地平线机器人（09660）：公司在高级辅助驾驶解决方案市场中占据主导地位，为少数可以同时供应芯 片+算法的供应商之一。硬件方面，推出J6P及HorizonCell，可提供1120TOPS算力，已站稳国内算力第 一梯队，正加速追赶英伟达中；解决方案方面，推出城区NOA智驾方案，软硬结合可进一步提高解决 方案性能；公司客户资源+量产经验丰富，产品已搭载理想L6Pro、蔚来firefly萤火虫、奇瑞iCARV23等 车型，已进入比亚迪（002594）、奇瑞、博世等客户。 黑芝麻（000716）智能（02533）：在自动驾驶领域，公司华山系列A1000Pro算力达106TOPS，性能优 异，推出A2000进一步丰富产品矩阵，公司已与吉利等众多主要汽车OEM以及Tier1合作，已进入银河 E8、领克07等车型；在跨域计算领域，公司推出业内首个跨域计算芯片武当C1200，一汽红旗有望基于 C1200打造单芯片智能车控平台方案，助力公司营收增长。 近年来，随着技术的跃进式提升，叠加硬件和软件成本的不断下降，智能驾驶辅助功能搭载率不断提 升。乘联分会发布的数据显示，2025年1-6月新能源乘用车L2级及以上的辅助驾驶功能装车 ...

Industry Overview - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," aiming to establish a safety baseline for intelligent connected vehicles [1] - The draft emphasizes that systems can only be activated under their designed operating conditions and sets comprehensive safety technical requirements, including human-machine interaction, functional safety, information security, and data recording, creating a "triple safety guarantee" [1] - The standard is expected to drive technological upgrades and accelerate the implementation of advanced intelligent driving, facilitating smoother international expansion for the industry [1][2] Market Trends - The penetration rate of combination driving assistance systems in new passenger cars in China reached 62.58% in the first seven months of this year, with sales of such vehicles amounting to 7.76 million units, a year-on-year increase of 21.31% [2] - By mid-2025, the installation rate of L2-level and above driving assistance functions in new energy passenger vehicles is projected to reach 82.6% [2] - The current period until next year is seen as a critical window for breakthroughs in the maturity of advanced intelligent driving technology, policy regulations, user acceptance, and business models [2] Company Developments - Horizon Robotics is a leading player in the advanced driving assistance solutions market, providing both chips and algorithms, with products like J6P and HorizonCell offering 1120 TOPS computing power [4] - Black Sesame Intelligence has developed the A1000Pro chip with 106 TOPS performance and is collaborating with major automotive OEMs, enhancing its product matrix with the A2000 chip [4] - SUTENG Juchuang has achieved mass production of its high-line count LiDAR products, which are now featured in new models from various automakers [5] - Youjia Innovation has secured multiple contracts in the intelligent driving sector and is investing in high-level driving assistance and L4 autonomous driving solutions [5][6]

Core Viewpoint - Horizon Robotics is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving solutions, benefiting from the expanding market for intelligent driving solutions driven by the trend of driving equality [1][2] Group 1: Market Growth and Revenue Projections - The company is expected to achieve revenues of 3.644 billion, 5.618 billion, and 8.190 billion CNY from 2025 to 2027, with year-on-year growth rates of 52.9%, 54.2%, and 45.8% respectively [1] - The global and Chinese intelligent driving solutions market is projected to reach 1,017.2 billion and 407.0 billion CNY by 2030, with a CAGR of 49.2% and 49.4% from 2023 to 2030 [1] Group 2: Competitive Positioning - The company is one of the few suppliers that can provide both chips and algorithms, enhancing its core competitiveness [2] - The hardware offerings include the J6P and HorizonCell, providing 1,120 TOPS of computing power, positioning the company among the top tier in domestic computing power [2] - The company has established a strong customer base, with products already integrated into models from Li Auto, NIO, and Chery, and has entered partnerships with BYD, Chery, and Bosch [2] Group 3: Product Development and Market Strategy - The company is accelerating its efforts in the high-level autonomous driving market, particularly in urban NOA (Navigation on Autopilot) solutions, with plans to launch HSD in 2025 [1][2] - The company currently holds a 35.9% market share in the Chinese OEM ADAS market, ranking first, and aims to increase its presence in the urban NOA market [1]