地平线机器人-W：关注HSD放量和机器人领域新进展-20260323

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 12.65 [1][4]. Core Insights - The company reported a revenue of RMB 3.758 billion for 2025, representing a year-on-year growth of 57.7%, exceeding previous forecasts. The adjusted operating loss was RMB 2.37 billion, which was better than the anticipated loss of RMB 2.667 billion. The positive performance is attributed to advancements in IP services and robotics [1][2]. - The net loss attributable to shareholders was RMB 10.469 billion, primarily due to non-cash losses from the fair value changes of financial instruments [1]. - Looking ahead to 2026, the company is expected to enter a rapid growth phase in high-end intelligent driving solutions, with non-automotive business revenues also projected to grow significantly due to the open-sourcing of the HoloBrain large model and the ongoing development of the embodied intelligence ecosystem [1][3]. Summary by Sections Financial Performance - In 2025, automotive product solutions generated revenue of RMB 1.62 billion, a 144% increase, driven by higher shipments of mid-to-high-end driving chips and increased unit value. The company shipped over 4 million automotive-grade chips, with 45% supporting NOA functionality, nearly five times the amount from the previous year [2]. - Non-automotive business, including robotics, achieved revenue of RMB 200 million, surpassing previous estimates of RMB 180 million, mainly due to the rapid application of the Xuri series chips in various robotic fields [2]. 2026 Outlook - The intelligent driving business is expected to grow rapidly, with over 110 models already designated for the HSD high-end driving assistance solution, and an estimated shipment of 400,000 units in 2026. The proportion of mid-to-high-end chips is projected to exceed 55%, driving an increase in average selling price (ASP) [3]. - The company is advancing its embodied intelligence strategy by launching the high-performance computing platform Xuri S600 and open-sourcing the HoloBrain VLA large model, enhancing the RoboOrchard development platform to expand application scenarios [3]. Profit Forecast and Valuation - Revenue forecasts for 2026 and 2027 have been slightly adjusted to RMB 5.626 billion and RMB 7.894 billion, respectively. The 2028 revenue is projected to reach RMB 9.956 billion. The company is assigned a 40% valuation premium, with a target price of HKD 12.65, reflecting progress in chip development and large model research in the robotics sector [4].