Investment Rating - The report maintains a "Buy" recommendation for Horizon Robotics (9660.HK) [1] Core Insights - The automotive industry is experiencing rapid growth driven by favorable policies and high demand, creating an ideal market environment for Horizon Robotics. The deployment of urban NOA solutions and the expansion of highway NOA are contributing to the company's increasing market share and average selling price (ASP). The number of L3 autonomous vehicles is expected to rise from 1.9747 million in 2024 (8.62% penetration) to between 5 million and 6 million in 2025 (30% penetration) [6][9] - Horizon Robotics achieved record performance in 2024, with revenue reaching 2.384 billion yuan, a year-on-year increase of 53.6%, and a three-year compound growth rate of 72.19%. Gross profit for the year was 1.841 billion yuan, up 68.3%, with a gross margin improvement from 70.88% in 2021 to 77.3% in 2024 [6][9] - The company holds over 40% market share in the ADAS market and has established partnerships with leading global companies to promote autonomous driving solutions. Product delivery reached 2.9 million units in 2024, with a cumulative total of 7.7 million units [7][9] Summary by Sections Market Performance - The report highlights the strong performance of the computer industry, with a 12-month increase of 21.4% compared to the Shanghai and Shenzhen 300 index [2][4] Revenue Structure and Growth - Horizon Robotics' revenue structure continues to optimize, with significant growth in both volume and profit. The smart driving solutions segment saw a revenue increase of 57.2% to 2.312 billion yuan, while the non-automotive solutions market generated 72 million yuan in its first year [6][9] Technological Advancements - The company has built a technological moat with its "Journey 6 chip + Tiangong toolchain + Tagger middleware," achieving an energy efficiency ratio of 5.6 TOPS/W. This positions Horizon Robotics as a key player in the realization of equitable autonomous driving [9][10] Investment Recommendations - The report suggests that investors should focus on Horizon Robotics' further developments in the smart driving sector, as well as the potential growth driven by major tech companies in AI and cloud computing, specifically mentioning Google and Microsoft [10]