和暄资本：寻找下一个地平线

Core Viewpoint - Horizon's market value has surpassed HKD 130 billion, indicating significant growth potential in the robotics and intelligent driving sectors, with a projected CAGR of 7.18% from 2024 to 2028 [3][6]. Company Overview - Horizon is the first domestic company to develop edge intelligent driving chips, founded in 2015 when the intelligent driving sector was still nascent [5]. - The company has achieved a revenue increase from approximately CNY 467 million in 2021 to CNY 1.567 billion in 2025, reflecting a growth rate of 67.6% year-on-year [6][7]. - Horizon's gross margin has remained stable and high, with figures of 70.9%, 69.3%, 70.5%, and 79% over the same period [6]. Market Position - By August 2025, Horizon had shipped over 10 million units of its chips, becoming the first intelligent driving technology company in China to reach this milestone [7]. - The company has established partnerships with over 40 global automotive manufacturers, enabling more than 400 vehicle models to utilize its technology [7]. Investment Insights - Horizon has completed over 10 rounds of financing, raising a total of USD 2.3 billion (approximately CNY 16.5 billion) since its inception, with a pre-IPO valuation of USD 8.71 billion (CNY 62.5 billion) [7][8]. - The IPO was met with enthusiasm, with shares rising by 28% on the first day, leading to a market capitalization exceeding HKD 700 billion [7]. Future Prospects - The intelligent driving market is expected to see increased adoption, with over 60% of cars sold in China in the first half of 2025 equipped with advanced driver assistance systems [54]. - Horizon aims to deploy 10 million units of its HSD (High-Performance Driving) solution in the next 3-5 years, positioning itself as a leader in the high-end intelligent driving chip market [54]. Strategic Partnerships - Horizon's collaboration with major automotive manufacturers, including a significant investment from Volkswagen, highlights its strong market position and potential for future growth [47]. Entrepreneurial Leadership - The founder, Yu Kai, is recognized for his unique blend of scientific and entrepreneurial skills, which has been pivotal in driving the company's success and establishing strong industry relationships [24][30]. Investment Philosophy - The investment firm He Xuan Capital has expressed confidence in Horizon's long-term growth potential, viewing it as a significant opportunity for returns, akin to investing in Nvidia [50][56].