Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Automotive technology, specifically focusing on autonomous driving (AD) and advanced driver-assistance systems (ADAS) Key Financial Projections - **1H25 Revenue Growth**: Expected to grow 58% YoY to Rmb1.5 billion, driven by J6 series chip deliveries [1][2] - **Segment Revenue Breakdown**: - Auto product revenues: Rmb708 million (+218% YoY) - Licenses, services, and others: Rmb768 million (+8% YoY) [2] - **Gross Margin**: Projected to decline to 65% in 1H25 from 79% in 1H24, with gross profits maintaining a 30% YoY growth to Rmb960 million [2][12] - **Operating Losses**: Anticipated operating loss of Rmb1.4 billion in 1H25, compared to Rmb1.1 billion in 1H24 [2][12] Product Developments - **J6 Series Chips**: Introduction of J6B (entry-level) and J6P (high computing) chips to enhance sales volume [1][2] - **Horizon SuperDrive (HSD)**: Integrated software/hardware solutions for urban NOA features set to begin mass shipment, expected to increase vehicle content value [1][3][7] Market Position and Strategy - **Market Share**: Anticipated growth in ADAS/AD market share from 2% in 2021 to 9% by 2025E, with significant revenue contributions from AD chips [17] - **Competitive Advantage**: Integration of software and hardware to enhance performance and build a competitive moat [7] Earnings Revisions and Valuation - **Earnings Revisions**: EPS estimates for 2025-30E revised down due to margin dilution from growing chip business, with net income projections adjusted to -Rmb2.7 billion in 2025E [12][23] - **Target Price**: Reduced 12-month target price to HK$13.13, based on an EV/EBITDA multiple of 26.0x [14][23] Risks and Challenges - **Key Risks**: - Increased competition and pricing pressure in the auto supply chain - Slower product mix upgrades towards AD - Expansion challenges in the customer base - Supply chain risks due to geopolitical tensions [24] Conclusion - **Investment Recommendation**: Maintain a "Buy" rating on Horizon Robotics, with a significant upside potential based on projected revenue growth and market expansion [1][25]

Core Insights - Lucid Group, Inc. announced a significant update to its DreamDrive® Pro suite, introducing Hands-Free Drive Assist and Hands-Free Lane Change Assist for its electric vehicles [1][2][3] - The updates will be available as an over-the-air (OTA) update for Lucid Air owners on July 30, 2025, and for Lucid Gravity owners later in the year [1][2][4] Company Developments - The enhancement to DreamDrive Pro represents a key advancement in Lucid's technology roadmap, with substantial investments in ADAS and autonomous driving capabilities [3][5] - The DreamDrive Pro system features a comprehensive suite of 32 sensors, including LiDAR, radar, and cameras, and is designed to provide intuitive hands-free driving experiences on compatible highways [4][5] Future Outlook - Lucid's Vice President of ADAS and AD emphasized the potential of their software-defined vehicles and the ongoing commitment to deliver more functionalities through regular OTA updates [5] - The company is focused on advancing EV technology and aims to maintain its position as a leader in the electric vehicle market [6]

Core Viewpoint - LeddarTech Holdings Inc. is currently in discussions with lenders regarding financing options but has not yet reached an agreement for additional funding or relief from existing covenants [1][2] Group 1: Financial Situation - The company is actively negotiating with Desjardins and Bridge Lenders for additional financing but has not secured any agreements [1] - To conserve cash and extend negotiation time, LeddarTech announced temporary layoffs affecting approximately 138 employees, which is about 95% of its total workforce [2] - The company is exploring various alternatives, including restructuring obligations, selling the business or assets, and seeking creditor protection under the Companies' Credit Arrangement Act [2] Group 2: Company Overview - LeddarTech, founded in 2007 and headquartered in Quebec City, specializes in AI-based software solutions for advanced driver assistance systems (ADAS) and autonomous driving (AD) [3] - The company has developed over 190 patent applications, with 112 granted, focusing on enhancing ADAS and AD capabilities [4] - LeddarTech aims to be the most widely adopted sensor fusion and perception software solution, contributing to safer and more efficient global mobility [4]

Core Insights - LeddarTech Holdings Inc. has launched a new generation simulation platform, LeddarSim™, aimed at bridging the gap between virtual testing and real-world deployment in the ADAS and AD sectors [1][3] - The platform utilizes groundbreaking multi-modal neural reconstruction to create realistic driving scenarios, enhancing the training, testing, and validation of perception models [1][3] Company Overview - Founded in 2007, LeddarTech is a global software company headquartered in Quebec City, with additional R&D centers in Montreal and Tel Aviv [4] - The company specializes in AI-driven low-level sensor fusion and perception software solutions for ADAS, autonomous driving, and parking applications [4] - LeddarTech holds over 190 patents, with 112 granted, focusing on enhancing ADAS, AD, and parking functionalities [4] Product Benefits - LeddarSim is designed to accelerate testing and validation cycles, enabling OEMs and Tier 1 suppliers to bring next-generation ADAS and autonomous driving solutions to market faster while improving performance and safety reliability [3][4] - The platform can reduce data labeling costs by 90% and significantly cut non-recurring engineering (NRE) expenses without sacrificing accuracy [4] - LeddarSim supports multi-modal sensor data simulation, optimizing and validating perception systems from cameras, radar, and LiDAR [4] Market Potential - The demand for simulation tools is expected to grow, with the industry projected to exceed $4.6 billion by 2035, highlighting the timely introduction of LeddarSim to address challenges in data processing and validation [3][4]

Core Insights - LeddarTech has launched LeddarSim™, a next-generation simulation platform aimed at bridging the gap between virtual testing and real-world deployment in advanced driver assistance systems (ADAS) and autonomous driving (AD) [1][2] Company Overview - LeddarTech is an AI-powered software company founded in 2007, headquartered in Quebec City, with additional R&D centers in Montreal and Tel Aviv, specializing in low-level sensor fusion and perception software solutions for ADAS and AD applications [5][6] - The company holds over 190 patent applications, with 112 granted, enhancing capabilities in ADAS, AD, and parking [6] Product Features and Benefits - LeddarSim utilizes multi-modality neural reconstruction to create sensor-accurate, real-time renderings of driving scenarios, significantly improving the fidelity of simulations [2][4] - The platform allows automotive OEMs and Tier 1 suppliers to accelerate testing and validation cycles, enabling faster market entry for next-generation ADAS and AD solutions [4][6] - LeddarSim offers a cost-effective solution, achieving a 10x reduction in data and annotation costs, while also minimizing non-recurring engineering expenses [6] - The platform supports simultaneous simulation of data from cameras, radar, and LiDAR, optimizing multi-sensor perception systems [6] Market Context - The demand for simulation tools in the automotive industry is expected to exceed $4.6 billion by 2035, indicating a significant growth opportunity for LeddarSim [4]