2025年将为智能驾驶行业的关键转折点。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，地平线机器人-W（9660.HK，以下简称"地平线"）于3月21日发布了2024年 全年业绩，这也是其自2024年10月24日登陆港交所以来发布的首份财报。 财报显示， 地平线2 024 年的营收为 23.84 亿元，同比增长 53.6% 。从收入构成来看，作为地 平线主营业务的智能驾驶解决方案营收23.12亿元，同比增长57.2%。其中，产品解决方案业务同比 增长31.2%至6.64亿元，授权及服务业务则同比增长70.9%至16.48亿元，均呈现较快的增长态 势。 2 024 年，地平线的毛利为 18.41 亿元，同比增长 68.3% ；毛利率则从2 023 年的7 0.5% 进一 步增至7 7.3% 。 截至2024年12月31日，地平线持有的现金及现金等价物为154亿元，较截至2023年12月31日的 114亿元增加35.3%，现金储备较为充足。 日前，地平线正式被纳入恒生综合指数与恒生科技指数成分股并自3月10日起正式生效。这里需要指 出的一点是，恒生科 ...

Core Viewpoint - The company has launched the "Super e Platform" technology, which is expected to enhance EV sales and improve competitiveness in the market through advanced charging and driving technologies [2][3]. Group 1: Technology and Product Launch - The "Super e Platform" features a high-voltage architecture, new electric motors, and next-generation silicon carbide power chips, enabling fast charging capabilities that achieve 407 kilometers of range in just 5 minutes [2]. - The platform includes the world's first 1000V charging system, with charging power reaching up to 1000kW, significantly addressing the slow charging issue in the EV industry [2]. - The company has initiated pre-sales for its flagship models, Han L EV and Tang L EV, priced at 270,000-350,000 yuan and 280,000-360,000 yuan respectively, which are expected to enhance the company's average selling price (ASP) and accelerate its high-end market positioning [3]. Group 2: Strategic Initiatives - The company aims to democratize advanced driving technology by introducing high-level intelligent driving features across its product range, starting from models priced at 70,000 yuan [4]. - A significant push towards high-end products is planned for 2025, with the launch of the Tengshi N9, a large six-seat SUV, expected to enhance overall profitability [4]. - The company plans to increase its overseas market presence, targeting exports of 800,000 units in 2025, which is anticipated to boost profitability [4]. Group 3: Financial Projections - Revenue forecasts for 2024-2026 are projected at 833.6 billion yuan, 1,017 billion yuan, and 1,214.3 billion yuan respectively, with net profits expected to be 39.88 billion yuan, 55.44 billion yuan, and 65.61 billion yuan [6]. - The earnings per share (EPS) are estimated to grow from 3.79 yuan in 2024 to 6.34 yuan in 2026, reflecting a positive growth trajectory [6].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The launch of the "Super e Platform" is expected to drive EV sales growth, featuring advanced charging technology and high-performance electric drive systems [2][3]. - The pre-sale of the Han L EV and Tang L EV models, priced between 270,000 to 350,000 yuan and 280,000 to 360,000 yuan respectively, is part of the company's strategy to enhance its high-end market positioning [3]. - The company aims to accelerate its overseas expansion, targeting 800,000 units for export in 2025, which is anticipated to boost profitability [3]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 833.6 billion yuan, 1,017.0 billion yuan, and 1,214.3 billion yuan respectively, with net profit estimates of 39.9 billion yuan, 55.4 billion yuan, and 65.6 billion yuan [4][5]. - Earnings per share (EPS) are expected to grow from 13.71 yuan in 2024 to 22.55 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 28 to 17 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The launch of the "Super e Platform" is expected to enhance EV sales by addressing the slow charging issue, with the platform featuring the world's first 1000V vehicle architecture and ultra-fast charging capabilities [2][3]. - The pre-sale of the Han L and Tang L EV models, priced between 270,000 to 350,000 yuan and 280,000 to 360,000 yuan respectively, is anticipated to elevate the company's average selling price (ASP) and accelerate its high-end market positioning [3]. - The company plans to increase its overseas market investments, targeting an export volume of 800,000 vehicles in 2025, which is expected to boost profitability [3]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 833.6 billion yuan, 1,017.0 billion yuan, and 1,214.3 billion yuan respectively, with net profit estimates of 39.9 billion yuan, 55.4 billion yuan, and 65.6 billion yuan [4][5]. - The earnings per share (EPS) are expected to grow from 13.71 yuan in 2024 to 22.55 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 28, 20, and 17 [4][5].

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - The competition in the automotive industry is shifting from electrification to intelligence, with the launch of BYD's "Heavenly Eye" high-level intelligent driving system marking the beginning of the intelligent driving era in 2025 [2][4]. - The demand for automotive cameras, a core component of intelligent driving perception, is expected to surge due to the trend of democratizing intelligent driving, leading to simultaneous increases in both volume and price [5][7]. Summary by Sections New Energy Vehicles: The Dawn of Intelligentization - The transition to intelligentization in the automotive sector is underway, with BYD's strategic launch on February 10, 2025, indicating a significant shift in the market [4][15]. - The integration of intelligent driving with new energy vehicles is driven by the unique electronic architecture and power balance of electric vehicles, making them more suitable for advanced driving technologies [5][23]. Automotive Camera Industry: High Barriers and Broad Opportunities - The automotive camera module consists of key components such as optical lenses, image sensors (CIS), and image signal processors (ISP), with CIS sensors accounting for approximately 40% of the cost [6]. - The industry faces high barriers in terms of performance, reliability, and certification cycles, with a typical development and testing cycle lasting 2-3 years [6][7]. Key Companies in the Automotive Camera Supply Chain - The report highlights the potential for significant growth in the automotive camera supply chain, particularly for companies involved in CIS, packaging, optical lenses, and camera modules, recommending companies like Weir Shares and Sunny Optical Technology [7][8].

撰 文 / 牛跟尚 设 计 / 赵昊然 卢放，很忙！ 3月3日，岚图汽车CEO卢放，与北京火山引擎科技有限公司在武汉签署战略合作协议，双方将在智 能驾驶、AI座舱、企业数字化创新等核心场景深度合作。 3月11日，卢放出席岚图汽车向哥斯达黎加共和国驻华大使馆交付全新岚图梦想家的交车仪式，该 车用作使馆官方指定工作用车。他表示，2025年岚图汽车会投入更多精力开拓拉美地区市场。 3月13日，卢放分享其在对话直播节目的切片视频，强调负责任的汽车企业应明确智驾能力边界， 让用户有充分的知情权和选择权，不要被误导。 2025年全民智驾时刻，卢放认为，行业内缺乏智驾标准化定义，企业要跟用户讲清楚智驾的能力和 边界，要说真话、"人话"，让用户有正确的判断权利，明确不同价位车型智驾能力的差异，确保用 户的知情权和选择权。 他指出，智驾平权的前提是安全，岚图汽车内部开发智驾时将安全放在首位，通过持续创新，建立 透明的能力标尺、严谨的责任框架和普适的认知体系，实现智驾从"能用"到"好用""敢用"的跨越。 谈及与华为的合作模式，卢放表示，合作不是简单的甲方乙方关系，而是深度共创，是"企业个性 +技术共性"的融合，通过体系创新重塑成 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 168.34 CNY, based on a projected EPS of 4.43, 5.43, and 6.67 CNY for 2025-2027 [2][6]. Core Views - The company is expected to experience steady growth in its smart cockpit and intelligent driving businesses, driven by new customers and projects [1][9]. - The revenue forecast for 2025-2027 shows a growth trajectory with expected revenues of 33.73 billion CNY in 2025, 40.99 billion CNY in 2026, and 49.03 billion CNY in 2027, reflecting a year-on-year growth of 22.1%, 21.5%, and 19.6% respectively [4][12]. Financial Performance Summary - **Revenue**: The company reported a revenue of 21.91 billion CNY in 2023, with a year-on-year growth of 46.7%. The revenue is projected to grow to 27.62 billion CNY in 2024, 33.73 billion CNY in 2025, and continue to increase through 2027 [4][12]. - **Net Profit**: The net profit attributable to the parent company is expected to rise from 1.55 billion CNY in 2023 to 3.70 billion CNY in 2027, with a growth rate of 30.6% in 2023 and maintaining around 22.6% growth in subsequent years [4][12]. - **EPS**: The earnings per share are projected to increase from 2.79 CNY in 2023 to 6.67 CNY in 2027, indicating a strong upward trend in profitability [4][12]. - **Profit Margins**: The gross margin is expected to stabilize around 19.9% over the forecast period, while the net margin is projected to improve slightly from 7.1% in 2023 to 7.6% in 2027 [4][12]. Business Segment Insights - **Smart Cockpit**: The smart cockpit business is anticipated to generate 182.30 billion CNY in revenue in 2024, with a year-on-year growth of 15.4%. The company has secured new project orders exceeding 16 billion CNY annually [9][12]. - **Intelligent Driving**: The intelligent driving segment is projected to achieve revenues of 73.14 billion CNY in 2024, reflecting a significant growth of 63.1%. The gross margin for this segment is expected to improve by 4.0 percentage points [9][12].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company has upgraded its technology with the release of the LEAP 3.5 architecture, enhancing smart driving capabilities and overall vehicle performance [20][23] Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06% [4][8] - The gross profit margin for 2024 was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The company sold over 293,300 vehicles in 2024, with a quarterly average of over 40,000 units sold [14][17] Sales and Revenue Projections - The company expects to achieve revenues of 58.3 billion yuan, 84.0 billion yuan, and 116.3 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 81.3%, 44.1%, and 38.5% [35] - The projected net profit for 2025 is estimated at -0.72 billion yuan, transitioning to 24.88 billion yuan in 2026 and 50.81 billion yuan in 2027 [35] Product Development and Market Strategy - The B10 model is positioned to compete strongly in the market with a starting price of 10.98 million yuan for the base model and up to 13.98 million yuan for the lidar version, emphasizing high cost-performance [6][28] - The company plans to expand its product lines with the introduction of multiple models in the B and C series, aiming for annual sales exceeding 500,000 units by 2025 [31][33] Valuation and Market Position - The reasonable valuation for the company is set between 56.16 and 60.84 Hong Kong dollars, reflecting a potential upside of 12.1% to 21.4% from the current stock price [35] - The company is expected to maintain a gross margin of over 10% with monthly sales of 40,000 units or more, supported by cost control and product structure optimization [33]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company achieved a significant turnaround in Q4 2024, reporting a net profit of 0.8 billion yuan for the first time in a single quarter since its establishment, with a full-year revenue of 32.164 billion yuan, representing a 92.06% increase year-on-year [4][8] - The launch of the new model B10 has commenced pre-sales, showcasing competitive pricing and advanced features, particularly in the lidar-equipped versions [6][27] - The company is expected to maintain high growth in revenue and sales, with projections of 50,000 units sold in 2025 and potential to reach 1 million units in the medium to long term [31][35] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32.164 billion yuan, with a year-on-year growth of 92.06%. The net profit attributable to shareholders was -2.821 billion yuan, a significant reduction from previous losses [4][8] - The gross margin for the year was 8.38%, with Q4 achieving a record high of 13.3% [11][33] - The average revenue per vehicle in 2024 was 109,500 yuan, while the average cost per vehicle was 100,300 yuan, indicating a notable cost reduction due to scale effects [17] Product Development - The company introduced the Leap 3.5 architecture, enhancing the integration and intelligence of its vehicles, with the B10 model being the first to feature this new system [20][23] - The B10 model is positioned competitively in the market, with pre-sale prices ranging from 109,800 to 139,800 yuan, depending on the features [6][28] Future Projections - Revenue forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 58.302 billion yuan, 84.036 billion yuan, and 116.348 billion yuan respectively, reflecting a growth rate of 81.3%, 44.1%, and 38.5% [35] - The net profit projections for the same period are -0.72 billion yuan, 2.488 billion yuan, and 5.081 billion yuan, indicating a path towards profitability [35] Market Positioning - The company is positioned to benefit from the growing demand for high-performance electric vehicles, with a focus on cost control and product innovation [34][35] - The competitive landscape includes established players like NIO, Li Auto, and BYD, with the company expected to outperform these peers due to its unique product offerings and strategic partnerships [34]

Core Viewpoint - The article highlights the significant growth and achievements of Hesai Technology in the lidar industry, marking a turning point in commercialization and profitability, particularly in the context of the booming smart driving and robotics sectors in 2025 [1][3]. Financial Performance - Hesai reported a record annual revenue of 2.08 billion yuan and a Non-GAAP net profit of 14 million yuan for 2024, becoming the first publicly listed lidar company to achieve annual Non-GAAP profitability [1][4]. - The company's stock surged by 50.41% following the earnings announcement, reflecting strong market confidence [1]. Delivery and Market Demand - In 2024, Hesai's total lidar delivery reached approximately 502,000 units, a year-on-year increase of 126%, achieving a doubling of delivery volume for four consecutive years [4]. - The fourth quarter alone saw deliveries of 222,000 units, surpassing the total for 2023, indicating a robust demand from automotive and robotics sectors [4][5]. Industry Position and Growth - The lidar industry is transitioning from a niche market to a standard feature in smart vehicles, with a projected increase in lidar penetration from 6% in 2023 to 13% in 2024, and potentially reaching 60% by 2030 [4]. - Hesai has established partnerships with 22 domestic and international automotive manufacturers, covering 120 vehicle models, including nine of China's top ten automakers by market value in 2024 [4]. Product Development and Innovation - At CES 2025, Hesai showcased advanced lidar products, including the AT1440 and the second-generation solid-state lidar FT, indicating a broadening product ecosystem [8][9]. - The introduction of the ATX lidar, which offers high performance at a competitive price, is expected to penetrate the market for vehicles priced below 100,000 yuan, supporting the democratization of advanced driving technologies [11]. Future Outlook - The company anticipates a significant increase in Non-GAAP profit to between 350 million and 500 million yuan in 2025, representing a 25 to 35-fold increase from the previous year [14]. - Lidar delivery volumes are projected to rise to between 1.2 million and 1.5 million units in 2025, reflecting the growing demand across various applications [14]. Global Expansion and Competitive Landscape - Hesai has secured a landmark multi-year exclusive partnership with a top European automaker, marking a significant milestone in its international market strategy [19]. - The competitive landscape shows a concentration of market power among Chinese lidar manufacturers, with domestic firms leading in innovation and market share [18]. Investment Sentiment - Major international banks have expressed bullish sentiments towards Chinese assets, with projections of significant growth in Hesai's Non-GAAP net profit and market share in the coming years [21].