【招商电子】地平线机器人-W（9660.HK）深度报告：国内头部智驾解决方案供应商，软硬一体打造智驾生态标杆

Core Viewpoint - Horizon Robotics is a leading provider of advanced driver assistance systems (ADAS) and high-level intelligent driving (AD) solutions in China, focusing on a software-hardware integrated technology path to cover low, medium, and high-end markets with its chips and algorithms [2][3]. Group 1: Company Overview - Horizon Robotics was established in 2015 and has released multiple generations of its Journey series chips since 2017, with cumulative shipments expected to exceed 10 million by 2025 [3]. - The company has a diverse customer base, including major automakers such as Volkswagen, BYD, and Geely, and is projected to hold over 40% and 30% market shares in the Chinese OEM ADAS and AD markets by 2024, ranking first and second respectively [3][4]. - The company has experienced strong revenue growth, with a CAGR of 72% from 2021 to 2024, expecting total revenue of 2.4 billion yuan in 2024 [3][18]. Group 2: Market Potential - The intelligent driving solutions market is expected to reach a scale of 1 trillion yuan by 2030, with significant growth driven by the penetration of high-level intelligent driving technologies [4][44]. - The market for high-level intelligent driving is anticipated to rapidly penetrate the 100,000 to 200,000 yuan segment, with a forecasted increase in demand for intelligent driving solutions [4][35]. - The global market for advanced driver assistance systems and high-level autonomous driving solutions is projected to grow from 61.9 billion yuan in 2023 to 1,017.1 billion yuan by 2030, with a CAGR of 49.2% [44]. Group 3: Financial Performance - Revenue from automotive solutions is expected to grow significantly, with automotive product solutions revenue projected to reach 664 million yuan in 2024, reflecting a CAGR of 47% [25]. - The company has maintained a high gross margin, with gross margins of 71%, 69%, 71%, and 77% from 2021 to 2024 [19]. - Despite strong revenue growth, the company has reported net losses from 2021 to 2024, primarily due to high R&D expenditures, with an adjusted net loss of 1.681 billion yuan in 2024 [18][19]. Group 4: Technological Advancements - The company has developed a comprehensive product matrix, including the Journey series chips, which cover all levels of intelligent driving needs, with the latest Journey 6 series expected to achieve significant performance improvements [54][55]. - Horizon Robotics has a strong focus on R&D, with R&D expenditures projected to reach 3.16 billion yuan in 2024, and a high proportion of its workforce dedicated to R&D [30][32]. - The company has secured numerous patents, with a total of 673 patents, including 585 invention patents, establishing a strong competitive barrier [32].