Investment Rating - The report maintains a "Buy" rating for the company [5][13]. Core Views - The report highlights three key updated logic points that support the long-term development of the company: 1) The company will benefit in the short term from the upgrade of intelligent driving functions from L2 to L2+, leading to an accelerated market share increase for J3/J5 [27][28]. 2) In the medium to long term, the company holds multiple pre-installed orders from various automakers for high-level intelligent driving, securing a position in the high-level intelligent driving market alongside Nvidia and Huawei [27][34]. 3) The company is expected to benefit from dual advantages of "domestic production" and "stricter intelligent driving regulations" amid various disturbances [25][37]. Summary by Sections Market Discrepancies - There are two main points of divergence in market perception regarding the company: 1) The competitive product strength of the company compared to suppliers like Nvidia and Huawei [38]. 2) The impact of automakers developing their own intelligent driving solutions on the company [38]. Competitive Product Strength - From a product matrix perspective, the mass production of J6P indicates that the company's chips can support all intelligent driving scenarios, aligning with the capabilities of Huawei and Nvidia [39]. - The company has established a fully self-developed product system that matches Nvidia's intelligent driving product ecosystem, offering more flexibility to users compared to Huawei's closed ecosystem [39][40]. Impact of Automakers' Self-Developed Solutions - The report argues that self-developed intelligent driving solutions by automakers will not threaten the company's market position or long-term development logic due to several factors, including increased regulatory scrutiny and the high costs associated with self-development [43][45]. Revenue Forecast and Valuation - The company is projected to achieve revenues of CNY 37.11 billion, CNY 57.21 billion, and CNY 83.45 billion for the years 2025 to 2027, with year-on-year growth rates of 55.71%, 54.15%, and 45.87% respectively [47][49]. - The company is expected to turn profitable by 2027, with a projected net profit of CNY 6.01 billion [47]. - A PS valuation method is used, assigning a target market value of CNY 111.3 billion (HKD 121.2 billion) and a target price of HKD 9.18 for 2025 [50][12].
地平线机器人-W（09660）：深度报告：HSD量产在即，三点更新逻辑看好公司长期发展