Investment Rating - The report assigns an "Accumulate" rating for Horizon Robotics (09660.HK) [4] Core Views - Horizon Robotics is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving solutions, benefiting from the expansion of the smart driving solutions market driven by the trend of driving equality [4][5] - The company is expected to achieve revenues of 3.644 billion, 5.618 billion, and 8.190 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 52.9%, 54.2%, and 45.8% [4][18] - The current stock price of 7.48 HKD corresponds to price-to-sales ratios of 25, 16, and 11 for the years 2025, 2026, and 2027 respectively [4] Company Overview - Horizon Robotics is a market leader in providing ADAS and high-level autonomous driving solutions, focusing on autonomous driving chips and solutions [4][19] - The company has a stable and concentrated ownership structure, with founder Yu Kai holding 53.92% of the voting rights [21][24] - The company has successfully launched four generations of its Journey series chips, which cover a wide range of driving automation needs [28][29] Market Potential - The global market for smart driving solutions is expected to reach 1,017.2 billion CNY by 2030, with a compound annual growth rate (CAGR) of 49.2% from 2023 to 2030 [5][35] - Horizon Robotics holds a 35.9% market share in the Chinese OEM ADAS market as of the first half of 2024, ranking first [5][39] Competitive Advantage - The company is one of the few suppliers that can provide both chips and algorithms, enhancing its competitive edge [6][30] - Horizon Robotics has established a strong customer base and production experience, with its products already integrated into various models from leading automotive manufacturers [6][34] Financial Summary - The company reported revenues of 1.552 billion CNY in 2023, with a projected increase to 3.644 billion CNY in 2025, reflecting a year-on-year growth of 52.9% [8][18] - The gross margin is expected to improve, with a projected gross margin of 75.1% in 2025 [8][65] - The company's automotive solutions accounted for 96.99% of total revenue in 2024, highlighting its focus on the automotive sector [46][51]
地平线机器人-W：港股公司首次覆盖报告：智能驾驶解决方案龙头，软硬协同构筑核心竞争力-20250520