电子行业专题研究 车载 SoC 报告：智能驾驶算力跃迁加 速兑现，国产化生态驱动车规芯片结构 性放量 相对指数表现 -20% -2% 16% 34% 52% 70% 2025/1 2025/7 2026/1 电子 沪深300 相关研究 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王佩麟 证书编号：S1160524100001 联系人：赵阳 联系人：刁睿稼 2026 年 01 月 23 日 【投资要点】 2026.01.15 2025.12.26 《封测涨价 30%，国产算力产业链持续看 好》 2026.01.21 《中芯、华虹和晶合密集并购和投资，持 续关注端侧 AI》 行 业 研 究 / 电 子 / 证 券 研 究 报 告 算力集中加速落地，车载 SoC 从功能芯片升级为整车核心算力底 座。随着 E/E 架构由分布式向域控与中央计算平台演进，端到端自 动驾驶模型显著抬升算力门槛，L4 场景中 Thor-X 单片算力达 1000 TOPS 并形成 2000 TOPS 系统级方案，推动高集成、高复用 SoC 在智驾与舱驾融合中的价值权重持续提升。 智能汽车与端侧 AI 共振放量，SoC ...

Core Insights - The 2025 Horizon Technology Ecosystem Conference in Shenzhen focuses on accelerating the mass adoption of all-scenario assisted driving, emphasizing the importance of experience, cost, safety, and policy collaboration for commercial success [1][2] - The conference highlights the shift of intelligent driving from technological breakthroughs to large-scale accessibility, with the urban NOA (Navigation on Autopilot) being a critical battleground for success [1] Industry Trends - The Chinese technology platform is becoming a core variable in the global automotive industry's transformation driven by intelligence [4] - Companies like Volkswagen emphasize the necessity of building core capabilities in China to lead in the new energy vehicle era, with software becoming central to automotive business [5][7] Collaborative Ecosystem - Local automakers are forming strategic partnerships to enhance intelligent driving experiences, with a focus on shared vision and risk [11][12] - The integration of local ecosystems is crucial for Chinese companies to achieve global competitiveness in intelligent driving [8][9] User Trust and Safety - Establishing user trust and safety is identified as a core issue for the industry, with safety being prioritized over experience and cost [26] - The importance of human-like interaction in systems is emphasized as a means to build trust among users [27] Cost Optimization - The industry anticipates a cost tipping point in 2025, driven by hardware restructuring and software paradigm shifts [28] - The collaboration between hardware advancements and new algorithm paradigms is seen as essential for reducing costs and enhancing system performance [28]

Core Insights - The automotive market is witnessing a shift where practical operators are becoming rare assets, with many new component suppliers lacking a complete business loop despite appearing strong [2] - Horizon Robotics has adopted a flexible and altruistic business model, positioning itself as a Tier 2 supplier serving both OEMs and Tier 1 suppliers, which enhances its commercial adaptability [2][3] Business Model and Collaboration - The partnership between Volkswagen Group (China) and Horizon Robotics has evolved, with the establishment of a joint venture, CARIZON, focusing on system-level computing solutions in China [3][5] - This collaboration marks a strategic upgrade for Horizon, transitioning from a supplier to a core strategic partner, enhancing its value proposition [3][7] - The flexible and mutually beneficial business model is crucial for maintaining stability in the complex automotive supply chain, especially as the electric vehicle market undergoes supply relationship restructuring [4][8] Market Performance and Growth - Horizon Robotics reported a significant revenue increase of 67.6% year-on-year, reaching 1.567 billion yuan, with hardware revenue surging by 250% to 778 million yuan [15][17] - The company holds a 32.4% market share in China's autonomous driving computing solutions and 45.8% in the ADAS front-view integrated machine market, indicating strong market penetration [19] Technological Advancements - Horizon emphasizes the integration of software and hardware, with its products, such as the Journey 6 series, achieving high performance and mass production efficiency [17][20] - The company has developed advanced algorithms and hardware, enabling it to maintain a competitive edge in the high-level autonomous driving sector [21][23] - Horizon's next-generation vision model, Vision Mamba, has gained recognition in the AI research community, showcasing its commitment to innovation [23] Strategic Implications - The collaboration with Volkswagen not only enhances Horizon's market position but also provides a pathway for Chinese tech companies to expand their core technological capabilities and business models internationally [13][14] - This partnership sets a benchmark for efficient transformation in the automotive industry, potentially attracting more global automotive companies to collaborate with Horizon [14]

Core Viewpoint - Horizon Robotics is experiencing significant growth and is positioned as a leading partner for global automotive companies in the smart driving sector, with a focus on high-quality development and innovation in the coming years [3][6][7]. Group 1: Company Overview - Founded by Yu Kai, Horizon Robotics is the first Chinese company specializing in deep neural network chips for smart vehicles and robots, aiming to integrate intelligent driving into daily life [4][5]. - The company has transitioned from a challenging startup phase to becoming a top supplier of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving (AD) solutions in China since 2021 [5][7]. Group 2: Strategic Focus and Partnerships - Horizon Robotics has decided to concentrate on the automotive sector, terminating its AIOT-related business and reducing its workforce by nearly half to enhance strategic focus [5]. - The company has established partnerships with over 40 automotive manufacturers, enabling more than 200 models to incorporate its smart driving solutions [7]. Group 3: Product Development and Market Position - The Horizon Journey 6 series and Horizon SuperDriveTM urban driving solutions are set to launch in 2024, with mass production expected to begin in 2025, involving ten initial automotive partners [5][7]. - By August 2025, the cumulative shipment of the Journey series is projected to exceed 10 million units, making Horizon Robotics the first company in China to achieve this milestone in smart driving technology [7]. Group 4: Industry Trends and Future Outlook - The automotive industry is entering a new cycle of electrification and intelligence, prompting deeper collaborations between Horizon Robotics and automotive partners [8]. - The company aims to achieve mass production of high-level autonomous driving technology in the next 3 to 5 years, indicating a commitment to innovation and long-term sustainability in the smart driving market [7][8].

Core Insights - The company reported a total revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year increase of 67.6%, but incurred an adjusted net loss of 1.33 billion yuan compared to a loss of 804 million yuan in the same period last year [1] Revenue Breakdown - Revenue from products and solutions reached 778 million yuan, a year-on-year increase of 350%, while software and licensing services generated 738 million yuan, up 6.9% [1] - The delivery volume of products and solutions approached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Zhengcheng 6 series [1] - Mid-to-high-end product shipments totaled 980,000 units, accounting for 49.5% of total shipments, with a year-on-year increase of six times [1] - Mid-to-high-end products contributed over 80% of the revenue from products and solutions [1] - The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [1] Innovation and International Expansion - The company has achieved a record number of designated models, with nearly 400 models cumulatively, including over 100 mid-to-high-end products equipped with highway-assisted driving and above [1] - The HSD has secured designations for over 10 models from multiple OEMs, with plans for mass production in the second half of 2025 [1] - The company has made breakthroughs in internationalization, obtaining designations for 30 domestic models from 9 joint venture automakers and designations for overseas models from 2 foreign automakers, with expected total deliveries exceeding 7.5 million units [1]

Core Viewpoint - The company is experiencing significant revenue growth driven by the mass production of the J6 series and is maintaining a leading market share in the ADAS front-view integrated machine and autonomous driving computing solutions market in China [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.567 billion, a year-on-year increase of 67.6%, surpassing Bloomberg consensus expectations of 1.435 billion [2]. - The revenue from products and solutions reached 778 million, with a year-on-year increase of 250%, and delivery volume approached 2 million units, up 106% year-on-year [2]. - The average selling price increased by 70% year-on-year, with mid-to-high-end product revenue accounting for over 80% of the products and solutions revenue [2]. Group 2: Production and Market Expansion - The HSD has secured over 10 models from multiple OEMs, with mass production expected in H2 2025, which is anticipated to drive short-term growth [2]. - The company has made significant strides in internationalization, securing 30 domestic models from 9 joint venture car companies and 2 foreign car companies for overseas models, with an expected total delivery of over 7.5 million units [2]. - Collaborations with Bosch, Denso, and Continental are expected to enhance the company's market position through partnerships with overseas Tier 1 suppliers [2]. Group 3: Future Growth Potential - The company is expected to collaborate with Robotaxi operators in H2 2025, aiming to deploy tens of millions of HSD units within 3-5 years, which will accelerate the deployment of Robotaxi technology [2].

Core Viewpoint - Horizon Robotics has demonstrated strong performance in the first half of 2025, with significant revenue and gross profit growth, driven by the successful mass production of the Journey 6 series [1][2] Financial Performance - In the first half of 2025, Horizon achieved revenue of 1.567 billion yuan, a year-on-year increase of 67.6% [1] - Gross profit reached 1.024 billion yuan, with a gross margin of 65.4%, leading the industry [1] - The average selling price of automotive products and solutions increased to 1.7 times that of the same period last year, with product prices rising by 70% [1] Product and Market Development - The shipment volume of Horizon's product solutions reached 1.98 million sets, doubling year-on-year, with high-end product solutions accounting for 49.5% of total shipments [1] - The Journey family has surpassed 10 million cumulative shipments, making Horizon the first smart driving technology company in China to achieve this milestone [2] - The market share for basic and overall assisted driving solutions stands at 45.8% and 32.4%, respectively, solidifying Horizon's position as the leader in the smart driving sector [2] Future Outlook - Horizon aims to achieve a shipment target of 4 million units for the year, with high-end product shipments maintaining a 50% share [4] - The penetration rate of high-end assisted driving features is expected to rise, with vehicles equipped with such features increasing from 20% at the end of 2024 to 32.4% in the first half of 2025 [5] - Horizon plans to reach a milestone of 10 million units for its Horizon SuperDrive (HSD) system within five years, with multiple automakers already committed to the technology [5][7] R&D and Investment - Horizon's R&D expenditure for the first half of the year was 2.3 billion yuan, a year-on-year increase of 62%, reflecting a narrowing proportion of R&D spending relative to total revenue [10] - The company maintains a strong cash reserve of 16.1 billion yuan, ensuring liquidity for ongoing investments in advanced algorithms and software development [10] - Horizon has received recognition and investment from numerous prominent institutions, including major automotive groups and financial investors, indicating strong market confidence [10][11] Market Position - Horizon is poised to solidify its status as a top player in the high-end assisted driving market while maintaining its leadership in the overall smart driving sector [8] - Recent strong performance has led to positive ratings from several investment institutions, indicating confidence in Horizon's long-term growth potential [11]

Core Viewpoint - Horizon Robotics (hereinafter referred to as "Horizon") reported a significant increase in revenue and market share in the first half of 2025, driven by the growth of domestic brand car sales and the rising penetration of advanced driver-assistance systems (ADAS) [2] Group 1: Financial Performance - In the first half of 2025, Horizon achieved revenue of 1.567 billion yuan, a year-on-year increase of 67.6% [2] - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4% [2] - Cash reserves stood at 16.1 billion yuan [2] Group 2: Market Position and Product Solutions - Domestic brand car companies captured over 63% of the Chinese passenger car market, with ADAS penetration increasing from 51% at the end of 2024 to 59% in the first half of 2025 [2] - The sales proportion of vehicles equipped with mid-to-high level ADAS features rose from 20% at the end of last year to 32% in the first half of 2025 [3] - Horizon's product and solution business saw a revenue increase of 350% year-on-year, reaching 778 million yuan, with a shipment volume of 1.98 million sets, doubling compared to the previous year [3] Group 3: Product Development and Future Outlook - The new generation product, the Horizon SuperDrive (HSD), is set to be mass-produced and is considered a key breakthrough in the industry [5] - HSD has already secured over 10 model contracts from various car manufacturers, with the first model, the Xingtu E05, about to enter mass production [6] - R&D investment surged by 82% year-on-year to 2.3 billion yuan, primarily focused on cloud services for urban ADAS solutions [6] - Horizon aims to continue its innovation and open collaboration strategy, enhancing its global business footprint and partnerships with mainstream international car manufacturers [6]

Core Viewpoint - The article highlights the significant growth of Horizon Robotics (地平线) in the first half of 2025, driven by increased sales and market share in the autonomous driving sector, with a strong emphasis on the adoption of advanced driver assistance systems (ADAS) and the successful launch of new product lines [3][6][7]. Financial Performance - In the first half of 2025, Horizon reported revenue of 1.567 billion yuan, a year-on-year increase of 67.6%, with a gross profit of 1.024 billion yuan and a gross margin of 65.4% [5]. - The product and solution business achieved a revenue of 778 million yuan, a 3.5 times increase compared to the same period in 2024, with a shipment volume of 1.98 million units, doubling year-on-year [11]. Market Position and Growth - Horizon's market share in China's passenger car market exceeded 63%, with the penetration rate of ADAS rising from 51% at the end of 2024 to 59% in the first half of 2025 [7]. - The company became the first smart driving technology enterprise in China to reach a cumulative shipment of over 10 million units, solidifying its leading market position [12][18]. Product Development and Innovation - The introduction of the new generation product line, the Journey 6 series, has significantly optimized the product shipment structure, with high-end product solutions accounting for 49.5% of total shipments and contributing over 80% of the revenue from the product and solution business [11]. - Horizon's R&D expenditure reached 2.3 billion yuan in the first half of 2025, a 62% increase year-on-year, focusing on enhancing urban driving assistance systems [24]. Strategic Partnerships and International Expansion - Horizon has established partnerships with major international suppliers like Bosch and Denso, aiming to build a global smart driving industry ecosystem [22]. - The company is actively expanding its international presence, securing model designations with foreign brands, including two overseas partnerships expected to deliver 7.5 million units over their lifecycle [21]. Future Outlook - The market for high-end ADAS is anticipated to grow, with vehicle prices for urban driving assistance solutions expected to drop to the 150,000 yuan range, indicating a shift towards higher-end features [24]. - With the successful rollout of the Horizon SuperDrive (HSD) system, the company is positioned to continue its momentum in revenue growth and market expansion [26].

Core Insights - Horizon Robotics-W (09660) saw its stock rise over 4% in the morning session, currently trading at 8.22 HKD with a transaction volume of 2.39 billion HKD [1] Financial Performance - For the first half of the year, Horizon Robotics reported a revenue of 1.567 billion CNY, representing a year-on-year growth of 67.6% [1] - The gross profit reached 1.024 billion CNY, with a comprehensive gross margin of 65.4% [1] - The company holds cash reserves of 16.1 billion CNY [1] Market Position - The CEO of Horizon Robotics, Yu Kai, announced that the company maintained a market share of 45.8% in the ADAS (Advanced Driver Assistance Systems) market, ranking first [1] - In the overall intelligent driving computing solutions market for domestic brands, the company also secured the top position with a market share of 32.4% [1] Product and Solution Performance - Revenue from products and solutions grew 3.5 times year-on-year, amounting to 778 million CNY, with a shipment volume of 1.98 million units, doubling compared to the previous year [1] - The shipment structure improved significantly, with mid-to-high-end product solutions achieving a shipment volume of 980,000 units, a sixfold increase year-on-year, accounting for 49.5% of total shipments and contributing over 80% of the revenue from products and solutions [1] - The increase in the delivery ratio of mid-to-high-end product solutions led to a substantial rise in the average value per vehicle, which is now 1.7 times higher than the same period last year [1]