Investment Rating - The investment rating for the company is "Buy" (maintained) [5]. Core Insights - The company reported a revenue of 1.57 billion yuan for the first half of 2025, representing a year-on-year increase of 67.6%. However, the adjusted net loss was 1.33 billion yuan, with the loss margin expanding by 65.7% year-on-year. The gross margin was 65.4%, down 13.7 percentage points year-on-year [5]. - The penetration rate of domestic self-owned brand assisted driving increased from 51% at the end of 2024 to 59% in the first half of 2025. The proportion of new intelligent vehicles equipped with mid-to-high-level assisted driving features rose from 20% to 32% during the same period [5]. - The company is expected to achieve mass production of its HSD technology in the second half of 2025, with new collaborations with Japanese automakers enhancing its global influence [5]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue reached 1.57 billion yuan, with product and solution revenue of 778 million yuan and software and licensing services revenue of 738 million yuan, reflecting year-on-year growth of 250% and 6.9%, respectively [5]. - The company’s total revenue projections for 2025, 2026, and 2027 are 3.516 billion yuan, 5.714 billion yuan, and 8.552 billion yuan, respectively, with year-on-year growth rates of 47%, 63%, and 50% [6]. Market Position - The company maintained its leading position in the domestic ADAS market, with market shares of 45.8% and 32.4% for front-view integrated machines and assisted driving computing solutions, respectively, in the first half of 2025 [5]. - The company has secured over 100 model designations for its mid-to-high-level products, with HSD technology designated for over 10 models from multiple OEMs, expected to achieve mass production in the second half of 2025 [5]. Future Outlook - The company is anticipated to benefit from the continued penetration of urban assisted driving and the upcoming mass production of its HSD technology, which will support rapid growth in revenue and delivery volumes in the coming years [5]. - The projected net profit for 2025 is expected to be -2.653 billion yuan, with adjusted net profits of -2.253 billion yuan, indicating a path towards profitability by 2027 with a projected net profit of 363 million yuan [6].
地平线机器人-W（09660）：25H1营收高增长，看好下半年HSD放量、中长期出海空间