Investment Rating - The report initiates coverage with an "Outperform" rating and a target price of HKD 12.3 per share [2][21][28] Core Views - The company is positioned to benefit from the rapid expansion of the intelligent driving industry, the increasing market share of domestic intelligent driving chips, and the launch of the SuperDrive product to enter the high-end market [21][28] - Revenue projections for 2024-2026 are Rmb 2.198 billion, 3.430 billion, and 5.815 billion, with year-on-year growth rates of 42%, 56%, and 70% respectively, indicating a compound annual growth rate (CAGR) exceeding 50% [21][28] - The company is expected to turn profitable by 2027 as revenue scales up and expense growth slows [21][28] Company Overview - Horizon Robotics, founded in 2015, is a leading provider of intelligent driving solutions, focusing on Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving (AD) [5][28] - The company has established partnerships with major automotive manufacturers and Tier 1 suppliers, including BYD, Li Auto, Volkswagen, and Bosch [28] - As of 2024, the cumulative shipments of the Journey series chips have exceeded 7 million, with a market share of 35.9% in advanced assisted driving solutions in China [28] Product Development - The SuperDrive, based on the J6P chip with a computing power of 560 TOPS, is expected to enter mass production in Q3 2025, enhancing the company's high-end product portfolio [21][28] - The introduction of SuperDrive is anticipated to solidify the company's leading position in the smart driving chip market and improve gross profit margins to approximately 50% [21][28] Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are Rmb 2.198 billion, 3.430 billion, and 5.815 billion, respectively, with significant year-on-year growth [18][21] - The company is projected to achieve a gross profit margin of 71% in 2024, decreasing to 61% by 2026 [24][25]
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