Core Viewpoint - Horizon Robotics has gained significant attention in the market following its inclusion in the Hong Kong Stock Connect, indicating strong recognition of its integrated software and hardware technology path and positioning as a leading supplier of intelligent assisted driving solutions in China [1][7]. Group 1: Product Development and Market Position - The launch of the Horizon Journey series has opened up growth opportunities, with the company continuously delivering high-performance software and hardware products, leading to strong market demand [2]. - The Journey series has achieved significant milestones, with cumulative shipments expected to exceed 8 million units by Q1 2025, and the company holds over 40% market share in the Chinese OEM advanced assisted driving solutions market, ranking first [2][4]. - The recent introduction of the HSD urban assisted driving system marks a significant advancement, with partnerships established with major clients like Chery Group and Volkswagen, indicating strong market acceptance and potential for high-end market penetration [3][4]. Group 2: Financial Outlook and Growth Potential - The successful launch and mass production of new products like HSD are expected to enhance the company's revenue and profit, indicating a positive trajectory for overall performance [4]. - The automotive industry is moving towards a "universal intelligent assisted driving" era, with major players like BYD leading the charge, which is likely to benefit Horizon Robotics significantly [5]. - Analysts have expressed optimism regarding Horizon's long-term growth potential, with several brokerages issuing "buy" ratings and predicting a turnaround to profitability by 2027 [7]. Group 3: Technological Advancements - Horizon Robotics has developed a robust self-research BPU architecture, continuously iterating its Journey series, with the latest Journey 6 chip offering enhanced data processing capabilities for assisted driving systems [6]. - The Horizon Cell modular system allows for hardware plug-and-play and software upgrades, enhancing performance while reducing costs, positioning the company as a unique supplier in the market [6]. - The company has established partnerships with over 40 automotive brands, including the top ten Chinese automakers, with more than 800 million units shipped and over 200 models in mass production [6].

5月26日，地平线机器人-W(09660)正式进入港股通名单，这一消息既标志着资本市场对其软硬结合技术 路径的高度认可，同时也预示着地平线作为国内头部智能辅助驾驶解决方案供应商，即将加速迎来价值 发现及重估。 自2024年10月下旬上市以来，作为行业里的"明珠"，地平线一直备受瞩目。智通财经注意到，上市后地 平线的股价走势始终呈现出高活跃的特征，同时国内外主流券商亦对其进行积极覆盖，再到此次一如预 期顺利纳入港股通，地平线在资本市场的受欢迎程度之高不言而喻。闻歌知意，如此高的热度之下，市 场大概更需要对地平线的中长期投资价值有清晰的认知。 地平线HSD开局即大热，市场高度认可背后正是地平线以技术为基，软硬协同共筑核心竞争力。据介 绍，HSD搭载了当前最强性能的国产智能辅助驾驶计算方案征程6P，基于创新推出Horizon Cell"弹夹系 统"，实现硬件可插拔、软件可升级，支持车载计算平台快速升级，在技术层面上满足了车企差异化需 求；不仅如此，该系统还有HSD300、HSD600、HSD1200三个版本方案可供客户选择，为客户提供从普 惠级到高性能再到全场景的全价格端、全性能段解决方案，满足不同用户的配置需求和 ...

今年以来，我国智能辅助驾驶企业加快出海步伐，尤其是5月，Momenta、小马智行、文远知行相继与 全球出行巨头Uber达成战略合作，掀起中国智能辅助驾驶技术、产品的出海浪潮。 有受访专家表示，中国领先的智能辅助驾驶企业在无图技术、车路协同等领域已形成具有全球竞争力的 成熟技术方案，加速出海，有助于赋能海外市场在智能辅助驾驶等智慧交通领域的生态建设。同时，出 海也给智能辅助驾驶企业提供了更具盈利潜力的业务增长空间，但需避免简单复制国内模式，应结合本 土需求构建可持续生态，提升中国汽车产业的全球影响力。 ● 本报记者 李嫒嫒 多模式加快海外落地 近期，中国智能辅助驾驶企业密集发布拓展海外市场的动态，采取多元化的出海模式，进入当地市场。 其中，小马智行Robotaxi服务和车队将在今年下半年接入Uber平台，在中东市场开启运营服务。文远知 行进一步深化与Uber的合作，计划未来五年新增15座国际城市，包含欧洲、中东等市场，部署Robotaxi 服务，届时用户可通过Uber平台预约文远知行的Robotaxi服务，Uber将负责Robotaxi的运营管理。同 时，Momenta的Robotaxi车辆也将接入Uber平台 ...

| | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | 人民幣元 | 96 | 人民幣元 | 96 | 人民幣元 | 96 | | | | | (以千計,百分比除外) | | | | | FT Pro. | 139,330 | 42.5 | 173,531 | 19.1 | 110,744 | 8.6 | | FT Max . . . | 138,040 | 42.1 | 290,398 | 32.0 | 558,117 | 43.5 | | FT Ultra . . | 50,352 | 15.4 | 443,703 | 48.9 | 614,405 | 47.9 | | 望計 | 327,722 | 100.0 | 907,632 | 100.0 | 1,283,266 | 100.0 | 随着智能汽车升级及技术迭代的需求不断增加，2022年至2024年，福瑞泰克FT Max及FT Ultra解決方案交付量快速增长，增长率分别为482%和 65 ...

Core Insights - The article discusses the advancements and competitive landscape of the assisted driving industry, highlighting various companies' self-developed systems and strategies [1][4]. Group 1: Company Developments - Li Auto has launched its new generation dual-system intelligent driving solution, focusing on upgrading driving capabilities and synchronizing updates for smart electric vehicles [3]. - NIO's intelligent assisted driving system has reportedly avoided over 3.5 million collision risks, accumulating a total driving mileage of approximately 4.94 billion kilometers as of May 15, 2025 [3]. - Chery's Hawk 500 has achieved widespread adoption of assisted driving features, with the Hawk 700 targeting mid-to-high-end models and the Hawk 900 positioned as a flagship [3]. - GAC Group's GSD intelligent driving assistance system has accumulated 5 million user driving scenarios and over 40 million kilometers of high-level autonomous driving data [3]. Group 2: Industry Trends - BYD and XPeng are recognized as leaders in self-developed intelligent driving systems, with BYD's high-end system named "Tianshen Eye" [4]. - Bosch's China president has expressed skepticism about the self-development model, suggesting that mid-level intelligent driving should become standard and that costs could be better managed through supply chain partnerships [4]. - Huawei is positioned as a top player in the intelligent driving system market, with plans for 10 brands from 7 automakers to adopt its solutions, potentially exceeding 500,000 vehicles [4][5]. - Huawei's collaboration models include component supply, Huawei Inside (HI) partnerships, and deep cooperation with automakers, with the latter being the most integrated approach [5]. Group 3: Strategic Partnerships - SAIC Group has publicly stated its intention to maintain control over core technologies while also choosing to collaborate with Huawei [6]. - The partnerships with Huawei have led to increased sales for collaborating automakers, but questions remain about their ability to independently develop high-quality vehicles [6].

地平线机器人-W(9660.HK) 公 司 报 告 股价：7.5 港元 汽车、电子 2025 年 05 月 05 日 产品向高、客户向宽 推荐（维持） 主要数据 | 行业 | 汽车、电子 | | --- | --- | | 公司网址 | www.horizon.auto | | 大股东/持股 | | | 实际控制人 | | | 总股本(百万股) | 13200.29 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 918.87 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 0.90 | | 资产负债率(%) | 41.53 | | 行情走势图 | | 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@pingan.com.cn | | ...