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地平线机器人-W(09660):高端辅助驾驶行业核心受益者,首次覆盖给予“买入”评级
Huajing Securities· 2025-06-23 09:27
Investment Rating - The report initiates coverage with a "Buy" rating for Horizon Robotics, setting a target price of HK$8.60, representing a potential upside of 33% from the current price of HK$6.46 [1][6][10]. Core Insights - Horizon Robotics is positioned as a key beneficiary in the high-end assisted driving industry, with a strong market share exceeding 40% in China's OEM advanced driver assistance systems (ADAS) market as of 2024 [7][29]. - The company is expected to benefit significantly from the global growth potential of smart driving, with projections indicating that global and Chinese smart vehicle sales will reach approximately 80 million and 30 million units by 2030, respectively [7][29]. - The unique BPU (Brain Processing Unit) architecture of Horizon Robotics provides a competitive edge by optimizing hardware and software collaboration, achieving higher computational efficiency at lower power consumption [30][42]. Financial Projections - Revenue forecasts for Horizon Robotics are projected at RMB 3.43 billion, RMB 5.41 billion, and RMB 7.46 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 43.7%, 57.9%, and 37.9% [9][31]. - The company is expected to achieve profitability in 2027, with a projected net profit of RMB 901 million, following losses in the preceding years [9][31]. Market Comparison - The report compares Horizon Robotics with peers such as NVIDIA, ARM, Mobileye, and Black Sesame Intelligence, applying a 20x price-to-sales (P/S) ratio to derive the target price [32][71]. - The competitive landscape indicates that Horizon Robotics has established itself as a leader in the mid-to-low-end smart driving hardware market, with plans to penetrate the high-end market further with the launch of the Journey 6 series chips [71][72]. Product Solutions - Horizon Robotics offers three main smart driving solutions: Horizon Mono, Horizon Pilot, and Horizon SuperDrive, catering to different levels of driving assistance [44][60]. - The Journey 6 series chips, set to launch in 2025, will cover a wide range of smart driving needs, enhancing the company's product matrix [62][67].
AI Agent 摩尔定律:每7个月能力翻倍,带来软件智能大爆炸
海外独角兽· 2025-04-11 11:03
AI Agent 领域也存在 scaling law,甚至还在加速。 2022 年 ChatGPT 刚发布时能够实现的代码任务差不多等同于人类耗时 30s 的任务,到今天, AI Agent 已经能够自主完成需要人类花费一个小时的 coding 任务。"任务长度"是一个相当直观地测量 AI Agent 能力变化的标准。 编译:haozhen 编辑:Siqi AI 独立研究机构 META 的数据分析发现,Agent 能够完成的任务长度正以指数级增长,大约每 7 个 月翻一倍,预计 2029 年 Agent 能够完成时长为 1 个工作月的任务。 有意思的是,最近这一趋势甚至还在加速,2024-2025 年 Agent 能完成的任务长度约每 4 个月翻一 倍,如果这种更快的趋势持续下去,Agent 可能在 2027 年就能完成长达一个月的任务。 本文是对 META、Forethought 和 AI Digest 研究对于 agent scaling law 的整理编译。AI 研究人员们认 为,AI scaling law 的终局是 AI agent 自主开发 AI agent,到了那个时候我们就会进入软件智能爆炸时 ...