HSD 覆盖多元化车型，进入大规模量产阶段。随着公司HSD 量产阵营的不断扩大，软硬结合技术路径 也持续获得市场广泛验证与高度认可。HSD 采用一段式端到端架构，并融入强化学习能力，实现从"光 子输入到轨迹输出"的系统超低时延，大幅提升辅助驾驶的安全、效率、舒适。新一代旗舰车载智能计 算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设计，为 HSD的规模化落地提供了坚实支撑。目前公司的HSD 已获得国内外多达10家车企品牌，超20 款车型的 定点合作。随着星途ET5、风云T9L、iCARV27 等多款合作车型的陆续亮相，公司HSD 将覆盖更多细分 市场与多元化车型，进入大规模量产的高速发展周期，有望实现"HSD 千万量产"的目标。 投资建议 我们预计公司2025/2026/2027 年分别实现收入35.9/56.0/81.4亿元，实现归母净利润分别为-70.3/-15.1/-8.3 亿元，维持"买入"评级。 风险提示 技术迭代和研发投入不及预期的风险；行业竞争格局加剧风险；客户合作稳定性风险；自动驾驶渗透率 提升不及预期。 机构：中邮证券 研究员：万玮/吴文吉 投资要 ...

中邮证券发布研报称，地平线机器人-W(09660)征程系列累计出货量破千万，维持"买入"评级。公司自 主研发设计的智能计算架构BPU，历经三代架构迭代，从伯努利架构到纳什架构，BPU计算性能6年间 提升了246倍。 2025年开启量产的征程6系列基于新一代BPU纳什架构开发，覆盖10-560TOPS算力，是目前国内唯一满 足从L2辅助驾驶到全场景城区辅助驾驶需求的计算方案，高效满足智能汽车的多元化需求；征程系列 客户覆盖超40家国内外车企，合作车型超400款，服务车主超600万。截至2025年8月底，地平线征程家 族车载智能计算方案总出货量已突破1000万片。 该行认为HSD覆盖多元化车型，进入大规模量产阶段。随着公司HSD量产阵营的不断扩大，软硬结合技 术路径也持续获得市场广泛验证与高度认可。HSD采用一段式端到端架构，并融入强化学习能力，实现 从"光子输入到轨迹输出"的系统超低时延，大幅提升辅助驾驶的安全、效率、舒适。新一代旗舰车载智 能计算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设 计，为HSD的规模化落地提供了坚实支撑。目前公司的HSD已获得国内外多达1 ...

2025年开启量产的征程6系列基于新一代BPU纳什架构开发，覆盖10-560TOPS算力，是目前国内唯一满 足从L2辅助驾驶到全场景城区辅助驾驶需求的计算方案，高效满足智能汽车的多元化需求；征程系列 客户覆盖超40家国内外车企，合作车型超400款，服务车主超600万。截至2025年8月底，地平线征程家 族车载智能计算方案总出货量已突破1000万片。 智通财经APP获悉，中邮证券发布研报称，地平线机器人-W(09660)征程系列累计出货量破千万，维 持"买入"评级。公司自主研发设计的智能计算架构BPU，历经三代架构迭代，从伯努利架构到纳什架 构，BPU计算性能6年间提升了246倍。 该行认为HSD覆盖多元化车型，进入大规模量产阶段。随着公司HSD量产阵营的不断扩大，软硬结合技 术路径也持续获得市场广泛验证与高度认可。HSD采用一段式端到端架构，并融入强化学习能力，实现 从"光子输入到轨迹输出"的系统超低时延，大幅提升辅助驾驶的安全、效率、舒适。新一代旗舰车载智 能计算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设 计，为HSD的规模化落地提供了坚实支撑。目前公司的HS ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-12-10 股票投资评级 买入 |维持 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 8.70 | | | --- | --- | --- | | 总股本/流通股本（亿股）146.52/ 125.27 | | | | 总市值/流通市值（亿港 | 1159.75 / 991.59 | | | 币） | | | | 52 周内最高/最低价 | 11.32 / 3.32 | | | 资产负债率(%) | 299.40% | | | 市盈率 | -11.68 | | | 第一大股东 | Everest | Robotics | | | Limited | | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 地平线机器人-W(9660.HK) 大算力+HSD，打造越级智能辅助驾驶 ⚫ 投资要点 征程系列累计出货量破千万。公司自主研发设计的智能计 ...

Core Viewpoint - Horizon has delivered an impressive performance in the intelligent driving competition, showcasing significant revenue growth and industry-leading gross margins in its recent financial report for the first half of the year [1][9]. Revenue and Growth - Horizon's revenue surged by 67.6% year-on-year to 1.567 billion yuan, with product solutions contributing a remarkable 250% increase to 778 million yuan [1][2]. - The company achieved a gross profit of 1.024 billion yuan, resulting in a gross margin of 65.4%, leading the industry [1][9]. - The hardware shipment of Horizon's Journey series exceeded 10 million units, making it the first intelligent driving technology company in China to reach this milestone [1]. Product and Market Dynamics - The increase in revenue is attributed to a significant rise in shipment volumes, with the Journey series processing hardware shipments reaching 1.98 million units, doubling year-on-year [5]. - The hardware supporting high-speed auxiliary driving features saw shipments of 980,000 units, a sixfold increase compared to the same period last year [5][8]. - The market for intelligent driving is shifting towards higher-end features, with models equipped with advanced driving assistance systems (ADAS) increasing from 20% to 32% of total sales [8]. Research and Development Investment - Horizon's R&D expenses reached 2.3 billion yuan, a 62% increase year-on-year, primarily for cloud services and urban auxiliary driving system investments [9]. - The company is focused on enhancing its delivery capabilities through substantial R&D investments, adhering to the principle of "investing first, yielding later" in the technology-intensive intelligent driving sector [9]. Future Outlook - The company is optimistic about the second half of the year, projecting total shipments to exceed 4 million units, with a balanced distribution between low-end and mid-to-high-end products [10][11]. - The Horizon SuperDrive (HSD) system is set to enter mass production, with the first model featuring this system, the Xingtai ET5, recently unveiled [10][14]. - Horizon is also expanding its partnerships with international automotive companies, aiming to penetrate overseas markets and establish collaborations with top-tier suppliers [17]. Strategic Insights - Horizon's success is attributed to its strategic focus on the automotive sector and its differentiated approach, emphasizing a "soft and hard integration" technology route [18][19]. - The company maintains a cautious financial strategy, ensuring sufficient cash reserves even during challenging periods, allowing it to navigate uncertainties effectively [21].

Group 1 - The cumulative shipment of the Journey series is expected to exceed 10 million units, with over 8 million units already shipped, indicating that one in three smart cars is equipped with Horizon's driving assistance solutions [1] - The company has established close collaborations with several leading Tier-1 companies, including Bosch, Denso, and ZF, to develop differentiated intelligent driving solutions based on the Journey 6 series [1] - The HSD system, the first domestic full-stack development for urban driving assistance, includes HSD300, HSD600, and HSD1200, designed for various performance levels and scenarios [2] Group 2 - The HSD system utilizes the Journey 6P computing solution and features an end-to-end architecture that enhances user experience by providing a seamless and safe driving experience [2] - The company anticipates revenues of 3.562 billion, 5.529 billion, and 7.983 billion yuan for the years 2025, 2026, and 2027, respectively, with projected net profits of -196.9 million, -94.5 million, and 10.5 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The cumulative shipment of the company's "Zhengcheng" series is expected to exceed 10 million units, with over 8 million units already shipped. The company has established close partnerships with leading Tier-1 companies such as Bosch, Denso, and ZF, supporting advanced driver assistance and high-level autonomous driving solutions [5] - The HSD system, the first full-stack development of its kind in China, is designed for urban driving assistance and is expected to be integrated into strategic models of several leading OEM brands this year [6] Financial Performance and Projections - The company is projected to achieve revenues of 35.62 billion, 55.29 billion, and 79.83 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be -1.969 billion, -0.945 billion, and 0.105 billion yuan for the same years [7][9] - The revenue growth rates are forecasted at 54%, 49%, and 55% for the years 2025, 2026, and 2027 respectively, while the net profit growth rates are expected to be 135%, -184%, and 52% [9][10]

Core Viewpoint - Horizon Robotics has officially entered the Hong Kong Stock Connect list, indicating strong market recognition of its integrated software and hardware technology path and signaling an acceleration in value discovery and re-evaluation as a leading provider of intelligent assisted driving solutions in China [1] Group 1: Market Performance and Recognition - Since its listing in late October 2024, Horizon Robotics has been a focal point in the industry, with its stock showing high activity and receiving positive coverage from major domestic and international brokerages [1] - The successful inclusion in the Hong Kong Stock Connect reflects the high popularity of Horizon Robotics in the capital market [1] Group 2: Product Development and Market Position - Horizon Robotics has consistently attracted investor interest due to its strong performance in the intelligent assisted driving sector, with significant product launches like the Journey series, which has gained trust from major clients like BYD [2] - The Journey family is expected to exceed 8 million units shipped by Q1 2025, showcasing robust market growth, with a market share of over 40% in China's OEM advanced assisted driving solutions [2] - The recent launch of the L2 urban assisted driving system HSD has garnered significant attention, with partnerships established with major automotive manufacturers like Chery and Volkswagen for mass production [3][4] Group 3: Technological Advancements and Competitive Edge - The HSD system features the advanced Journey 6P computing solution, which allows for hardware modularity and software upgrades, catering to diverse customer needs [4] - Horizon Robotics has developed a strong technological foundation with its self-developed BPU architecture and has established a deep "moat" in the market, collaborating with over 40 automotive brands and achieving over 8 million units in front-end production [6] Group 4: Future Growth Potential - The automotive industry is moving towards a "universal intelligent assisted driving" era, with BYD leading the charge, which is expected to benefit Horizon Robotics significantly as other manufacturers follow suit [5] - The company's comprehensive solutions and full-stack delivery capabilities position it to capitalize on the industry's growth, enhancing its visibility and potential for future expansion [5] - Analysts have expressed optimism about Horizon Robotics' long-term growth, with several brokerages issuing "buy" ratings and projecting profitability by 2027 [7]