SIASUN(SZ:300024) Cai Fu Zai Xian·2025-09-01 04:44Core Viewpoint - Horizon Robotics has demonstrated strong performance in the first half of 2025, with significant revenue and gross profit growth, driven by the successful mass production of the Journey 6 series [1][2] Financial Performance - In the first half of 2025, Horizon achieved revenue of 1.567 billion yuan, a year-on-year increase of 67.6% [1] - Gross profit reached 1.024 billion yuan, with a gross margin of 65.4%, leading the industry [1] - The average selling price of automotive products and solutions increased to 1.7 times that of the same period last year, with product prices rising by 70% [1] Product and Market Development - The shipment volume of Horizon's product solutions reached 1.98 million sets, doubling year-on-year, with high-end product solutions accounting for 49.5% of total shipments [1] - The Journey family has surpassed 10 million cumulative shipments, making Horizon the first smart driving technology company in China to achieve this milestone [2] - The market share for basic and overall assisted driving solutions stands at 45.8% and 32.4%, respectively, solidifying Horizon's position as the leader in the smart driving sector [2] Future Outlook - Horizon aims to achieve a shipment target of 4 million units for the year, with high-end product shipments maintaining a 50% share [4] - The penetration rate of high-end assisted driving features is expected to rise, with vehicles equipped with such features increasing from 20% at the end of 2024 to 32.4% in the first half of 2025 [5] - Horizon plans to reach a milestone of 10 million units for its Horizon SuperDrive (HSD) system within five years, with multiple automakers already committed to the technology [5][7] R&D and Investment - Horizon's R&D expenditure for the first half of the year was 2.3 billion yuan, a year-on-year increase of 62%, reflecting a narrowing proportion of R&D spending relative to total revenue [10] - The company maintains a strong cash reserve of 16.1 billion yuan, ensuring liquidity for ongoing investments in advanced algorithms and software development [10] - Horizon has received recognition and investment from numerous prominent institutions, including major automotive groups and financial investors, indicating strong market confidence [10][11] Market Position - Horizon is poised to solidify its status as a top player in the high-end assisted driving market while maintaining its leadership in the overall smart driving sector [8] - Recent strong performance has led to positive ratings from several investment institutions, indicating confidence in Horizon's long-term growth potential [11]