SIASUN(SZ:300024) Xin Lang Cai Jing·2025-12-12 14:19Core Viewpoint - Horizon Robotics-W is expected to report a significant increase in revenue for the year, but a substantial net loss, indicating potential challenges in profitability despite revenue growth [1][6]. Financial Performance Forecast - The projected revenue for Horizon Robotics-W is between 3.269 billion to 3.815 billion yuan, representing a year-on-year growth of 37.1% to 60.1% [1][6]. - The expected net profit is forecasted to be between -8.820 billion to -2.051 billion yuan, with a year-on-year change of -475.9% to -187.4% [1][6]. - The adjusted net profit is anticipated to range from -2.801 billion to -2.291 billion yuan, reflecting a year-on-year change of -66.6% to -36.3% [1][6]. Business Segment Insights - The Journey series intelligent computing solutions have surpassed 10 million units shipped, collaborating with over 40 automotive companies and covering more than 400 vehicle models, serving over 6 million car owners [4][8]. - The HSD technology, which employs an end-to-end architecture and reinforcement learning capabilities, has gained market recognition and has partnerships with 10 automotive brands, covering over 20 vehicle models [4][8]. - The new flagship solution, Journey 6P, supports HSD large-scale deployment with a computing power of 560 TOPS [5][9]. Strategic Partnerships - Horizon Robotics-W is collaborating with ZF Group to develop an L3-level intelligent driving system for the Chinese market, expected to achieve mass production by 2026 [5][9]. - This partnership enhances Horizon's algorithm adaptation and execution capabilities in system-level applications, with the Journey 6P chip meeting international Tier-1 integration standards [5][9]. - Horizon is projected to leverage ZF's global network to expand its overseas customer base, with expectations of overseas revenue accounting for approximately 10% by 2027 [5][9].