Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][11]. Core Insights - The company is expected to see significant growth in HSD (High-level Smart Driving) in 2026, with the launch of L3 autonomous driving technology enhancing demand for smart driving solutions. The report suggests a "Buy" recommendation based on these developments [7][9]. - The company has a strong product portfolio that includes multiple solutions for mid to high-level smart driving, actively expanding its customer base among automotive manufacturers and providing development services based on its chips [7][9]. - The report anticipates a rapid increase in high-level NOA (Navigation on Autopilot) demand, projecting over 50% growth in the next two years, with the smart driving chip market expected to exceed 100 billion [9]. Financial Summary - The company’s projected net profits for 2025, 2026, 2027, and 2028 are estimated at -57.7 billion, -29.2 billion, 2 billion, and 21 billion respectively, with corresponding EPS of -0.39, -0.2, 0.01, and 0.14 [9][10]. - Revenue from product sales is expected to grow from 2.384 billion in 2024 to 18.543 billion by 2028, with a significant increase in sales costs and R&D expenses over the same period [12]. - The projected P/S ratios for 2026, 2027, and 2028 are 19, 9.7, and 6.5 respectively, indicating a favorable valuation trend as the company moves towards profitability [9][10].
地平线机器人-W（09660）：HSD将在2026年明显放量，L3落地在即提升智驾需求，建议“买进”