Investment Rating - The report maintains a "Buy-A" rating for the company [2][4] Core Views - The company reported a revenue of 1.567 billion, a year-on-year increase of 67.6%, while operating losses expanded to 1.59 billion [1] - The upcoming mass production of the HSD advanced driver assistance product is expected to open new growth opportunities, with initial deployment on the Chery Xingji Yuan E05 [1] - The company has made significant progress in overseas expansion, securing model designations from two Japanese OEMs for markets outside China, potentially leading to over 7.5 million units in lifetime shipments [1] Financial Performance - Revenue from product solutions increased significantly by 249.97% to 778 million, with hardware shipments doubling to 1.98 million units [7] - The adjusted operating loss for the first half of 2025 was 1.11 billion, reflecting an increase in R&D expenses to 2.3 billion, up 62% year-on-year [7] - The gross margin for the first half of 2025 was 65.36%, a decrease of 13.76 percentage points year-on-year due to changes in revenue structure [7] Future Projections - Revenue projections for 2025 to 2027 are estimated at 3.52 billion, 5.48 billion, and 8.02 billion respectively, with growth rates of 47.6%, 55.8%, and 46.3% [2][9] - The target market capitalization is set at 123.2 billion RMB, with a target price of 9.66 HKD [2]

里昂发布研报称，地平线机器人-W(09660)上半年业绩表现强劲，总收入同比增长68%，主要来自于硬 件出货量达200万及产品平均售价同比增长逾60%的支持。该行指，J6B在海外市场出货量能见度提升， 加上J6P及升级版HSD进展成功，预期未来五年将在乘用车及Robotaxi领域贡献显著出货量。该行将地 平线2025至2027年收入预测上调3%至5%，目标价由10.5港元升至11港元，相信未来数月的业务发展可 成为股价催化剂，推动进一步重新评级，重申"跑赢大市"评级。 ...

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]

报告期内，地平线产品及解决方案业务收入较去年同期翻3.5倍增长，营收7.78亿元；出货量198万套， 同比翻倍增长。业务营收与出货量双双创新高，地平线产品解决方案备受市场认可，竞争力强大。出货 总量上升的同时，在新一代产品征程6系列量产的推动下，产品及解决方案业务出货结构进一步优化。 中高阶产品解决方案实现出货量98万套，较去年同期激增6倍；占总出货量的49.5%，并贡献了产品及 解决方案业务超过80%的收入。因中高阶产品解决方案交付比例的提升，单车价值量大幅提升至去年同 期的1.7倍。 消息面上，8月27日，地平线机器人发布中期业绩。上半年收入15.67亿元，同比增长67.6%；毛利润达 10.24亿元，综合毛利率65.4%；现金储备161亿。地平线机器人CEO余凯在中期业绩会上表示，今年上 半年集团以45.8%的市占率蝉联ADAS基础辅助驾驶市场份额第一，以32.4%的市占率蝉联内地自主品牌 整体智能辅助驾驶计算方案市场份额第一。 地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.53%，报8.22港元，成交额23.9亿港元。 ...

智通财经APP获悉，地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.53%，报8.22港元，成交额 23.9亿港元。 报告期内，地平线产品及解决方案业务收入较去年同期翻3.5倍增长，营收7.78亿元；出货量198万套， 同比翻倍增长。业务营收与出货量双双创新高，地平线产品解决方案备受市场认可，竞争力强大。出货 总量上升的同时，在新一代产品征程6系列量产的推动下，产品及解决方案业务出货结构进一步优化。 中高阶产品解决方案实现出货量98万套，较去年同期激增6倍；占总出货量的49.5%，并贡献了产品及 解决方案业务超过80%的收入。因中高阶产品解决方案交付比例的提升，单车价值量大幅提升至去年同 期的1.7倍。 消息面上，8月27日，地平线机器人发布中期业绩。上半年收入15.67亿元，同比增长67.6%；毛利润达 10.24亿元，综合毛利率65.4%；现金储备161亿。地平线机器人CEO余凯在中期业绩会上表示，今年上 半年集团以45.8%的市占率蝉联ADAS基础辅助驾驶市场份额第一，以32.4%的市占率蝉联内地自主品牌 整体智能辅助驾驶计算方案市场份额第一。 ...

在价格战依然火热的上半年，地平线上半年的主要指标稳中有升，营收和毛利润双双增长。公司上半年 收入15.67亿元，同比增长67.6%；毛利润达10.24亿元，综合毛利率65.4%；现金储备161亿，流动性维 持充足。 在业务层面，地平线业务营收结构呈现进一步优化，两大支柱业务——产品解决方案业务和授权及服务 业务显示出双轮驱动的稳定商业模式。尤其是产品解决方案业务，在价格战和成本下降的行业趋势 下，"量价齐升"的势头分外抢眼。 2025年上半年，地平线的产品解决方案业务总出货量为198万套，同比翻倍增长，其中中高阶产品解决 方案实现出货量98万套，较去年同期激增6倍，占总出货量的49.5%，同时贡献了产品解决方案业务总 收入的80%；由于中高阶产品占比提升，地平线产品解决方案的单车价值量大幅提升，同比提高70%， 拉动产品解决方案业务总收入较去年同期翻3.5倍增长，营收7.78亿元。 中高阶产品解决方案销量爆发增长和量价齐升的增长逻辑，验证了地平线对智驾市场向高而行的节奏判 断，也意味着新一代产品征程6系列投产即取得市场成功。随着中高阶辅助驾驶成为驱动地平线业务增 长的核心引擎，地平线产品及解决方案业务出货结构 ...