地平线机器人-W(9660.HK)：规模化量产构建起完整的智能普惠生态

Group 1 - The cumulative shipment of the Journey series is expected to exceed 10 million units, with over 8 million units already shipped, indicating that one in three smart cars is equipped with Horizon's driving assistance solutions [1] - The company has established close collaborations with several leading Tier-1 companies, including Bosch, Denso, and ZF, to develop differentiated intelligent driving solutions based on the Journey 6 series [1] - The HSD system, the first domestic full-stack development for urban driving assistance, includes HSD300, HSD600, and HSD1200, designed for various performance levels and scenarios [2] Group 2 - The HSD system utilizes the Journey 6P computing solution and features an end-to-end architecture that enhances user experience by providing a seamless and safe driving experience [2] - The company anticipates revenues of 3.562 billion, 5.529 billion, and 7.983 billion yuan for the years 2025, 2026, and 2027, respectively, with projected net profits of -196.9 million, -94.5 million, and 10.5 million yuan [2]