地平线机器人(9660.HK)：2025H1营收超预期产品解决方案量价双升

Core Insights - The company reported a significant revenue growth of 67.64% year-on-year for H1 2025, reaching 1.567 billion yuan, primarily driven by the rapid increase in shipments of the Chengcheng 6 processing hardware and a 250% increase in automotive product solutions revenue [1][2] - Despite the revenue growth, the company recorded a net loss attributable to shareholders of 5.233 billion yuan, which is a year-on-year increase of 1.35 billion yuan, and a Non-GAAP net loss of 1.333 billion yuan, an increase of 5.29 million yuan year-on-year [1][2] Revenue Growth - The revenue for H1 2025 was 1.567 billion yuan, reflecting a year-on-year increase of 67.64% [2] - The automotive product solutions business saw a remarkable revenue increase of 250%, significantly contributing to overall revenue growth [2] Profitability - The gross profit margin for H1 2025 was 65.36%, a decrease of 13.68 percentage points year-on-year, with the automotive product solutions business gross margin at 45.6%, an increase of 3.9 percentage points [2] - The company’s net loss attributable to shareholders was 5.233 billion yuan, an increase of 1.35 billion yuan year-on-year, while the Non-GAAP net loss was 1.333 billion yuan, an increase of 5.29 million yuan year-on-year [2] Cost Structure - The expense ratios for sales, management, R&D, and financial expenses were 17.37%, 19.60%, 146.80%, and 10.86%, respectively, with year-on-year changes of -3.86, -6.41, -5.10, and +11.69 percentage points [2] - The increase in financial expense ratio was attributed to increased investments in financial products, leading to a decrease in bank deposit interest income [2] Product Development - The company’s high-speed NOA (Navigation on Autopilot) has become a core growth driver, with the shipment of onboard processors reaching 1.98 million units in H1 2025, doubling year-on-year [3] - The company has secured nearly 400 new model designations, with over 100 models featuring high-speed highway assistance and more than 15 models successfully launched with mid-to-high-level assistance driving solutions [3] International Expansion - The company has made initial progress in overseas expansion, securing model designations from two Japanese automakers for markets outside China, expected to yield over 7.5 million units in lifetime shipments [4] - The company is collaborating with nine joint venture automakers in China, with 30 models adopting its solutions, some of which are set to begin mass production by the end of this year [4] Investment Outlook - The company is positioned as a leading domestic intelligent driving solution provider, with a comprehensive stack of technology capabilities covering L2 to L4 level intelligent driving chip solutions [4] - Revenue projections for 2025-2027 are estimated at 3.89 billion, 5.87 billion, and 8.35 billion yuan, with corresponding price-to-sales ratios of 30, 20, and 14 times [4]