计算机行业点评报告：地平线机器人（9660）：2024年业绩创纪录，软硬一体生态优势凸显

Investment Rating - The report maintains a "Buy" recommendation for Horizon Robotics (9660.HK) [1] Core Insights - The automotive industry is experiencing rapid growth driven by favorable policies and high demand, creating an ideal market environment for Horizon Robotics. The deployment of urban NOA solutions and the expansion of highway NOA are contributing to the company's increasing market share and average selling price (ASP) [6][9] - In 2024, Horizon Robotics achieved record revenue of 2.384 billion yuan, a year-on-year increase of 53.6%, with a three-year compound growth rate of 72.19%. The gross profit reached 1.841 billion yuan, up 68.3% year-on-year, with a gross margin improvement from 70.88% in 2021 to 77.3% in 2024 [6][9] - The company holds over 40% market share in the ADAS market and has established partnerships with top global companies to promote autonomous driving solutions [7] Summary by Sections Industry Performance - The computer industry has shown varied performance over different time frames, with a 12-month increase of 21.4% [2] Market Performance - The report highlights the significant growth in the intelligent driving sector, with revenue from automotive solutions increasing by 57.2% year-on-year to 2.312 billion yuan in 2024 [9] Financial Highlights - Horizon Robotics' product delivery reached 2.9 million units in 2024, with cumulative deliveries of 7.7 million units. The company is set to scale production of the Horizon SuperDrive by Q3 2025 [7][9] Strategic Positioning - The company has built a technological moat through its integrated hardware and software solutions, with the J6M chip expected to capture over 50% market share [9] Future Outlook - The report anticipates continued strong growth for Horizon Robotics, driven by its leading position in the next-generation technology and the ongoing development of the global autonomous driving industry [10]