地平线机器人 | 2025H1：营收超预期 产品解决方案量价双升【民生汽车 崔琰团队】

Core Viewpoint - The company reported a significant revenue growth in H1 2025, driven by the rapid increase in hardware shipments and the automotive product solutions business, despite a negative net profit [2][3]. Revenue Growth - In H1 2025, the company achieved a revenue of 1.567 billion RMB, representing a year-on-year increase of 67.64%, primarily due to the rapid growth in shipments of the Zhengcheng 6 processing hardware, which drove a 250% increase in automotive product solutions revenue [3]. - The gross profit margin for H1 2025 was 65.36%, a decrease of 13.68 percentage points year-on-year, with the automotive product solutions business gross margin at 45.6%, an increase of 3.9 percentage points [3]. Profitability - The net profit attributable to shareholders for H1 2025 was -5.233 billion RMB, a decline of 1.35 billion RMB year-on-year, while the Non-GAAP net profit was -1.333 billion RMB, a decrease of 5.29 billion RMB year-on-year [3]. - The company experienced a decrease in sales, management, and R&D expense ratios, while the financial expense ratio increased due to reduced interest income from bank deposits [3]. Product Solutions and Market Position - The company’s high-speed NOA (Navigation on Autopilot) has become a core growth driver, with the shipment of onboard processors reaching 1.98 million units in H1 2025, doubling year-on-year [4]. - The company has secured nearly 400 new model designations, with over 100 models featuring highway-assisted driving capabilities [4]. International Expansion - The company has made initial progress in overseas expansion, securing model designations from two Japanese automakers for markets outside China, expected to yield over 7.5 million units in lifetime shipments [5]. - The company is collaborating with nine joint venture automakers in China, with 30 models adopting its solutions, some of which are set to begin mass production by the end of this year [5]. Investment Outlook - The company is positioned as a leader in domestic intelligent driving solutions, with a comprehensive technology stack covering L2 to L4 level intelligent driving chip solutions [6]. - Revenue projections for 2025-2027 are 3.89 billion, 5.87 billion, and 8.35 billion RMB, respectively, with corresponding price-to-sales ratios of 30, 20, and 14 times [6].