for stock price growth, with a reaffirmation of the "outperform" rating [1]

Core Viewpoint - Horizon Robotics-W (09660) demonstrated strong performance in the first half of the year, with total revenue increasing by 68% year-on-year, driven by hardware shipments of 2 million units and an average product selling price increase of over 60% [1] Group 1 - The company has seen a significant increase in hardware shipment volumes, reaching 2 million units [1] - The average selling price of products has increased by over 60% year-on-year, contributing to revenue growth [1] - The visibility of J6B shipments in overseas markets has improved, along with successful progress in J6P and the upgraded HSD [1] Group 2 - The firm has raised its revenue forecasts for Horizon Robotics for 2025 to 2027 by 3% to 5% [1] - The target price for the stock has been increased from HKD 10.5 to HKD 11 [1] - Future business developments are expected to act as catalysts for the stock price, leading to potential further upgrades in ratings [1]

大华继显发布研报称，地平线机器人-W(09660)上半年收入同比升67.6%至15.7亿元人民币，达该行全年 收入预测的45%，受惠硬件付运倍升。集团表示，有信心达致全年400万件硬件交付量，当中，中至高 端产品贡献达50%。以预测2027年市销率9.2倍计，该行将其目标价由7.45港元上调至8.88港元，维持其 评级为"买入"。 管理层对下半年展望正面，预计其最新ADAS解决方案HSD将在两至三年内成为主流。该行对其2025至 26年收入预测维持不变，但升2027年收入预测34%，以反映销售均价预测获上调，因驾驶芯片J6P付运 增加，并将2027年净亏损预测收窄32%至4.05亿元人民币，以反映持续经营杠杆，并料其2028年达至收 支平衡，录10亿元人民币净利。 ...

管理层对下半年展望正面，预计其最新ADAS解决方案HSD将在两至三年内成为主流。该行对其2025至 26年收入预测维持不变，但升2027年收入预测34%，以反映销售均价预测获上调，因驾驶芯片J6P付运 增加，并将2027年净亏损预测收窄32%至4.05亿元人民币，以反映持续经营杠杆，并料其2028年达至收 支平衡，录10亿元人民币净利。 智通财经APP获悉，大华继显发布研报称，地平线机器人-W(09660)上半年收入同比升67.6%至15.7亿元 人民币，达该行全年收入预测的45%，受惠硬件付运倍升。集团表示，有信心达致全年400万件硬件交 付量，当中，中至高端产品贡献达50%。以预测2027年市销率9.2倍计，该行将其目标价由7.45港元上调 至8.88港元，维持其评级为"买入"。 ...

Core Viewpoint - Horizon Robotics-W (09660) has shown significant stock performance, with a 9.07% increase to HKD 8.66 and a trading volume of HKD 39.56 billion following the release of its interim results, indicating strong market confidence in the company's growth potential [1] Financial Performance - The company reported a revenue of RMB 1.567 billion for the first half of the year, representing a year-on-year growth of 67.6% [1] - Gross profit reached RMB 1.024 billion, with a comprehensive gross margin of 65.4% [1] - Cash reserves stood at RMB 16.1 billion, providing a solid financial foundation for future growth [1] Market Position - The CEO stated that the company maintained a leading market share of 45.8% in the ADAS (Advanced Driver Assistance Systems) basic auxiliary driving market and 32.4% in the overall intelligent auxiliary driving computing solutions market for domestic brands in mainland China [1] Analyst Insights - Citi's research report highlighted the strong performance of Horizon Robotics, with total revenue growth of 68% year-on-year, driven by hardware shipments of 2 million units and an average product selling price increase of over 60% [1] - The report anticipates increased visibility in overseas shipments of the J6B model, along with successful progress in the J6P and upgraded HSD models, predicting significant contributions to shipments in the passenger vehicle and Robotaxi sectors over the next five years [1] - The revenue forecast for Horizon Robotics for 2025 to 2027 has been raised by 3% to 5%, with the target price increased from HKD 10.5 to HKD 11, suggesting that upcoming business developments could act as catalysts for stock price growth and reaffirming a "outperform" rating [1]

Core Viewpoint - Horizon Robotics reported strong mid-year performance with significant revenue growth and market leadership in the ADAS sector [1] Financial Performance - Revenue for the first half of the year reached 1.567 billion yuan, representing a year-on-year increase of 67.6% [1] - Gross profit amounted to 1.024 billion yuan, with a comprehensive gross margin of 65.4% [1] - Cash reserves stood at 16.1 billion yuan [1] Market Position - Horizon Robotics maintained a 45.8% market share in the ADAS basic auxiliary driving market, ranking first [1] - The company also held a 32.4% market share in the overall intelligent auxiliary driving computing solutions market for domestic brands [1] Analyst Insights - Credit Lyonnais highlighted the strong performance, noting a 68% year-on-year revenue growth driven by hardware shipments of 2 million units and an average product price increase of over 60% [1] - The J6B model is expected to see increased visibility in overseas markets, with significant contributions anticipated from J6P and the upgraded HSD in the passenger vehicle and Robotaxi sectors [1] - Revenue forecasts for Horizon Robotics from 2025 to 2027 have been raised by 3% to 5%, with the target price increased from 10.5 HKD to 11 HKD [1]

Core Insights - Horizon Robotics-W (09660) saw its stock rise over 4% in the morning session, currently trading at 8.22 HKD with a transaction volume of 2.39 billion HKD [1] Financial Performance - For the first half of the year, Horizon Robotics reported a revenue of 1.567 billion CNY, representing a year-on-year growth of 67.6% [1] - The gross profit reached 1.024 billion CNY, with a comprehensive gross margin of 65.4% [1] - The company holds cash reserves of 16.1 billion CNY [1] Market Position - The CEO of Horizon Robotics, Yu Kai, announced that the company maintained a market share of 45.8% in the ADAS (Advanced Driver Assistance Systems) market, ranking first [1] - In the overall intelligent driving computing solutions market for domestic brands, the company also secured the top position with a market share of 32.4% [1] Product and Solution Performance - Revenue from products and solutions grew 3.5 times year-on-year, amounting to 778 million CNY, with a shipment volume of 1.98 million units, doubling compared to the previous year [1] - The shipment structure improved significantly, with mid-to-high-end product solutions achieving a shipment volume of 980,000 units, a sixfold increase year-on-year, accounting for 49.5% of total shipments and contributing over 80% of the revenue from products and solutions [1] - The increase in the delivery ratio of mid-to-high-end product solutions led to a substantial rise in the average value per vehicle, which is now 1.7 times higher than the same period last year [1]

Core Viewpoint - Horizon Robotics reported strong mid-year performance with significant revenue growth and market leadership in the ADAS sector [1] Financial Performance - Revenue for the first half of the year reached 1.567 billion yuan, representing a year-on-year increase of 67.6% [1] - Gross profit amounted to 1.024 billion yuan, with a comprehensive gross margin of 65.4% [1] - Cash reserves stood at 16.1 billion yuan [1] Market Position - The company maintained a 45.8% market share in the ADAS basic auxiliary driving market, ranking first [1] - It also held a 32.4% market share in the overall intelligent auxiliary driving computing solutions market for domestic brands, again ranking first [1] Product and Solution Growth - Revenue from products and solutions business grew 3.5 times year-on-year, reaching 778 million yuan [1] - Total shipment volume reached 1.98 million units, doubling compared to the same period last year [1] - The shipment structure improved, with mid-to-high-end product solutions accounting for 49.5% of total shipments and contributing over 80% of the revenue from products and solutions [1] - The average value per vehicle increased significantly to 1.7 times that of the same period last year due to the higher delivery ratio of mid-to-high-end product solutions [1]

Core Insights - MSCI China Index has officially included Horizon Robotics (9660.HK) as the only autonomous driving technology company, reflecting market recognition of its growth potential [1] - Horizon's H1 2023 financial report shows significant growth, with revenue reaching 1.567 billion yuan, a 67.6% year-on-year increase, and gross profit of 1.024 billion yuan, with a gross margin of 65.4% [3][4] - The company is optimistic about its annual shipment volume, projecting around 4 million units, driven by new orders from major automakers like Geely, Chery, and Changan [2][10] Financial Performance - Horizon's revenue structure has improved, with product solutions and software services driving growth [3][4] - The product solutions business saw a total shipment of 1.98 million units in H1 2023, doubling year-on-year, with high-end products accounting for 49.5% of total shipments [3][4] - The average unit price of products is expected to continue rising, contributing to a 3.5-fold increase in revenue for the product solutions segment [3][4] Market Position and Strategy - Horizon holds a 32.4% market share in the domestic autonomous driving market and has made significant progress in supplying both domestic and joint venture brands [2][9] - The company has established partnerships with 27 OEMs, including the top ten Chinese OEMs, and is expanding its international presence [9][10] - The upcoming launch of the Horizon SuperDrive (HSD) system is anticipated to create substantial growth opportunities, with multiple models already designated for production [6][10] Technological Advancements - HSD is positioned as a foundational technology for future Robotaxi applications, with high computational power and advanced capabilities [6][7] - The company is increasing its investment in cloud services, with R&D expenses rising by over 62% to 2.3 billion yuan, indicating a focus on enhancing software and algorithm capabilities [7][8] - The penetration rate of advanced driver-assistance systems (ADAS) in China's passenger vehicles has reached 65.6%, with high-end features rapidly increasing [4][5] Future Outlook - The year 2025 is projected to be a pivotal year for the widespread adoption of intelligent driving solutions in China [2][5] - Horizon's strategic focus on high-end autonomous driving technology and its ability to adapt to market changes position it favorably for sustained growth [11] - The company is expected to benefit from the increasing demand for high-performance autonomous driving solutions as competition intensifies [10][11]

Core Insights - Horizon Robotics has recently announced significant milestones, including the upcoming production of over 10 million units of its "Journey" family of intelligent driving solutions, making it the first company in China to reach this milestone [1][4] - The company has launched the largest upgrade of its Horizon SuperDrive (HSD) system, which is designed to provide a seamless and reliable driving experience akin to that of a personal driver [1][8] - Horizon Robotics reported impressive financial results for the first half of the year, with revenues of 1.567 billion yuan, a year-on-year increase of 67.6%, and a gross profit of 1.024 billion yuan, up 38.6%, resulting in a gross margin of 65.4% [1][6] Financial Performance - The company achieved a doubling of product solution shipments to 1.98 million units in the first half of the year, with revenue from product solutions increasing 2.5 times to 778 million yuan [4][5] - The high-end solution deliveries reached 980,000 units, accounting for 49.5% of total shipments, and contributed over 80% of the revenue from product solutions [4][5] - Horizon Robotics' R&D expenditure rose to 2.3 billion yuan, a 62% increase year-on-year, reflecting the company's commitment to innovation [5][6] Market Position and Trends - The global market for intelligent driving solutions is projected to grow from 19.1 billion yuan in 2024 to 123.4 billion yuan by 2030, with a compound annual growth rate of 36.5% [3] - Horizon Robotics holds a 45.8% market share in the domestic ADAS front-view integrated machine market and a 32.4% share in the domestic auxiliary driving computing solutions market [5] - The company has established partnerships with major domestic brands such as BYD, Chery, and NIO, and has also expanded its global footprint by collaborating with international suppliers like Bosch and Denso [7][9] Product Development and Innovation - The HSD system is expected to enhance the company's market performance and is being positioned as a "Chinese version of FSD" [2][8] - Horizon Robotics has secured nearly 400 new model designations, significantly increasing its market presence compared to the previous year [7] - The company is focused on building a competitive advantage through integrated hardware and software solutions, which has been instrumental in its market success [8][9] Recognition and Future Outlook - Horizon Robotics has been included in several authoritative indices, such as the FTSE Global Index and MSCI China Index, indicating growing recognition of its investment value [9] - The company is expected to continue its strong performance in the domestic market while enhancing its influence in international markets through ongoing product improvements [9]