电子行业周报：德州仪器对中国汽车市场乐观，地平线港交所上市

Investment Rating - The report maintains a positive outlook on the semiconductor and automotive sectors, particularly highlighting the growth potential in the Chinese market for Texas Instruments and Horizon Robotics [2][9][11]. Core Insights - Texas Instruments reported a 3Q24 revenue of $4.15 billion, down 8.4% year-over-year but up 8.6% quarter-over-quarter, with automotive business showing a sequential growth of 7-8% primarily driven by strong performance in China [9][10]. - Horizon Robotics, a leading provider of advanced driver-assistance systems (ADAS) and autonomous driving solutions, has achieved significant market share in China, with 33.73% and 28.65% in front-view integrated machine computing solutions and intelligent driving computing solutions, respectively [11][13]. Summary by Sections Texas Instruments Performance - 3Q24 revenue was $4.15 billion, net profit was $1.36 billion, and EPS was $1.47, aligning with guidance [9][10]. - The automotive segment experienced a sequential growth of 7-8%, while other markets showed varied performance, with industrial continuing to decline [9][10]. - The company anticipates a revenue decline in Q4, projecting between $3.70 billion and $4.00 billion [9][10]. Horizon Robotics Overview - Horizon Robotics was established in June 2015 and has become a leader in the ADAS and autonomous driving market in China [11][13]. - The company has accumulated 290 model designations and shipped 6 million units, with over 50% of models not yet in mass production [11][13]. - Horizon's revenue from product solutions has increased from 208 million to 506 million yuan from 2021 to 2023, while revenue from licensing and services surged from 202 million to 964 million yuan in the same period [14][15]. Market Trends - The semiconductor sector is experiencing a recovery, with key players like Texas Instruments and Horizon Robotics positioned to benefit from the growing demand in automotive and AI applications [2][3][11]. - The report emphasizes the importance of R&D investments for Horizon Robotics, which have significantly outpaced revenue, indicating a focus on long-term growth despite current losses [14][17].