Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 10.17 and an industry rating of outperforming the market [2][4]. Core Insights - The company is experiencing rapid revenue growth in H1 2025, with a year-on-year increase of 68%, while also facing strategic losses. The high-level autonomous driving (HSD) production is imminent, and initial success in overseas expansion is noted. The rating is supported by the anticipated rise in average selling price (ASP) for automotive solutions and an increase in contracts for licensing and services due to new product launches [4][5][8]. Financial Projections - Revenue estimates for 2025 and 2026 have been adjusted to HKD 36.97 billion and HKD 57.71 billion, respectively, with a projected revenue of HKD 81.15 billion for 2027. The company is expected to significantly increase its R&D expenses to maintain market competitiveness, impacting net profit forecasts for 2025 and 2026 [5][7]. - The company reported a revenue of HKD 15.67 billion in H1 2025, with a gross profit of HKD 10.24 billion, while net losses expanded to HKD 52.33 billion. R&D expenses reached HKD 23 billion, reflecting a 62% year-on-year increase [8]. Market Position and Product Development - The company's automotive product solutions saw a revenue increase of 250% year-on-year, with a gross margin of 45.6%. The shipment of automotive hardware doubled, with significant growth in products supporting highway-assisted driving [8]. - The company has secured contracts for over 400 new vehicle models, with more than 100 models featuring advanced driving capabilities. The HSD solution has been adopted by multiple vehicle manufacturers, with production expected to commence in the second half of 2025 [8]. International Expansion - Initial success in overseas markets is highlighted, with partnerships leading to the development of new basic driving assistance solutions. Collaborations with major global automotive manufacturers are expected to yield substantial shipment volumes [8]. Licensing and Service Business - The automotive licensing and service business generated HKD 7.38 billion in H1 2025, with a gross margin of 89.7%. The company is actively providing design and technical services to over 30 automotive manufacturers, enhancing ecosystem value [8].
地平线机器人-W（09660）：高阶智驾HSD量产在即，海外拓展初见成效