Investment Rating - The report maintains an "Overweight" investment rating for the company [2]. Core Insights - The company is positioned as a leader in the domestic intelligent driving chip sector, with significant revenue growth expected in the coming years. The projected revenues for 2025, 2026, and 2027 are 36 billion, 62 billion, and 96 billion RMB respectively, with year-on-year growth rates of 53%, 70%, and 54% [7]. - The report highlights the increasing market penetration of intelligent driving technologies, predicting that by 2030, the penetration rate for intelligent driving will approach 100%, with advanced driving (AD) penetration reaching 96% [7]. - The competitive landscape is characterized by oligopolistic tendencies, with only 2-3 companies expected to thrive long-term. The company is seen as a primary beneficiary of domestic chip production due to supply chain security concerns [7]. Financial Projections - Revenue forecasts indicate a significant increase from 1,552 million RMB in 2023 to 9,561 million RMB by 2027, with a compound annual growth rate (CAGR) of 29% for the intelligent driving chip market from 2025 to 2030 [6][21]. - The company is expected to achieve a turnaround in profitability by 2027, with a projected non-IFRS net profit recovery [11]. Market Dynamics - The intelligent driving chip market is expected to grow substantially, driven by technological advancements and cost reductions. The report notes that the pricing of intelligent driving chips is positively correlated with computing power, but this trend may not be linear as market dynamics evolve [7][17]. - The report emphasizes the importance of high-performance chips, as the demand for advanced driving capabilities increases, particularly in the context of local deployment of VLA and VLM models [7]. Competitive Positioning - The company has rapidly increased its market share in the low-computing power domain controller chip market, with projections showing an increase from 6% in 2023 to 17% in 2024 [27]. - In the mid-computing power domain controller chip market, the company is expected to capture a market share of 36% by 2024, positioning itself as the largest third-party supplier in this segment [32]. Industry Outlook - The report outlines a favorable outlook for the intelligent driving chip sector, with the market size projected to reach 659 billion RMB by 2030, reflecting a CAGR of 29% [21]. - The penetration of advanced driver assistance systems (ADAS) is expected to increase significantly, with the report forecasting that by 2024, the penetration rate for L2+ systems will reach 19% [21].
地平线机器人-W（09660）：研究十问