Core Viewpoint - Horizon has achieved significant revenue growth and market performance, but faces increasing operational and net losses, raising questions about its valuation and sustainability in the competitive autonomous driving market [1][2][9]. Group 1: Financial Performance - Horizon's revenue for the first half of 2025 reached 1.567 billion RMB, a year-on-year increase of 67.6%, while operational losses and net losses expanded to 1.592 billion RMB and 1.333 billion RMB, respectively [1][4]. - The company's automotive products and solutions revenue surged from 220 million RMB in the same period last year to 778 million RMB, marking a growth of over 250% [1]. Group 2: Market Position and Competition - The autonomous driving market is becoming increasingly competitive, with companies like NIO, Geely, and XPeng developing their own chips, which may threaten Horizon's position as a supplier [6][9]. - Horizon's reliance on major clients is growing, with the top five clients contributing 71.8% of its revenue in 2024, raising concerns about customer concentration risk [4]. Group 3: Strategic Partnerships - Horizon has formed strategic partnerships with several automakers, including GAC Capital, Chery, Great Wall, BYD, and FAW Group, to alleviate concerns about losing control over the "soul" of the vehicles [2][4]. - The establishment of joint ventures with companies like Volkswagen and Changan has allowed Horizon to integrate into the supply chains of these automakers [2]. Group 4: Product Strategy and Pricing - The shift towards lower-tier autonomous driving solutions has led to a decrease in average selling prices, impacting profit margins; for instance, the average price of the Horizon Mono solution dropped from 185 RMB in 2021 to 142 RMB in 2024 [12][15]. - The company's gross margin has declined from 80.5% in 2024 to 67.1% in the first half of 2025, primarily due to the lower margins associated with product solutions compared to its software business [14]. Group 5: R&D Investment and Future Outlook - Horizon's R&D expenses reached 2.3 billion RMB in the first half of 2025, a 62% increase year-on-year, as the company invests heavily to maintain its competitive edge in high-tier autonomous driving technology [17][22]. - The company is also exploring new markets, such as Robotaxi and robotics, but these ventures require substantial ongoing investment and carry significant uncertainty [22][23].
地平线之下：车企智驾的“灵魂”与“备胎”纠结
3 6 Ke·2025-09-23 11:54