智驾普及背后大赢家！地平线机器人半年报营收同比大增超67%

Core Viewpoint - Horizon has delivered an impressive performance in the intelligent driving competition, showcasing significant revenue growth and leading gross margins in the industry [1][2]. Revenue Growth and Financial Performance - In the first half of the year, Horizon's revenue surged by 67.6% year-on-year to 1.567 billion yuan, with product solutions contributing a staggering 250% increase to 778 million yuan [2][4]. - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4%, leading the industry [2][12]. - The company achieved a milestone of over 10 million units shipped for its Journey series hardware, becoming the first intelligent driving technology company in China to reach this figure [2][12]. Product and Solution Breakdown - Horizon's revenue sources are divided into two categories: product solutions and software & licensing services, with both categories contributing approximately equally to the total revenue [4]. - The revenue from product solutions is 3.5 times that of the same period last year, attributed to both volume and price increases [8]. Market Trends and Future Outlook - The market for intelligent driving is rapidly evolving, with mid to high-level assisted driving features now present in 32% of new car sales, up from 20% at the end of last year [10]. - Horizon anticipates that high-level assisted driving (HSD) will become standard in vehicles priced between 100,000 to 150,000 yuan within the next 2 to 3 years, with an expected annual shipment of several million units [10][12]. - The company has secured nearly 400 new model designations, with over 100 models featuring mid to high-level assisted driving capabilities [10]. Research and Development Investment - Horizon's R&D expenses for the first half of the year reached 230 million yuan, a 62% increase year-on-year, primarily focused on urban assisted driving systems [12]. - The company emphasizes a "first invest, then yield" approach typical in the technology-intensive intelligent driving sector, aiming to enhance delivery capabilities [12]. Strategic Partnerships and Global Expansion - Horizon is actively expanding its client base among foreign automotive companies, establishing strategic partnerships with top-tier suppliers like Bosch and Denso [17]. - The company has secured model designations with nine joint venture automakers in China and is working with two Japanese automakers for overseas market models [17]. Methodological Approach and Company Philosophy - Horizon's success is attributed to its commitment to continuous R&D investment and adherence to fundamental methodologies, such as competing in areas with less competition and maintaining a cautious approach to risk [18][20]. - The company has maintained a strong cash position, ensuring stability even during challenging periods, and focuses on long-term strategic goals rather than short-term visibility [21][22].