Investment Rating - The report maintains a "Buy" rating for Horizon Robotics (9660.HK) with a current stock price of 7.5 HKD [1]. Core Views - The company is focusing on high-end products and a broad customer base, recently launching the L2 urban driving assistance system, Horizon HSD, and announcing collaborations with multiple automotive manufacturers and Tier 1 suppliers [3][5]. - The company is positioned to benefit from the high barriers to entry in the smart driving chip sector, leveraging its extensive mass production experience and strong engineering capabilities [6]. Financial Summary - Revenue Forecast: Projected revenues are expected to grow from 1,552 million in 2023 to 10,004 million by 2027, with a year-over-year growth rate peaking at 82.7% in 2027 [4]. - Net Profit: The company is forecasted to have a net profit of -6,739 million in 2023, improving to 453 million by 2027 [4]. - Gross Margin: The gross margin is expected to decline from 70.5% in 2023 to 54.8% in 2027 [4]. - Earnings Per Share (EPS): EPS is projected to improve from -0.51 in 2023 to 0.03 in 2027 [4]. Market Position and Strategy - The company is advancing its urban driving assistance technology through a combination of hardware and software, with the HSD system set to begin mass production in Q3 2025 [5]. - Horizon Robotics has established partnerships with 20 automotive brands and is expanding its global market presence through collaborations with international Tier 1 suppliers like Bosch and Denso [6]. Financial Ratios - Revenue Growth Rate: Expected to be 53.6% in 2024 and 82.7% in 2027 [9]. - Net Profit Margin: Projected to improve from -434.3% in 2023 to 4.5% in 2027 [4]. - Return on Equity (ROE): Expected to recover from -22.8% in 2025 to 5.2% in 2027 [9].
地平线机器人-W（09660）：产品向高、客户向宽