汇丰研究首予地平线机器人买入评级 目标价10.2港元

Group 1 - HSBC Research initiates a "Buy" rating for Horizon Robotics with a target price of HKD 10.2 [1] - Horizon Robotics currently serves over 40 automotive manufacturers, including BYD, Geely, and Li Auto, with more than 310 vehicle models [1] - The company is expected to achieve a compound annual growth rate (CAGR) of 64% in revenue from 2025 to 2027 and is projected to turn profitable by 2028 [1] Group 2 - Despite NVIDIA's dominance in the high-end automotive market, Horizon Robotics' lower chip prices are anticipated to enhance its market share in China, increasing from approximately 15% in 2024 to about 25% by 2027 [1] - The current trade tensions are believed to provide Horizon Robotics with higher supply chain security [1]