Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company achieved a revenue of 1.57 billion yuan in H1 2025, representing a year-on-year growth of 67.1% [1][8] - The net profit for H1 2025 was -5.23 billion yuan, with an adjusted operating loss of -1.11 billion yuan [1][8] - The automotive solutions revenue reached 1.516 billion yuan, up 66.1% year-on-year, driven by a 250% increase in automotive product solutions revenue [1][9] - The company has a strong order backlog for its Journey 6 series chips, with over 20 mainstream OEMs having adopted the technology [3][30] Revenue and Profitability - The gross margin for H1 2025 was 65.36%, a decrease of 13.7 percentage points year-on-year, while the net margin improved by 209.6% [2][16] - The automotive product solutions gross margin was 45.6%, up 3.9 percentage points year-on-year [2][17] - The company’s three expense ratios decreased by 15% year-on-year, indicating improved operational efficiency [2][23] Product and Market Position - The company delivered 1.98 million sets of automotive-grade Journey series hardware in H1 2025, doubling the previous year's volume [2][28] - The company has secured nearly 400 new model approvals, with over 100 models featuring highway-assisted driving capabilities [2][28] - The Journey 6 series chips are expected to support over 100 smart models, with significant international expansion efforts underway [3][30] Financial Forecast - Revenue projections for 2025-2027 are estimated at 3.39 billion, 5.34 billion, and 7.45 billion yuan respectively, with net profits expected to improve from -1.87 billion to 790 million yuan [4]
地平线机器人-W（09660）：2025H1收入同比增长67%，征程6系列芯片在手订单充沛