高盛指出，地平线机器人-W上半年收入同比增长68%，好过预期，主要因Journey6出货量攀升。该行对 地平线超级驾驶(HSD)系统于下半年起量产持积极看法。另外，地平线机器人上半年NOA功能产品出货 量达98万件，占总出货量50%，推动平均售价提升。该行预期产品组合将持续向更高端的软硬件整合解 决方案升级 消息面上，近日，地平线机器人-W发布2025年上半年业绩公告。公告显示，公司上半年收入15.67亿 元，同比增长67.6%；毛利润达10.24亿元，综合毛利率65.4%；现金储备161亿。2025年上半年地平线总 体业绩延续去年狂飙增长势头，核心财务指标迈上新高度。 地平线机器人-W(09660)涨近5%，截至发稿，涨4.98%，报9.91港元，成交额7.23亿港元。 美银证券表示，在参加了地平线机器人-W(09660)财报后投资者会议后，因公司近期在国内外市场的车 型设计导入进展顺利，该行对其未来增长前景更加乐观。该行认为，公司今年有望从至少4-5家汽车制 造商获得高端HSD解决方案的设计订单，预计将推动其J6P芯片出货量从2025年预计的4万件，增至2026 年的43万。 ...

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].

Core Viewpoint - The company Furuitek (Zhejiang) Intelligent Technology Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange after previously failing to list in November 2024, continuing the trend of smart driving companies aiming for public offerings in 2025 [1][2]. Financial Performance - Furuitek has achieved a compound annual growth rate (CAGR) of 97.6% in revenue over the past three years, with total revenue figures of 328 million, 908 million, and 1.283 billion yuan for the years 2022, 2023, and 2024 respectively [7][8]. - The company has incurred cumulative losses of 2.121 billion yuan over the same period, with net losses of 855 million, 738 million, and 528 million yuan for the respective years [7][8]. - Operating cash flow has consistently been negative, with net outflows of 703 million, 498 million, and 153 million yuan during the reporting period [8]. Market Position - Furuitek ranks second among third-party suppliers in China for L0 to L2 level driving assistance solutions, holding a market share of 7.2% based on revenue and 17.7% based on the number of units installed for L2 and L2+ level solutions [5][6]. - The company has established partnerships with 49 OEMs and has over 330 designated projects and more than 260 mass production projects [7]. Investment and Valuation - Furuitek has raised a total of 1.904 billion yuan through ten rounds of financing, with a post-investment valuation increasing from 3.5 billion yuan in July 2021 to 6.36 billion yuan by December 2024, representing an increase of 2.86 billion yuan or 81.71% [17]. - The company has a high customer concentration, with revenue from the top five customers accounting for 73.6%, 76.4%, and 91.2% of total revenue in the respective years [9]. Leadership and Compensation - The founder and CEO, Zhang Lin, has a background in the automotive industry and has received a total compensation of approximately 104 million yuan over the reporting period [10][15]. - The company’s non-executive director and other key personnel have also received significant compensation, with total remuneration for the top five highest-paid individuals reaching 113 million, 13.4 million, and 18.8 million yuan in the respective years [16][17].