Core Insights - The 2025 Qilu Autumn Auto Show will take place from September 4 to 8 at the Shandong International Convention and Exhibition Center, featuring the highly anticipated electric SUV, Li Auto i8 [1] Company Overview - Li Auto i8 was launched on July 29, offering three models: Pro, Max, and Ultra. The vehicle addresses the common pain points of short range and high energy consumption in large six- and seven-seat electric SUVs, achieving a balance between range, space, convenience, and comfort [4] - Post-launch, market feedback has exceeded expectations, with over 98% of users preferring the Max and Ultra versions [4] Product Adjustments - On August 5, Li Auto announced adjustments to the i8 model based on customer feedback, reducing the price of the i8 Max from 349,800 yuan to 339,800 yuan and including a complimentary 10,000 yuan platinum sound system [4] - Customers who initially chose the Ultra version can now obtain all configurations for 349,800 yuan, while Pro version customers are offered exclusive services for cancellation or upgrades [4] Consumer Response - The swift response to customer feedback has delighted potential buyers, with consumers expressing increased interest in the i8 Max version following the price adjustment [7] - The adjusted i8 features a 97.8 kWh lithium-ion battery with a CLTC comprehensive range of 720 kilometers, advanced driver assistance systems, dual motor intelligent all-wheel drive, and a 0-100 km/h acceleration time of 4.5 seconds [7] - The standard configuration includes dual 15.7-inch displays and a heads-up display, with optional upgrades for a 21.4-inch rear entertainment screen, simplifying the purchasing decision for consumers [7]

McGee 称，他在驾车途中手机掉落，低头去捡时认为车辆能在探测到障碍物时自动刹车。但车辆以超过每小时 96 公里的速度冲进十字路口，撞上停在路边 的一辆汽车和站在车旁的两人。 IT之家 8 月 1 日消息，据外媒 Neowin 今日报道，一起发生在 2019 年的特斯拉 Autopilot 致命车祸，引发了一场金额高达3.45 亿美元（IT之家注：现汇率约 合 24.85 亿元人民币）的诉讼。原告律师提出的赔偿请求包括 1.09 亿美元的补偿金和 2.36 亿美元的惩罚性赔偿。 这起事故发生在佛罗里达州基拉戈。当时，George McGee 驾驶一辆配有 Enhanced Autopilot 的特斯拉 Model S，系统处于启动状态。Enhanced Autopilot 是 特斯拉提供的付费升级功能，具备自动转向、自动导航和远程召唤等高级辅助驾驶功能。 原告律师指出，Autopilot 系统存在危险缺陷，但特斯拉及 CEO 马斯克曾向消费者、股东与公众发布误导性言论。特斯拉方面则辩称，公司已清楚告知用户 如何使用 Autopilot，该起车祸应由 McGee 的驾驶行为负责。 迈阿密法官 Beth Blo ...

Core Viewpoint - Li Auto officially launched its first pure electric SUV, the Li Auto i8, with a retail price range of 321,800 to 369,800 yuan, set to begin deliveries on August 20 [1] Group 1: Product Features - The Li Auto i8 is equipped with a ternary lithium 5C supercharging battery, offering two battery versions of 90.1 kWh and 97.8 kWh, with CLTC ranges of 670 km and 720 km respectively, achieving a charging speed that adds 500 km of range in just 10 minutes [1] - The vehicle features a yacht-style design with a drag coefficient of 0.218, enhancing energy efficiency and reducing wind noise [2] - It includes a dual-motor all-wheel drive system with a maximum power of 400 kW and peak torque of 660 Nm, enabling a 0-100 km/h acceleration in 4.5 seconds [2] Group 2: Safety and Technology - The Li Auto i8 comes standard with 9 airbags and the longest side curtain airbags in its class, along with laser radar and enhanced active safety capabilities [2] - The vehicle incorporates an upgraded advanced driver assistance system (VLA architecture) that evolves through reinforcement learning, adapting to user driving behavior and preferences [3] - The intelligent assistant has evolved into a "smart entity," capable of performing complex tasks and understanding user memory [3] Group 3: Market Positioning and Options - The Li Auto i8 offers three versions: Pro, Max, and Ultra, priced at 321,800 yuan, 349,800 yuan, and 369,800 yuan respectively [3] - It provides five exterior color options and three interior color choices, along with standard 20-inch low-drag wheels and optional 21-inch wheels [3]

Group 1 - The core viewpoint is that Horizon Robotics is well-positioned to benefit from the growth potential of global smart driving, with projected global and Chinese smart vehicle sales reaching approximately 80 million and 30 million units by 2030, respectively, and high-level assisted driving and autonomous driving penetration rates approaching 100% [1] - Horizon Robotics holds over 40% market share in the Chinese OEM advanced driver assistance market as of 2024, indicating a strong leadership position [1] - The unique BPU (intelligent computing unit) architecture of Horizon Robotics is a key competitive advantage, enabling higher computing power density and intelligence at lower power consumption and cost [1] Group 2 - Horizon Robotics is expected to ship a cumulative total of 7.7 million units of its Journey series chips by the end of 2024, with projected shipments of 4.2 million, 4.5 million, and 5.5 million units for 2025, 2026, and 2027, respectively [2] - The company anticipates revenue of 3.43 billion, 5.41 billion, and 7.46 billion yuan for the years 2025, 2026, and 2027, respectively, with a forecasted return to profitability in 2027 [2] - A "buy" rating is assigned to Horizon Robotics with a target price of 8.60 HKD, based on a 20x P/S valuation for 2026, using comparable companies such as Nvidia, ARM, Mobileye, and Black Sesame Intelligence [2]

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].

Core Viewpoint - The article discusses the strategic decisions made by Li Auto regarding its autonomous driving technology, particularly the choice to standardize laser radar in its vehicles and the implications of chip selection on performance and safety. Group 1: Decision on Autonomous Driving Features - Li Auto decided not to support high-level urban auxiliary driving in certain models due to a significant market demand for lower-cost options, indicating that consumers are willing to forgo advanced features for a lower price [1] - The company compared various autonomous driving chips and chose the J5 chip, which, while not suitable for laser radar, was deemed the best option at the time. The J6M chip, although having similar computing power, will not be available until 2025, making it impractical for the 2023-2024 models [1][3] Group 2: Rationale for Laser Radar Standardization - The decision to standardize laser radar was influenced by advancements in the industry, which have made the immediate safety benefits of laser radar significant enough to warrant its inclusion. This shift is expected to reach a critical point by the second half of 2024 [1][6] - Li Auto's confidence in the safety value of laser radar led to its decision to include it as standard equipment, taking into account the overall industry progress and the company's own product update cycle [1] Group 3: Technical Considerations of Chips - The J6M chip's architecture, including CPU, bandwidth, and AI capabilities, has been significantly upgraded compared to the J5, allowing it to effectively integrate with laser radar, despite both chips having the same computing power [4] - The J5 chip was chosen for its visual-centric design and was considered adequate for the entry-level autonomous driving configuration, utilizing a 10-camera setup, which was competitive at the time [3] Group 4: Customization of Laser Radar - The ATL laser radar used by Li Auto is a customized version that offers superior performance compared to standard models, with better resolution and detection capabilities, tailored specifically for Li Auto's algorithms [5] - The collaboration between Li Auto and the radar manufacturer has led to optimizations that enhance the product's effectiveness, making it unique to Li Auto's vehicles [5] Group 5: Safety as a Priority - The inclusion of laser radar in the new model is primarily for safety reasons, as it performs better in challenging conditions such as low light and glare, thus enhancing overall vehicle safety [6][7] - Li Auto emphasizes that the addition of laser radar does not increase the vehicle's price, reflecting a commitment to providing enhanced safety features without additional costs to consumers [7]

2024年，公司毛利率77.25%，同比+6.7pct，主要受收入组合变化，尤其是利润率较高的授权及服务收 入占比上升推动，分业务来看，汽车产品解决方案、授权及服务业务、非车解决方案毛利率分别 46%/92%/23%，同比分别+2/+3/+10pct。2024年，公司三费率为176.36%，同比-25.81pct。 智通财经APP获悉，国信证券发表研报称，2024年，地平线机器人-W(09660)实现总收入为23.8亿元， 同比增长53.6%；净利润为23.5亿元。2024年公司经调整经营亏损14.95亿，相比2023年的16.87亿元有所 收窄。2024年，公司推出征程6系列处理硬件，旨在为公司的高级辅助驾驶及高阶自动驾驶解决方案赋 能，2025年2月开始生产征程6处理硬件。截至目前，地平线征程6系列已正式由BYD天神之眼C率先搭 载量产，并将持续在超20家车企及品牌的智驾平台实现规模化落地。此外，基于公司专有处理硬件， HSD已获多个领先的OEM品牌指定集成到其战略车型，预计将于2025年第三季度开始量产。 国信证券观点如下： 2024年公司实现营业收入23.8亿元，同比增长54% 2024年，地平线机器 ...