Core Viewpoint - Horizon Robotics has gained significant attention in the market following its inclusion in the Hong Kong Stock Connect, indicating strong recognition of its integrated software and hardware technology path and positioning as a leading supplier of intelligent assisted driving solutions in China [1][7]. Group 1: Product Development and Market Position - The launch of the Horizon Journey series has opened up growth opportunities, with the company continuously delivering high-performance software and hardware products, leading to strong market demand [2]. - The Journey series has achieved significant milestones, with cumulative shipments expected to exceed 8 million units by Q1 2025, and the company holds over 40% market share in the Chinese OEM advanced assisted driving solutions market, ranking first [2][4]. - The recent introduction of the HSD urban assisted driving system marks a significant advancement, with partnerships established with major clients like Chery Group and Volkswagen, indicating strong market acceptance and potential for high-end market penetration [3][4]. Group 2: Financial Outlook and Growth Potential - The successful launch and mass production of new products like HSD are expected to enhance the company's revenue and profit, indicating a positive trajectory for overall performance [4]. - The automotive industry is moving towards a "universal intelligent assisted driving" era, with major players like BYD leading the charge, which is likely to benefit Horizon Robotics significantly [5]. - Analysts have expressed optimism regarding Horizon's long-term growth potential, with several brokerages issuing "buy" ratings and predicting a turnaround to profitability by 2027 [7]. Group 3: Technological Advancements - Horizon Robotics has developed a robust self-research BPU architecture, continuously iterating its Journey series, with the latest Journey 6 chip offering enhanced data processing capabilities for assisted driving systems [6]. - The Horizon Cell modular system allows for hardware plug-and-play and software upgrades, enhancing performance while reducing costs, positioning the company as a unique supplier in the market [6]. - The company has established partnerships with over 40 automotive brands, including the top ten Chinese automakers, with more than 800 million units shipped and over 200 models in mass production [6].

Core Viewpoint - Horizon Robotics has officially entered the Hong Kong Stock Connect list, indicating strong market recognition of its integrated software and hardware technology path and signaling an acceleration in value discovery and re-evaluation as a leading provider of intelligent assisted driving solutions in China [1] Group 1: Market Performance and Recognition - Since its listing in late October 2024, Horizon Robotics has been a focal point in the industry, with its stock showing high activity and receiving positive coverage from major domestic and international brokerages [1] - The successful inclusion in the Hong Kong Stock Connect reflects the high popularity of Horizon Robotics in the capital market [1] Group 2: Product Development and Market Position - Horizon Robotics has consistently attracted investor interest due to its strong performance in the intelligent assisted driving sector, with significant product launches like the Journey series, which has gained trust from major clients like BYD [2] - The Journey family is expected to exceed 8 million units shipped by Q1 2025, showcasing robust market growth, with a market share of over 40% in China's OEM advanced assisted driving solutions [2] - The recent launch of the L2 urban assisted driving system HSD has garnered significant attention, with partnerships established with major automotive manufacturers like Chery and Volkswagen for mass production [3][4] Group 3: Technological Advancements and Competitive Edge - The HSD system features the advanced Journey 6P computing solution, which allows for hardware modularity and software upgrades, catering to diverse customer needs [4] - Horizon Robotics has developed a strong technological foundation with its self-developed BPU architecture and has established a deep "moat" in the market, collaborating with over 40 automotive brands and achieving over 8 million units in front-end production [6] Group 4: Future Growth Potential - The automotive industry is moving towards a "universal intelligent assisted driving" era, with BYD leading the charge, which is expected to benefit Horizon Robotics significantly as other manufacturers follow suit [5] - The company's comprehensive solutions and full-stack delivery capabilities position it to capitalize on the industry's growth, enhancing its visibility and potential for future expansion [5] - Analysts have expressed optimism about Horizon Robotics' long-term growth, with several brokerages issuing "buy" ratings and projecting profitability by 2027 [7]

成交活跃股方面，沪市港股通前十大成交活跃股中，小米集团-W成交额为33.14亿港元，成交金额居 首；其次是美团-W、阿里巴巴-W，成交金额分别为31.69亿港元、27.24亿港元。以净买卖金额统计， 美团-W净买入额为17.80亿港元，净买入金额居首，该股收盘股价下跌5.48%。净卖出金额最多的是盈 富基金，净卖出14.66亿港元，收盘股价下跌1.26%。 深市港股通前十大成交活跃股中，成交额居首的是小米集团-W，成交金额23.12亿港元；其次是美团- W、腾讯控股，成交金额分别为22.17亿港元、17.29亿港元。以净买卖金额统计，有2只股为净买入，净 买入金额最多的是地平线机器人-W，净买入7.30亿港元，该股收盘下跌6.45%。净卖出金额最多的是腾 讯控股，净卖出11.46亿港元，收盘股价下跌1.54%。（数据宝） 5月26日恒生指数下跌1.35%，报收23282.33点，全天南向资金通过港股通渠道合计净卖出15.07亿港 元。 证券时报·数据宝统计，5月26日港股通全天合计成交金额为996.72亿港元，成交净卖出15.07亿港元。 具 体来看，沪市港股通成交金额639.69亿港元，成交净买入18.56 ...

智通财经APP获悉，5月26日港股市场，北水成交净卖出15.07亿港元，其中港股通(沪)成交净买入18.56 亿港元，港股通(深)成交净卖出33.63亿港元。 北水净买入最多的个股是美团-W(03690)、中国移动(00941)、地平线机器人-W(09660)。北水净卖出最 多的个股是腾讯(00700)、阿里巴巴-W(09988)、盈富基金(02800)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 16.57 乙 | 16.57 亿 | 33.14 乙 | | HK 01810 | | | -13.02万 | | 美团-W | 24.74 Z | 6.95亿 | 31.69 亿 | | HK 03890 | | | +17.80 乙 | | 阿里巴巴-W | 8.39亿 | 18.85 乙 | 27.24亿 | | HK 09988 | | | -10.46 Z | | 腾讯控股 | 7.79亿 | 17.25亿 | 25.04亿 | | HK 00700 | | | -9.45 Z | | 比 ...

Group 1 - Horizon Robotics has been included in the Hong Kong Stock Connect list, effective from May 26, which is expected to enhance its market position and attract more mainland investors [1] - The inclusion in the Stock Connect is seen as a recognition of Horizon Robotics' market status, likely increasing stock liquidity and supporting long-term development [1] Group 2 - Hong Kong Exchanges and Clearing Limited announced an increase in the position limits for Hang Seng Index derivatives, effective July 2, aiming to enhance market liquidity and solidify Hong Kong's status as a global risk management center [2] - This adjustment reflects the exchange's ongoing commitment to developing the derivatives market and is expected to attract more international investors [2] Group 3 - Haitian Flavor Industry has passed the Hong Kong Stock Exchange hearing and plans to achieve A+H listing, with significant revenue figures of approximately 25.6 billion yuan, 24.6 billion yuan, and 26.9 billion yuan for 2022, 2023, and 2024 respectively [3] - The A+H listing is anticipated to broaden Haitian's financing channels and enhance its competitiveness in the international market [3] Group 4 - Zhu Jiangtao has resigned as an executive director of China Merchants Bank due to work reasons, with Wang Xiaoqing nominated as the new executive director [4] - This management change may impact the bank's strategic direction and internal management dynamics, warranting investor attention on the new director's background and vision [4] Group 5 - On May 23, the Hang Seng Index rose by 0.24% to 23601.26, while the Hang Seng Tech Index decreased by 0.09% to 5246.87, and the Hang Seng Composite Index increased by 0.31% to 8583.86 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Insights - The report highlights three key updates that support a positive outlook for the company's long-term development: 1) The company will benefit from the upgrade of smart driving functions from L2 to L2+, leading to an acceleration in market share for J3/J5 [27][28]. 2) In the medium to long term, the company holds multiple pre-installed orders from various automakers for high-level smart driving, securing a position in the high-level smart driving market alongside Nvidia and Huawei [34][27]. 3) The company is expected to benefit from dual advantages of "domestic production" and "stricter smart driving regulations" amid various market disturbances [25][37]. Summary by Sections 1. Investment Outlook - The company is projected to achieve revenues of 37.11 billion, 57.21 billion, and 83.45 billion CNY for the years 2025 to 2027, with year-on-year growth rates of 55.71%, 54.15%, and 45.87% respectively. The net profit attributable to shareholders is expected to be -11.09 billion, -6.58 billion, and 6.01 billion CNY, indicating a potential return to profitability by 2027 [3][47]. 2. Market Discrepancies - There are two main points of divergence in market perception regarding the company: 1) The competitive strength of the company's products compared to suppliers like Nvidia and Huawei, with the J6P chip aligning its capabilities with high-performance scenarios [2][39]. 2) The impact of automakers developing their own smart driving solutions on the company's market position, which the report argues will not pose a significant threat due to high development costs and regulatory challenges [3][45]. 3. Financial Projections and Valuation - The report employs a Price-to-Sales (PS) valuation method, assigning a target market value of 111.3 billion CNY (121.2 billion HKD) for 2025, corresponding to a target price of 9.18 HKD per share, based on a 30x PS multiple [11][50]. 4. Product and Market Strategy - The company is positioned as an open ecosystem player, allowing greater flexibility for automakers through its BPU IP licensing model, which enhances collaboration opportunities with Tier 1 customers [40][39]. 5. Competitive Landscape - The report emphasizes the company's strategic partnerships with major automakers, including BYD, Ideal, and Volkswagen, which are expected to drive significant growth in chip shipments and market share in the L2+ segment [30][34]. 6. Regulatory Environment - The tightening of regulations in the smart driving sector is seen as beneficial for established suppliers with proven production capabilities, positioning the company favorably in the evolving market landscape [37][38].

Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Views - The report highlights three key updated logic points that support the long-term development of the company: 1) The company will benefit in the short term from the upgrade of intelligent driving functions from L2 to L2+, leading to an accelerated market share increase for J3/J5 [27][28]. 2) In the medium to long term, the company holds multiple pre-installed orders from various automakers for high-level intelligent driving, securing a position in the high-level intelligent driving market alongside Nvidia and Huawei [27][34]. 3) The company is expected to benefit from dual advantages of "domestic production" and "stricter intelligent driving regulations" amid various disturbances [25][37]. Summary by Sections Market Discrepancies - There are two main points of divergence in market perception regarding the company: 1) The competitive product strength of the company compared to suppliers like Nvidia and Huawei [38]. 2) The impact of automakers developing their own intelligent driving solutions on the company [38]. Competitive Product Strength - From a product matrix perspective, the mass production of J6P indicates that the company's chips can support all intelligent driving scenarios, aligning with the capabilities of Huawei and Nvidia [39]. - The company has established a fully self-developed product system that matches Nvidia's intelligent driving product ecosystem, offering more flexibility to users compared to Huawei's closed ecosystem [39][40]. Impact of Automakers' Self-Developed Solutions - The report argues that self-developed intelligent driving solutions by automakers will not threaten the company's market position or long-term development logic due to several factors, including increased regulatory scrutiny and the high costs associated with self-development [43][45]. Revenue Forecast and Valuation - The company is projected to achieve revenues of CNY 37.11 billion, CNY 57.21 billion, and CNY 83.45 billion for the years 2025 to 2027, with year-on-year growth rates of 55.71%, 54.15%, and 45.87% respectively [47][49]. - The company is expected to turn profitable by 2027, with a projected net profit of CNY 6.01 billion [47]. - A PS valuation method is used, assigning a target market value of CNY 111.3 billion (HKD 121.2 billion) and a target price of HKD 9.18 for 2025 [50][12].

Core Viewpoint - Horizon Robotics is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving solutions, benefiting from the expanding market for intelligent driving solutions driven by the trend of driving equality [1][2] Group 1: Market Growth and Revenue Projections - The company is expected to achieve revenues of 3.644 billion, 5.618 billion, and 8.190 billion CNY from 2025 to 2027, with year-on-year growth rates of 52.9%, 54.2%, and 45.8% respectively [1] - The global and Chinese intelligent driving solutions market is projected to reach 1,017.2 billion and 407.0 billion CNY by 2030, with a CAGR of 49.2% and 49.4% from 2023 to 2030 [1] Group 2: Competitive Positioning - The company is one of the few suppliers that can provide both chips and algorithms, enhancing its core competitiveness [2] - The hardware offerings include the J6P and HorizonCell, providing 1,120 TOPS of computing power, positioning the company among the top tier in domestic computing power [2] - The company has established a strong customer base, with products already integrated into models from Li Auto, NIO, and Chery, and has entered partnerships with BYD, Chery, and Bosch [2] Group 3: Product Development and Market Strategy - The company is accelerating its efforts in the high-level autonomous driving market, particularly in urban NOA (Navigation on Autopilot) solutions, with plans to launch HSD in 2025 [1][2] - The company currently holds a 35.9% market share in the Chinese OEM ADAS market, ranking first, and aims to increase its presence in the urban NOA market [1]

Investment Rating - The report assigns an "Accumulate" rating for Horizon Robotics (09660.HK) [4] Core Views - Horizon Robotics is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving solutions, benefiting from the expansion of the smart driving solutions market driven by the trend of driving equality [4][5] - The company is expected to achieve revenues of 3.644 billion, 5.618 billion, and 8.190 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 52.9%, 54.2%, and 45.8% [4][18] - The current stock price of 7.48 HKD corresponds to price-to-sales ratios of 25, 16, and 11 for the years 2025, 2026, and 2027 respectively [4] Company Overview - Horizon Robotics is a market leader in providing ADAS and high-level autonomous driving solutions, focusing on autonomous driving chips and solutions [4][19] - The company has a stable and concentrated ownership structure, with founder Yu Kai holding 53.92% of the voting rights [21][24] - The company has successfully launched four generations of its Journey series chips, which cover a wide range of driving automation needs [28][29] Market Potential - The global market for smart driving solutions is expected to reach 1,017.2 billion CNY by 2030, with a compound annual growth rate (CAGR) of 49.2% from 2023 to 2030 [5][35] - Horizon Robotics holds a 35.9% market share in the Chinese OEM ADAS market as of the first half of 2024, ranking first [5][39] Competitive Advantage - The company is one of the few suppliers that can provide both chips and algorithms, enhancing its competitive edge [6][30] - Horizon Robotics has established a strong customer base and production experience, with its products already integrated into various models from leading automotive manufacturers [6][34] Financial Summary - The company reported revenues of 1.552 billion CNY in 2023, with a projected increase to 3.644 billion CNY in 2025, reflecting a year-on-year growth of 52.9% [8][18] - The gross margin is expected to improve, with a projected gross margin of 75.1% in 2025 [8][65] - The company's automotive solutions accounted for 96.99% of total revenue in 2024, highlighting its focus on the automotive sector [46][51]

Investment Rating - The report assigns an "Accumulate" rating for Horizon Robotics (09660.HK) [4] Core Views - Horizon Robotics is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving solutions, benefiting from the expansion of the smart driving solutions market driven by the trend of driving equality [4][5] - The company is expected to achieve revenues of 3.644 billion, 5.618 billion, and 8.190 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 52.9%, 54.2%, and 45.8% [4][18] - The current stock price of 7.48 HKD corresponds to price-to-sales ratios of 25, 16, and 11 for the years 2025, 2026, and 2027 respectively [4] Financial Summary and Valuation Indicators - Revenue (CNY million): 2023A: 1,552; 2024A: 2,384; 2025E: 3,644; 2026E: 5,618; 2027E: 8,190 [8] - Year-on-Year Growth (%): 2023A: 71.3; 2024A: 53.6; 2025E: 52.9; 2026E: 54.2; 2027E: 45.8 [8] - Net Profit (CNY million): 2023A: -6,739; 2024A: 2,347; 2025E: -1,634; 2026E: -945; 2027E: 75 [8] - Gross Margin (%): 2023A: 70.5; 2024A: 77.3; 2025E: 75.1; 2026E: 71.5; 2027E: 69.1 [8] - Net Margin (%): 2023A: -434.3; 2024A: 98.4; 2025E: -44.8; 2026E: -16.8; 2027E: 0.9 [8] - Return on Equity (ROE) (%): 2023A: -27.3; 2024A: 19.7; 2025E: -15.9; 2026E: -10.1; 2027E: 0.8 [8] - Earnings Per Share (EPS): 2023A: -2.5; 2024A: 0.2; 2025E: -0.1; 2026E: -0.1; 2027E: 0.0 [8] Market Position and Competitive Landscape - Horizon Robotics holds a dominant position in the Chinese OEM advanced driver assistance solutions market with a market share of 35.9% as of H1 2024 [5][6] - The company is accelerating its growth in the high-level autonomous driving market and aims to increase its market share with the launch of the HSD solution in 2025 [5][6] - The global and Chinese smart driving solutions market is projected to reach 1,017.2 billion and 407 billion CNY by 2030, with a CAGR of 49.2% and 49.4% respectively from 2023 to 2030 [5][6] Product and Technology Overview - The company offers a comprehensive range of products including hardware, algorithms, and solutions, with a focus on soft-hard integration [4][28] - The latest series of chips, the Journey 6 series, provides significant computational power, with the J6P chip offering 560 TOPS [6][28] - Horizon Robotics has developed a full-stack algorithm capability that meets the development requirements for both advanced driver assistance and high-level autonomous driving solutions [33][34]