大和发布研报称，地平线机器人-W(09660)在中国的芯片交付势头稳健，全球订单获得突破。该行重申 对地平线的"买入"评级，目标价由9.6港元上调至10.5港元，又调升公司今明两年的收入预测3%至6%， 以反映预期芯片交付量上升。 公司上半年交付198万颗ADAS芯片，同比增长106%。由于产品组合变化，期内芯片的均价同比上升 70%。该行考虑到地平线下半年交付或会增长，将其今年全年芯片交付预测上调至450万颗。该行又预 计，短期内地平线将优先扩大收入，而非实现净利润。公司在上半年的研开发支已提高至23亿元人民 币，其中云计算业务的投资同比增长超过三倍。 ...

Core Viewpoint - Horizon Robotics (09660.HK) reported significant revenue growth but also an increase in losses for the second quarter and first half of 2025, driven by ongoing R&D investments and product optimization in a competitive smart driving market [1][10]. Financial Performance - Revenue for the first half of 2025 reached 1.567 billion yuan, a year-on-year increase of 67.6% [2] - Automotive solutions contributed 1.516 billion yuan, growing by 66% [2] - Product solutions surged to 777 million yuan, marking a 250% increase [2] - Gross profit was 1.024 billion yuan, up 38.6%, with a gross margin of 65.4% [2] - Operating loss expanded to 1.592 billion yuan, a 44% increase [2] - Net loss for the period was 5.233 billion yuan, up 2.6% [2] - R&D expenditure reached 2.3 billion yuan, increasing by 62% [2] - Cash reserves stood at 16.1 billion yuan [2] Highlights and Progress - Revenue growth was driven by both volume and price increases, with product solutions revenue reaching 778 million yuan, a 3.5-fold increase [4] - Shipment volume of automotive-grade processing hardware doubled to 1.98 million units [4] - Average selling price of product solutions increased to 1.7 times that of the previous year due to a higher proportion of high-value chips [4] - The share of mid-to-high-end assisted driving products rose to 49.5% of total shipments, contributing over 80% of revenue [5] - Software licensing and service revenue grew to 738 million yuan, a 6.9% increase [6] - Market share in China's autonomous brand automotive market reached 32.4% for assisted driving solutions and 45.8% for ADAS front-view integrated machines, both leading the market [6] - Successful international collaborations with major automotive groups, including partnerships with Volkswagen and Japan's largest automotive group, have been established [6] Future Outlook - The focus is on the mass production of high-level driving solutions (HSD), with several models already designated for production [8] - Improvement in profitability is anticipated as high-end products continue to scale and the HSD solution is launched [8] - Global expansion efforts with international automotive companies and Tier 1 suppliers are expected to create new growth opportunities [8]

Core Insights - Horizon Robotics (09660.HK) reported a revenue of 1.567 billion RMB for the first half of 2025, marking a year-on-year growth of 67.6% [1] - The company's gross profit reached 1.024 billion RMB, with a gross margin of 65.4%, reflecting a 38.6% increase year-on-year [1] - Cash reserves are robust, amounting to 16.1 billion RMB, providing a solid financial foundation for future growth [1] Business Performance - Revenue from automotive products and solutions surged to 778 million RMB, a remarkable year-on-year increase of 250.0%, with a shipment volume of 1.98 million units, doubling from the previous year [1][2] - The shipment of hardware supporting highway-assisted driving reached 980,000 units, a sixfold increase compared to the same period last year, contributing 80% of the revenue from products and solutions [1] Software and Services - Horizon Robotics generated 739 million RMB from software and service business, a 6.9% increase year-on-year, supported by the significant rise in product and solution revenue [2] - The dual-core business model of products and solutions alongside software and services is expected to sustain the company's growth momentum [2] Market Position and Partnerships - As of August 2025, the cumulative shipment of the Journey series processing hardware surpassed 10 million units, making Horizon the first smart driving technology company in China to achieve this milestone [2] - The company secured nearly 400 new model designations, with over 100 models featuring highway-assisted driving capabilities [2][3] International Expansion - Horizon is actively expanding its international presence, collaborating with major global automotive brands, including Volkswagen and Japan's largest automotive group [3] - The new generation basic assisted driving solution, Horizon Mono, is expected to deliver 7.5 million units over its lifecycle, enhancing the company's sales potential [3] Research and Development - R&D expenditure reached 2.3 billion RMB, a 62% increase year-on-year, primarily focused on urban driving system solutions [4] - The Horizon Super Drive (HSD) system has undergone significant iterations, offering advanced capabilities for complex urban driving tasks [4] - HSD has already secured multiple model designations, with the first model, the Xingtu E05, set to enter mass production soon [4]

| 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 榜次数 | （港元） | （%） | | 00700 | 腾讯控股 | 54.76 | -5.84 | 23 | 594.000 | -0.83 | | 00981 | 中芯国际 | 171.83 | 8.92 | 23 | 62.300 | 10.76 | | 01810 | 小米集团-W | 15.63 | -3.00 | 23 | 53.100 | -0.19 | | 09988 | 阿里巴巴-W | 111.42 | 3.30 | 23 | 115.800 | -4.69 | | 03690 | 美团-W | 158.03 | 3.33 | 19 | 101.700 | -12.55 | | 02800 | 盈富基金 | 119.69 | -118.86 | 17 | 25.500 | -0.78 | | 01347 | 华虹半导体 | 51.99 | 4.64 ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 美团-W(03690) | 61.45 亿元 | -2.97 亿元 | | 中芯国际(00981) | 55.65 亿元 | +3.18 亿元 | | 阿里巴巴-W(09988) | 47.26 亿元 | -3.76 亿元 | | 盈富基金(02800) | 40.29 亿元 | -40.01 亿元 | | 腾讯控股(00700) | 24.97 亿元 | -3.78 亿元 | | 康方生物(09926) | 16.81 亿元 | +5.12 亿元 | | 华虹半导体(01347) | 15.73 亿元 | +1.19 亿元 | | 小米集团-W(01810) | 15.63 亿元 | -3.00 亿元 | | 中国海洋石油(00883) | 13.81 亿元 | +2.53 亿元 | | 晶泰控股(02228) | 11.81 亿元 | +2.24 亿元 | 智通财经APP获悉，2025年8月28日当天，中芯国际(00981)、美团-W(03690)、盈富基金(02800)位居沪 港通（ ...

Core Insights - Horizon Robotics reported impressive financial results for the first half of 2025, achieving a revenue of 1.567 billion yuan, a year-on-year increase of 67.6%, marking a historical high [1] - The company's gross profit reached 1.024 billion yuan, with a gross margin of 65.4%, maintaining an industry-leading position [1] - As of June 30, 2025, the company had cash reserves of 16.1 billion yuan, providing ample resources for future R&D and market expansion [1] Industry Trends - The Chinese smart driving market is experiencing a historic turning point, with the penetration rate of assisted driving in the passenger car market exceeding 60% for the first time in the first half of 2025 [1] - The demand for high-level assisted driving systems is surging, with the market share of domestic brands in the passenger car market exceeding 63% [5] - The penetration rate of assisted driving features has increased from 51% at the end of 2024 to 59% in the first half of 2025 [5] Business Performance - Horizon's product and solution business revenue grew 3.5 times year-on-year to 778 million yuan, with a shipment volume of 1.98 million units, doubling compared to the previous year [3] - The company achieved a significant increase in both revenue and shipment volume, with mid-to-high-level product solutions accounting for 49.5% of total shipments, contributing over 80% of the revenue from the product and solution business [3][5] - The software and licensing service business also saw stable growth, with revenue of 738 million yuan, a year-on-year increase of 6.9% [5] Technological Advancements - Horizon's R&D expenditure reached 2.3 billion yuan in the first half of 2025, a 62% increase year-on-year, primarily focused on cloud service resources and urban intelligent driving system solutions [6] - The Horizon SuperDrive (HSD) system, based on the Journey 6P hardware, boasts a computing power of 560 TOPS and features an end-to-end architecture for low-latency processing [7] - The HSD system has been recognized for its advanced decision-making capabilities in complex urban scenarios, enhancing user experience [7] Market Position - Horizon's market share in the domestic assisted driving computing solution market rose to 32.4%, while its market share in the ADAS front-view integrated machine market reached 45.8% [10] - The company has secured partnerships with 27 OEMs, including all top ten Chinese OEMs, and has received nearly 400 model designations [10] - Horizon has established deep collaborations with global automotive giants, marking a significant recognition of Chinese smart driving technology in mainstream global markets [10][12] Future Outlook - The market for urban high-level intelligent driving (NOA) is projected to approach 55 billion yuan by 2025 and may exceed 100 billion yuan by 2027 [5] - Horizon's CEO expressed confidence in the future market potential, particularly in the segment of passenger cars priced above 100,000 yuan, which constitutes about 80% of total sales [9] - The company is poised for a new growth cycle with the global launch of the HSD system and large-scale production of the Journey 6 series [12]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, with a total net sell of 204.41 billion HKD on August 28, 2023, indicating a cautious sentiment among investors [1]. Group 1: Northbound Capital Activity - Northbound capital saw a net sell of 132.97 billion HKD through the Shanghai Stock Connect and 71.44 billion HKD through the Shenzhen Stock Connect [1]. - The most bought stocks included SMIC (00981), Kangfang Biotech (09926), and Huahong Semiconductor (01347), while the most sold stocks were the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises Index (02828), and Tencent (00700) [1]. Group 2: Stock Performance and Predictions - SMIC received a net buy of 8.92 billion HKD, while Huahong Semiconductor had a net buy of 4.63 billion HKD, reflecting a renewed interest in chip stocks [6]. - Kangfang Biotech saw a net buy of 5.11 billion HKD, supported by positive clinical trial results for its drug [6]. - China Life (02628) received a net buy of 3.83 billion HKD, with expectations of steady growth in profits and new business value (NBV) [7]. Group 3: Sector Trends and Market Sentiment - The technology sector showed mixed results, with Meituan (03690) and Alibaba (09988) receiving net buys of 3.33 billion HKD and 3.29 billion HKD, respectively, while Tencent faced a net sell of 5.83 billion HKD [7]. - The AI sector is expected to be a key driver for Hong Kong tech stocks, with improved market sentiment due to easing trade tensions between China and the U.S. [7]. - Horizon Robotics (09660) reported a revenue increase of 67.6% year-on-year, indicating strong growth in the autonomous driving market [8]. Group 4: ETF and Fund Flows - Northbound capital also sold off ETFs, with the Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises Index (02828) facing net sells of 118.86 billion HKD and 47.76 billion HKD, respectively [9]. - Despite the selling pressure, there is an expectation for continued foreign capital inflow into the Chinese market, although the importance of foreign capital in the Hong Kong market has decreased [9].

Core Viewpoint - UBS initiates coverage on Horizon Robotics-W (09660) with a "Buy" rating and a target price of HKD 10.5, corresponding to forecasted P/E ratios of approximately 48x for 2028 and 30x for 2029 [1] Group 1: Company Overview - Horizon Robotics is recognized as a leading supplier of single-chip autonomous driving systems and solutions in China [1] - The company is expected to benefit from three structural growth drivers: accelerated adoption of higher-level autonomous driving, the trend of domestic production in the automotive and AI semiconductor sectors, and a surge in demand for edge AI driving growth in AIoT and robotics SoC businesses [1] Group 2: Financial Projections - The company anticipates a compound annual growth rate (CAGR) of 50% in revenue over the next five years [1] - Forecasts indicate that the shipment volume of its AD SoC will reach 9 million units by 2027, with an expected average selling price increasing to USD 90 [1]

Core Viewpoint - UBS has initiated coverage on Horizon Robotics (09660) with a "Buy" rating and a target price of HKD 10.5, implying a forecasted P/E ratio of approximately 48x for 2028 and 30x for 2029 [1] Group 1: Company Overview - Horizon Robotics is recognized as a leading supplier of single-chip autonomous driving systems and solutions in China [1] - The company is expected to benefit from three structural growth drivers: the accelerated adoption of higher-level autonomous driving, the trend of domestic production in China's automotive and AI semiconductor sectors, and the surge in demand for edge AI driving growth in AIoT and robotics SoC businesses [1] Group 2: Financial Projections - Horizon Robotics is projected to achieve a compound annual growth rate (CAGR) of 50% in revenue over the next five years [1] - The forecast for AD SoC shipments is expected to reach 9 million units by 2027, with an anticipated average selling price increasing to USD 90 [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company achieved strong revenue growth in H1 2025, with total revenue reaching 1.567 billion RMB, a year-on-year increase of 67.6%, driven by higher product delivery volumes and strong demand for algorithm software [1]. - The gross profit for H1 2025 was 1.024 billion RMB, reflecting a 38.6% increase year-on-year, although the gross margin decreased by 13.6 percentage points to 65.4% due to a significant rise in the proportion of automotive product solutions [1]. - Adjusted operating losses widened to 1.592 billion RMB in H1 2025, compared to 820 million RMB in H1 2024, with a net loss of 5.233 billion RMB primarily due to changes in the fair value of preferred shares and other financial liabilities [1]. Revenue Breakdown - The company's product solutions segment saw revenue of 778 million RMB in H1 2025, a remarkable year-on-year increase of 250%, with a gross margin of 45.6% [2]. - The "Zhengcheng" series chips achieved a shipment volume of 1.98 million units in H1 2025, doubling year-on-year, with a cumulative shipment exceeding 10 million units by August 2025 [2]. - The company holds the leading market share in China's OEM ADAS market at 45.8% and 32.4% in the overall OEM autonomous driving solutions market [2]. Profitability Forecast and Valuation - The revenue forecasts for 2025 to 2027 are projected at 3.560 billion RMB, 5.358 billion RMB, and 7.936 billion RMB, respectively, with corresponding price-to-sales ratios of 28x, 19x, and 13x based on the stock price of 7.94 HKD as of August 27 [4]. - The company is expected to benefit from the ongoing growth in intelligent driving demand and strategic partnerships with leading global firms, which will enhance its product pricing and brand strength [4].