万亿赛道“中国智驾科技龙头”地平线：收入3年翻3番高增长，毛利率高达80%，百亿级现金储备有望扭亏为盈

Investment Rating - The report indicates a strong investment opportunity in the autonomous driving sector, particularly highlighting the company Horizon Robotics as a leading player in the market. Core Insights - Horizon Robotics is positioned as a leading provider of advanced driver-assistance systems (ADAS) and high-level autonomous driving (AD) solutions in China, with significant growth potential in a trillion-yuan market [4][24]. - The company has demonstrated impressive revenue growth, with a compound annual growth rate (CAGR) of 82.3% from 2021 to 2023, and a projected revenue of 9.35 billion yuan in the first half of 2024, reflecting a year-on-year growth of 152% [17][18]. - Horizon Robotics has a high gross margin of approximately 79% in the first half of 2024, significantly higher than industry peers, indicating strong competitive advantages [19][20]. Summary by Sections Market Overview - The autonomous driving market in China is expected to reach a penetration rate of over 80% by 2023, with a projected market size of 1,017 billion yuan by 2030, growing at a CAGR of 49.2% from 2023 to 2030 [6][4]. Company Positioning - Horizon Robotics is recognized as the first and largest provider of front-mounted autonomous driving solutions in China, having established partnerships with major automotive manufacturers [7][9]. - The company has secured contracts with 27 OEMs, covering 290 vehicle models, and has already achieved mass production for over 130 models [9][11]. Financial Performance - Horizon Robotics reported revenues of 4.67 billion yuan in 2021, 9.06 billion yuan in 2022, and 15.52 billion yuan in 2023, with a gross profit increasing from 3.31 billion yuan in 2021 to 10.94 billion yuan in 2023 [15][20]. - The company has a cash reserve of 10.5 billion yuan as of mid-2024, providing a strong financial foundation to support ongoing research and development [22][23]. Technological Edge - Horizon Robotics has developed a comprehensive suite of products, including specialized processing units (BPU), algorithm development tools, and embedded middleware, positioning itself as a full-stack autonomous driving solution provider [13][14]. - The company has consistently invested heavily in R&D, with expenditures exceeding revenues, indicating a commitment to innovation and maintaining a technological lead in the industry [14][25].