【招商电子】地平线机器人：25H1营收高增长，看好下半年HSD放量、中长期出海空间

Core Viewpoint - The company reported a significant revenue growth of 67.6% year-on-year in the first half of 2025, reaching 1.57 billion yuan, despite an increased adjusted net loss of 1.33 billion yuan, which expanded by 65.7% year-on-year, indicating ongoing investment in R&D and cloud computing for future technology upgrades [1][4]. Group 1: Financial Performance - In H1 2025, the company's revenue was 1.57 billion yuan, reflecting a year-on-year increase of 67.6% [1]. - The adjusted net loss for H1 2025 was 1.33 billion yuan, with a loss margin that widened by 65.7% compared to the previous year [1]. - The gross margin stood at 65.4%, down 13.7 percentage points year-on-year [1]. Group 2: Product and Market Development - The penetration rate of domestic self-owned brand advanced driver-assistance systems (ADAS) increased from 51% at the end of 2024 to 59% in H1 2025 [1]. - The proportion of new smart vehicles equipped with high-level ADAS features rose from 20% at the end of 2024 to 32% in H1 2025 [1]. - The company achieved a doubling of shipment volume in H1 2025, driven by the growth in penetration rates and sales of self-owned brand vehicles [1]. Group 3: Business Segmentation - In H1 2025, the revenue from automotive products and solutions reached 778 million yuan, while software and licensing services generated 738 million yuan, representing year-on-year increases of 250% and 6.9%, respectively [2]. - The delivery volume for automotive products and solutions doubled to approximately 1.98 million units, with mid-to-high-end products accounting for 980,000 units, contributing to about 50% of the total shipment volume and over 80% of revenue [2]. - The average selling price (ASP) of automotive products and solutions was 1.7 times that of the same period last year [2]. Group 4: Future Outlook - The company maintained its leading position in the domestic market for ADAS front-view integration and computing solutions, with market shares of 45.8% and 32.4%, respectively, reflecting increases of 12 percentage points and 3.8 percentage points year-on-year [3]. - The HSD system is expected to enter mass production in H2 2025, with multiple OEMs already securing contracts for over 10 models [3]. - The company has begun to see results from its international expansion, securing contracts for 30 models from nine joint venture automakers, including major players like Volkswagen and Japan's largest automotive group [3]. Group 5: Investment Recommendations - The company is positioned as a leading supplier of intelligent driving chips and solutions in the domestic ADAS/AD market, with strong revenue growth expected to continue [4]. - Projections for revenue from 2025 to 2027 are 19.47 billion, 22.4 billion, and 25.76 billion yuan, with net profits of 790 million, 1.01 billion, and 1.3 billion yuan, respectively [4]. - The current price-to-sales ratios are projected to be 45.5, 35.5, and 27.4 times for the years 2025 to 2027, maintaining an "overweight" investment rating [4].