Investment Rating - The report maintains an "Outperform" rating for Horizon Robotics-W [5][42] Core Insights - In 2024, Horizon Robotics-W achieved a total revenue of 2.384 billion RMB, representing a year-on-year growth of 53.6% [8][24] - The company reported a net profit of 2.347 billion RMB in 2024, a significant recovery from a loss of 6.739 billion RMB in 2023, primarily due to fair value changes in preferred shares and other financial liabilities [8][24] - Adjusted operating loss narrowed to 1.495 billion RMB in 2024 from 1.687 billion RMB in 2023, indicating improved operational efficiency [8][24] Revenue and Profitability - The automotive solutions segment generated 2.312 billion RMB in revenue, up 57.2% year-on-year, driven by increased delivery volumes and strong demand for products [10][24] - The licensing and services business saw revenue rise to 1.658 billion RMB, a 70.9% increase, reflecting the growing demand for algorithms, software development tools, and technical services in the smart automotive sector [10][24] - The overall gross margin improved to 77.25%, up 6.7 percentage points year-on-year, largely due to a favorable revenue mix with a higher proportion of high-margin licensing and services revenue [15][24] Product Development and Market Position - The launch of the Journey 6 series processing hardware is set to empower advanced driver assistance and high-level autonomous driving solutions, with production starting in February 2025 [3][27] - Horizon Robotics has established a leading position in the Chinese OEM advanced driver assistance systems (ADAS) market, capturing over 40% market share by the end of 2024 [20][24] - The company is positioned as a key player in the high-level autonomous driving market, ranking second among independent third-party solution providers in China [20][24] Future Outlook - Revenue projections for 2025-2027 are estimated at 3.39 billion RMB, 5.34 billion RMB, and 7.45 billion RMB respectively, with expected net profits of -1.865 billion RMB, -341 million RMB, and 787 million RMB [4][42] - The report emphasizes the strong growth potential of Horizon Robotics, driven by robust demand for its products and services in the rapidly evolving smart automotive industry [42]
地平线机器人-W（09660）：2024年收入同比增长54%，智能平权时代征程6系列芯片加速放量