Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company achieved a revenue of 2.384 billion yuan in 2024, representing a year-on-year growth of 53.6%, and turned a profit with a net profit of 2.347 billion yuan, primarily due to a fair value change of preferred shares and other financial liabilities contributing 4.68 billion yuan [7] - The J6 series has been fully launched, with ongoing partnerships with over 20 OEM brands, which is expected to support long-term growth [7] - The company has a leading market share in the Chinese OEM ADAS/OEM AD market, with a market share of over 40% and 30% respectively [7] Financial Summary - Total revenue forecast for 2024 is 2.384 billion yuan, with projections of 3.659 billion yuan in 2025 and 5.365 billion yuan in 2026 [8] - The adjusted operating loss for 2024 is expected to narrow to 1.5 billion yuan, a year-on-year improvement of 11.4% [7] - Research and development expenses are projected to increase by 33.4% to 3.16 billion yuan in 2024, reflecting a focus on enhancing technological capabilities [7] Market Position - The company has secured over 310 model designations, with expectations to exceed 10 million cumulative shipments of the J series by 2025 [7] - The gross margin for product solutions and services is expected to improve, with a gross margin of 44.7% for product solutions in 2024 [7] Valuation Metrics - The price-to-earnings ratio (P/E) for 2025 is projected at 26.1, decreasing to 11.9 by 2027 [1][8] - The report anticipates a significant increase in revenue, with expectations of 8.05 billion yuan by 2027 [1][8]
地平线机器人-W（09660）：2024年业绩点评：业绩超预期，软硬件产品有望持续受益于智驾渗透