Core Viewpoint - The Hong Kong stock market is witnessing a surge in smart driving concept stocks, particularly driven by Tesla's recent launch of its Robotaxi pilot service in Austin, Texas, which has positively impacted related companies in the sector [1] Group 1: Stock Performance - Youjia Innovation (02431.HK) increased by 7.95% [1] - Horizon Robotics-W (09660.HK) rose by 4.40% [1] - Zhixing Technology (01274.HK) saw a gain of 3.10% [1] - Sutech Juchuang (02498.HK) experienced a rise of 1.59% [1] Group 2: Tesla's Robotaxi Service - Tesla initiated its Robotaxi pilot operation on June 22 in Austin, Texas, with an initial fleet of 10 Model Y vehicles [1] - Passengers are required to pay a fixed fee of $4.20 for the Robotaxi service [1]

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].

招股书显示，承泰科技主营开发、制造及销售雷达产品，附有标准硬件及客制化软件，量身打造配合OEM的具体集成需求、 性能标准、相容性要求。公司将软件和算法能力与雷达硬件结合，提升在不同车型上的适配性，从而精简OEM的研发、测试 及量产流程。 智通财经APP获悉，据港交所6月23日披露，深圳承泰科技股份有限公司(简称：承泰科技)向港交所主板递交上市申请，国泰 君安国际为其独家保荐人。 公司的雷达产品作为核心感知感测器，可实现对周围车辆、行人及道路基础设施的即时检测和空间定位，这对智能驾驶系统 的定位与决策非常重要。凭借自研的雷达信号处理算法、高精度聚类与目标跟踪能力，以及如波导天线与中央计算雷达计算 等先进架构，公司的产品即使在复杂或低能见度的环境中，亦能提供可靠的位置估计。 目前，公司已开发出多代毫米波雷达产品矩阵，以满足从L0到L2+的不同智驾需求，广泛应用于乘用车及商用车的智能驾 驶。截至2025年6月15日，公司已推出七款主要雷达型号，主要可分为前向雷达及后向及侧向雷达(亦称为角雷达)。 财务方面，于2022年度、2023年度、2024年度，承泰科技实现收入分别约为5765.1万元、1.57亿元、3.48亿 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 证券研究报告-行业半年度策 略 电子相对沪深 300 指数表现 人工智能创新百花齐放，半导体自主可控 加速推进 相关报告 《电子行业月报：美国半导体出口管制再升 级，存储器价格持续回升》 2025-06-13 《电子行业月报：半导体行业 25Q1 稳健增 长，端侧 AI 助力 SoC 厂商高速成长》 2025-05-12 《电子行业月报：美国"对等关税"政策落地， 关注半导体自主可控方向》 2025-04-08 投资要点： 回顾 2025 年上半年，DeepSeek 通过技术创新引领国产大模型崛 起，助力 AI 应用大规模落地，人工智能创新持续推进，AI 眼镜新 品陆续发布，比亚迪推动"智驾平权"，全民智驾时代开启，特斯 拉计划 2025 年生产数千台具身智能机器人，2026 年计划将产能提 升至 5 万台以上，具身智能机器人进入量产阶段；半导体行业上半 年延续复苏趋势，美国"对等关税"政策落地，美国半导体出口管制 不断升级，国内半导体产业自主可控需求仍然迫切。展望 2025 年 下半年，AI ...

智通财经APP获悉，中国证监会主席吴清在6月18日举行的2025陆家嘴论坛上表示，证监会将在创业板 正式启用第三套标准，支持优质未盈利创新企业上市。 据了解，创业板第三套标准发布于2023年2月，对比科创板对未盈利企业的上市要求，创业板第三套标 准将预期市值提升至50亿元，并增加了3亿元的营收要求，但未明确对"企业研发成果"的要求。对于具 有表决权差异安排企业、红筹企业，可以选择相应上市标准申请首发上市，但前期未有案例落地。 市场认为创业板"激活"第三套上市标准，回应了呼吁已久的制度突破，能够更好发挥资本市场枢纽功 能。前海开源基金首席经济学家杨德龙表示，创业板支持优质未盈利创新企业上市等措施，有利于加大 资本市场对科技创新企业的支持，让科技创新企业可以登陆资本市场获得宝贵资本，从而有助于发展新 质生产力。 就在6月10日，中办、国办印发了《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》。 其中提到，允许在香港联合交易所上市的粤港澳大湾区企业，按照政策规定在深圳证券交易所上市。 智能驾驶港股上市企业佑驾创新(02431)对智通财经表示，深交所创业板支持优质未盈利创新企业上 市，与一周前中办、国办印发 ...

这几年，竞业限制类案件一再引发舆论关注，有9 5后"小镇做题家"跳槽后背上百万量级 的违约金，陷入重度抑郁，也有拌黄瓜的冷菜厨师中招，被餐厅启动竞业禁止协议—— 在崔灿看来，这种原本是企业为了保护商业秘密而采取的法律手段， 如 今 呈 滥 用 化 趋 势，数量一路攀升，因为公司方"起诉没有成本，赢了就能得到上百万违约金" 。他甚至 听到一位公司法务说，其部门因为启动的竞业协议足够多，"创收还不错"。 这海量的竞业类案件中，又隐约存在着底层打工人和高层管理者的"双轨制"：西南政法 大学副教授熊晖等人曾对"无讼案例数据库"中2 0 1 5 - 2 0 1 9年的556份判决书进行研究并发 现， 在以"负有保密义务的其他人员"身份承担竞业限制义务的人员中，7 7%是基层员 工，包括保安、保洁、前台等 ；与此同时，"有的高管反而不会受到竞业限制"，崔灿表 示，因为他们人脉广、能量大，新公司也会保护他们。 现实中，私家侦探也深度参与到这部职场"谍战片"里，不惜伪装成外卖员，一路跟踪、 偷拍。那些已经去竞对公司上班的打工人，为了防止被前公司发现违约，戴口罩、帽子 上下班是最基本的，有的人不惜搬家、改名、换手机号，有的坚决 ...

深交所创业板第三套标准的即将启动，或将与一周前发布的"H+A"《意见》产生积极的联 动效应。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 中国证监会主席吴清在 6月18日举行的2 025陆家嘴论坛上表示，证监会将在 创业板正式启用第三套标准，支持优质未盈利创新企业上市。 吴清 同时还透露， 科创板 也将 重启未盈利企业适用科创板第五套标准上市，更加精准服务技术有 较大突破、商业前景广阔、持续研发投入大的优质科技企业 。 显然，这对于尚未盈利、仍需一定资金支持长远发展的科技企业及 生物医药企业 而言是一大利好。 若具体拆分来看，在谈及 " 重启未盈利企业适用科创板第五套标准上市 "时 ，吴清 指出，将 扩大 第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用 。 或许，这样的 "组合拳"将助力上述 优质 科技 企业 实现更加高质量的长期发展。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 这意味着， 相较于早前的 科创板第五套标准 更多扶持生物医药企业，本次重启的 第 ...

Core Viewpoint - The report from CITIC Securities suggests focusing on enhancing vehicle value through "safety redundancy-driven" strategies, particularly in areas such as dual SOC/MCU redundant computing platforms, improved laser radar resolution, high-speed TSN-SerDes vehicle networks, and dual 12V low-voltage power supplies [1] Policy Perspective - L2 will face stringent regulations, actively promoting the rollout of L3. The Ministry of Industry and Information Technology has explicitly prohibited exaggerated claims for L2, expecting to strengthen "hands-free, eyes-free" regulations and promote transparency in functional boundaries [2] Market Demand and Scenarios - High-speed and elevated road segments account for 25%-30% of private vehicle mileage, with strong user demand for "hands-free, eyes-free" driving. Over 60% of car owners wish to watch videos or browse the internet while driving, and 76% recognize the necessity of high-speed autonomous driving [3] Safety Considerations - The primary value of L3 to users is safety, with a long-term goal of achieving an accident rate that is ten times better than human driving. The system must evolve from Fail-Safe to Fail-Degraded / Fail-Operational, enhancing performance and safety redundancy [4] Performance Configuration and Safety Redundancy - The report predicts that the computing platform will adopt dual SOC and "SOC + MCU" configurations, increasing the single vehicle ASP by 1.5 times. Laser radar will expand from a single forward unit to "1 front + 2 side + 1 rear," with the resolution of forward laser radar increasing from over 100 lines to approximately 500 lines. Millimeter-wave radar will advance from 3T4R to 8T8R and even 12T16R. The communication network will integrate CAN, Ethernet, and high-speed SerDes, with high-end models potentially using up to 20 SerDes units. Dual 12V batteries and dual DCDC architecture will achieve power-level redundancy [5]

Core Viewpoint - The recent high-level departures at Haomo Zhixing, a subsidiary of Great Wall Motors focused on intelligent driving, signal a critical juncture for the company, prompting a reevaluation of its unique advantages and future direction in the competitive landscape of autonomous driving [1] Group 1: Company Background - Haomo Zhixing was established in November 2019, evolving from Great Wall Motors' Advanced Driver Assistance Systems (ADAS) team, which provides it with inherent advantages [2] - The company benefits from a stable customer base through Great Wall's various brands, allowing it to quickly implement technology and gain valuable mass production experience [2][4] - Haomo Zhixing has produced key products for over 20 vehicle models, including features like NOA and parking assistance, leveraging Great Wall's extensive vehicle fleet [2][4] Group 2: Current Challenges - Haomo Zhixing faces significant challenges, particularly in the urban NOA competition, having missed initial deployment timelines for its technology [5] - The company's identity is ambiguous, oscillating between being an internal R&D department for Great Wall and an independent Tier 1 supplier, which complicates its market positioning [5][7] - Despite some orders from secondary brands, Haomo Zhixing's revenue remains heavily reliant on Great Wall, limiting its valuation and growth potential [7] Group 3: Competitive Landscape - The intelligent driving sector has become increasingly competitive, with major players like Huawei and DJI offering comprehensive solutions, while traditional automakers pursue in-house development [7] - As the market shifts from a technology race to a competition focused on cost and user experience, Haomo Zhixing faces heightened pressure to deliver scalable and cost-effective solutions [7] Group 4: Strategic Choices - The recent leadership changes may indicate a pivotal moment for Haomo Zhixing, with potential paths including deeper integration within Great Wall, full independence, or focusing on niche areas of expertise [8][10][11][12] - A return to a more integrated role could stabilize the company but may limit its broader ambitions, while full independence would require significant investment and risk [10][11] - Alternatively, Haomo Zhixing could concentrate on its strengths in AI data processing and specific market segments, positioning itself as a specialized service provider [12]

证券研究报告 2025 年 06 月 18 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3387.40 | -0.04 | | 深证成指 | 10151.43 | -0.12 | | 创业板指 | 2049.94 | -0.36 | | 科创 50 | 963.08 | -0.80 | | 北证 50 | 1402.54 | -0.40 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | (亿元) | | 值(亿元) | PE | PB | | 上证指数 652616 | | 509901 | 12.03 | 1.25 | | 深证成指 224002 | | 183025 | 19.85 | 2.10 | | 创业板指 | 57948 | 45780 | 26.90 | 3.75 | | 科创 50 | 33565 | 22057 | 52.26 | 4.03 | | 北证 50 | 3210 | 2163 | 47.83 | 4 ...