Core Viewpoint - In 2024, Horizon Robotics-W (09660) is projected to achieve total revenue of 2.38 billion yuan, representing a year-on-year growth of 53.6%, with a net profit of 2.35 billion yuan, and a narrowed adjusted operating loss of 1.495 billion yuan compared to 1.687 billion yuan in 2023 [1][2] Revenue and Profit Analysis - The company is expected to generate total revenue of 2.38 billion yuan in 2024, marking a 53.6% increase year-on-year [2] - The net profit for 2024 is projected at 2.35 billion yuan, a significant recovery from a net loss of 6.739 billion yuan in 2023, primarily due to a fair value change gain of 4.677 billion yuan from preferred shares and other financial liabilities [2] - Adjusted operating loss is forecasted at 1.495 billion yuan, an improvement from 1.687 billion yuan in 2023 [1][3] Business Segment Performance - Revenue from automotive solutions is expected to reach 2.312 billion yuan in 2024, reflecting a year-on-year increase of 57.2% [2] - Revenue from automotive product solutions is projected at 664 million yuan, up 31.2% year-on-year, driven by increased delivery volumes [2] - Revenue from licensing and service business is anticipated to be 1.658 billion yuan, a 70.9% increase, attributed to high demand for algorithms, software development tools, and technical services [2] Cost Efficiency and Profitability - The company's gross margin is expected to be 77.25% in 2024, an increase of 6.7 percentage points year-on-year, driven by a higher proportion of high-margin licensing and service revenue [3] - Gross margins for different business segments are projected as follows: automotive product solutions at 46%, licensing and service at 92%, and non-automotive solutions at 23%, with respective year-on-year increases of 2, 3, and 10 percentage points [3] - The company's operating expenses ratio is forecasted to be 176.36%, a decrease of 25.81 percentage points year-on-year [3] Delivery and Model Designation - The delivery volume for automotive product solutions is expected to reach approximately 2.9 million units in 2024, with a cumulative delivery volume of around 7.7 million units [4] - The company has secured over 100 model designations in 2024, increasing the total number of model designations to over 310 by December 31, 2024 [4] Product Development and Market Expansion - The company will launch the Journey 6 series processing hardware in 2024, aimed at enhancing advanced driver assistance and high-level autonomous driving solutions, with production starting in February 2025 [5] - The Journey 6 series has already been adopted for mass production by BYD's Tian Shen Eye C and will be implemented across more than 20 automotive manufacturers and brands [5] - From 2025 onwards, over 100 models equipped with the Journey 6 series are expected to be launched, covering a wide range of market segments from domestic to international brands, and from economy to luxury vehicles [5]
国信证券：地平线机器人-W(09660)征程6系列芯片加速放量