Investment Rating - The report initiates coverage with a "Buy" rating for Horizon Robotics, highlighting its technological advantages and flexible open ecosystem strategy [3][7]. Core Insights - Horizon Robotics aims to become a leading provider of advanced driving assistance systems (ADAS) and integrated driving solutions, leveraging proprietary software and hardware technologies [20]. - The company has undergone a strategic pivot to focus on the automotive sector, recognizing it as a significant application for robotics, which has led to substantial market share in China [24]. - Horizon Robotics has established a strong research and development team, with over 1,500 personnel dedicated to ADAS software and hardware, enhancing its competitive edge [26]. Financial Data and Profit Forecast - Revenue projections for Horizon Robotics are as follows: - 2025: 36.61 billion RMB - 2026: 57.72 billion RMB - 2027: 88.10 billion RMB - Year-over-year growth rates are expected to be 54% for 2025, 58% for 2026, and 53% for 2027 [2][7]. - The company anticipates a shift towards profitability by 2027, with net profit expected to reach 813 million RMB [2]. Market Position and Competitive Landscape - Horizon Robotics holds over 40% market share in the Chinese OEM ADAS market and ranks second among independent third-party ADAS solution providers [24]. - The company is positioned as a key player in the domestic chip manufacturing sector for automotive applications, similar to its role in the GPU field [7][49]. Product Development and Innovation - The company is set to launch the new "Journey 6" product line, which is expected to drive significant revenue growth in the automotive solutions segment [8]. - Horizon Robotics has developed a comprehensive stack of solutions that integrate algorithms, chips, and software, enhancing its ability to deliver optimized products [38]. Strategic Vision and Future Outlook - Horizon Robotics aims to establish an open ecosystem that supports the democratization of advanced driving technologies, positioning itself as a Tier 2 supplier [20][49]. - The company is expected to benefit from the growing demand for ADAS solutions, both domestically and internationally, with significant growth potential in overseas markets [50].
地平线机器人-W（09660）：汽车智能计算平权的公约数（智联汽车系列之42暨AI硬件系列之3）