地平线2025年上半年营收增长67.6% 征程芯片累计出货突破千万套

Core Insights - Horizon (9660.HK) has achieved a significant milestone by surpassing 10 million units of its Journey series automotive intelligent chips, becoming the first domestic company to reach this threshold in the smart driving computing solutions sector [1] - The acceptance of domestic chips in the industry is increasing, with the penetration rate of advanced driver assistance systems (ADAS) in the domestic passenger car market expected to rise rapidly in the first half of 2025 [1] - The CEO of Horizon, Yu Kai, highlighted that over 60% of passenger cars sold in China are now equipped with ADAS [1] Financial Performance - In the first half of 2025, Horizon reported a revenue of 1.567 billion yuan, marking a year-on-year increase of 67.6%, primarily driven by substantial growth in product and solution business revenue [3] - The revenue from this segment reached 778 million yuan, which is 3.5 times that of the same period last year, with a shipment volume of 1.98 million units, reflecting an approximate 100% year-on-year growth [3] - The advanced ADAS solutions are becoming the core driver of the company's performance, with the Journey 6 series chips supporting high-speed NOA and urban NOA contributing over 80% of related business revenue [3] Technological Advancements - Horizon is advancing its full-scene urban ADAS system, Horizon SuperDrive (HSD), based on the Journey 6P chip, utilizing an end-to-end architecture and reinforcement learning mechanisms [4] - The HSD system has already been designated for over 10 vehicle models, with the first model, the Xingtu E05, expected to enter mass production by the end of the year [4] Challenges and Market Outlook - Despite significant revenue growth, Horizon faces profit challenges, with an adjusted operating loss of 1.11 billion yuan in the first half of the year, a year-on-year increase of 34.8%, primarily due to high R&D investments [6] - R&D expenditures reached 2.3 billion yuan, a 62% increase year-on-year, focused on the HSD system and cloud service resources [6] - Horizon has secured nearly 400 model designations, with over 100 supporting high-speed NOA and above functionalities, and has entered the supply chains of two Japanese automakers, with an expected delivery of 7.5 million units [6] - The market for intelligent driving chips is anticipated to expand further as urban NOA functionalities penetrate vehicles priced around 150,000 yuan, although competition is expected to intensify [6]