Group 1 - The core viewpoint of the report is that Horizon Robotics (地平线机器人-W) is expected to see significant revenue growth from 2025 to 2027, with projected revenues of 3.6 billion, 6.2 billion, and 9.6 billion respectively, corresponding to PS ratios of 36X, 21X, and 14X [1] - The smart driving chip SoC market is projected to grow at a CAGR of 29% from 2025 to 2030, with a significant increase in penetration rates driven by technological parity [2] - By 2030, the penetration rate of smart driving is expected to approach 100%, with AD penetration reaching 96%, indicating a strong demand for high-performance chips [2] Group 2 - The chip industry is characterized by an oligopolistic structure, with only 2-3 companies likely to survive and thrive in the long term [3] - The competition in the smart driving chip market is expected to converge around a few key players, particularly in contrast to Nvidia, with a focus on ASIC technology for cost efficiency [3] - The company is positioned as a primary beneficiary of the domestic smart driving chip market, particularly in the context of supply chain security [3]