Core Insights - Horizon Robotics has recently announced that its "Journey" family of products is about to surpass 10 million units in cumulative production, making it the first company in China to reach this milestone in intelligent driving solutions [1] - The company has launched the largest upgrade of its Horizon SuperDrive (HSD) system, which is designed to provide a smooth, human-like driving experience across various scenarios [1][2] - The company's mid-year financial report shows significant growth, with revenue reaching 1.567 billion yuan, a year-on-year increase of 67.6%, and gross profit of 1.024 billion yuan, up 38.6%, resulting in a gross margin of 65.4% [1] Financial Performance - In the first half of the year, Horizon Robotics achieved a product solution shipment of 1.98 million units, doubling year-on-year, with revenue from product solutions increasing 2.5 times to 778 million yuan [4] - The delivery of mid-to-high-end solutions reached 980,000 units, accounting for 49.5% of total shipments, contributing over 80% of the revenue from product solutions [4] - The company's R&D expenditure for the first half of the year was 2.3 billion yuan, a 62% increase year-on-year, indicating a strong commitment to innovation [5][6] Market Trends - The global market for intelligent driving solutions is projected to grow from 19.1 billion yuan in 2024 to 123.4 billion yuan by 2030, with a compound annual growth rate of 36.5% [3] - Horizon Robotics has captured a significant market share, with 45.8% in the ADAS front-view integrated machine market and 32.4% in the autonomous driving computing solutions market [5] Product Development and Partnerships - The HSD system is expected to enhance the company's market performance, with multiple car manufacturers already committing to its deployment [2][7] - Horizon Robotics has established partnerships with major automotive brands, including BYD, Chery, and NIO, and has secured contracts for nearly 400 new vehicle models [7] - The company has also formed strategic collaborations with international suppliers like Bosch and Denso, expanding its global ecosystem [7] Investment Recognition - Horizon Robotics has been included in several authoritative indices, such as the FTSE Global Index and MSCI China Index, reflecting its growing investment value [9] - The company is expected to maintain strong domestic performance while enhancing its influence in international markets due to its robust product offerings and innovations [9]