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中邮证券:维持地平线机器人-W(09660)“买入”评级 有望实现“HSD千万量产”目标
智通财经网· 2025-12-10 08:29
Group 1 - The core viewpoint of the articles highlights the significant advancements and market presence of Horizon Robotics, particularly with its Journey series achieving over 10 million units shipped and maintaining a "buy" rating from Zhongyou Securities [1] - The company's self-developed intelligent computing architecture, BPU, has seen a performance increase of 246 times over six years, evolving through three generations from Bernoulli to Nash architecture [1] - The Journey 6 series, set to begin mass production in 2025, is based on the new Nash architecture and offers computing power ranging from 10 to 560 TOPS, making it the only domestic solution that meets the diverse needs of smart vehicles from L2 to full-scene urban driving [1] Group 2 - The HSD (High-Performance Smart Driving) technology is entering large-scale production, with a growing number of vehicle models being covered, indicating strong market validation and recognition [2] - HSD employs a one-piece end-to-end architecture with integrated reinforcement learning capabilities, significantly enhancing the safety, efficiency, and comfort of assisted driving [2] - The new flagship vehicle intelligent computing solution, Journey 6P, achieves a generational performance leap with up to 560 TOPS of computing power, supporting the large-scale implementation of HSD [2]