Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the domestic intelligent driving solutions market and strong growth potential [4][6]. Core Insights - The company has transformed into a leading provider of intelligent driving solutions over the past decade, focusing on full-scene intelligent driving solutions and achieving significant revenue growth from 470 million RMB in 2021 to 2.384 billion RMB in 2024, with a CAGR of 72.2% [1][39]. - The industry is experiencing a shift towards "intelligent driving equity," with major automakers like BYD and Geely accelerating their strategies, indicating a potential inflection point for high-level intelligent driving penetration in 2025 [2][48]. - The company has established a comprehensive technology stack covering L2 to L4 intelligent driving chip solutions, with over 310 models targeted by the end of 2024, and aims to leverage its performance and cost advantages to expand market share [3][4]. Summary by Sections Company Overview - The company has developed a full-stack product portfolio that includes both automotive and non-automotive solutions, with automotive solutions accounting for 97% of its revenue in 2024 [29][45]. - The automotive solutions include product solutions and licensing services, with the latter contributing 69.1% of the revenue, indicating a strong focus on software and IP licensing [29][39]. Industry Analysis - The intelligent driving market is expected to see accelerated penetration, with 2025 projected as the year of "intelligent driving equity," driven by decreasing costs and increasing availability of high-level driving features across various price segments [2][48]. - The report highlights the importance of third-party suppliers in the intelligent driving ecosystem, as they can provide scalable solutions to automakers, which face high barriers to self-development in this complex field [2][12]. Financial Forecast - The company is projected to achieve revenues of 3.603 billion RMB in 2025, 5.264 billion RMB in 2026, and 7.645 billion RMB in 2027, with corresponding price-to-sales ratios of 25, 17, and 12 times, respectively [4][5].
地平线机器人-W（09660）：深度报告：国产智驾方案龙头，迈向高阶新征程