电子 | 证券研究报告 — 调整盈利预测 2025 年 9 月 17 日 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 188.9 38.2 47.8 相对恒生指数 154.1 33.5 37.1 发行股数 (百万) 13,881.29 流通股 (百万) 11,756.90 总市值 (港币 百万) 141,172.76 3 个月日均交易额 (港币 百万) 1,770.06 主要股东 5Y Capital 4.66% (19%) 16% 51% 86% 121% 156% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 地平线机器人-W 恒生指数 资料来源：公司公告， Wind ，中银证券 以 2025 年 9 月 15 日收市价为标准 相关研究报告 《地平线机器人-W》20250120 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 09660.HK 买入 原评级：买入 市场价格:港币 10.17 板块评级:强于大市 股价表现 地平线机器人 ...

机构：民生证券 研究员：崔琰/完颜尚文 事件：公司发布2025H1 财报：2025H1 实现营收15.67 亿元，同比+67.64%；归母净利润为-52.33 亿元， 同比-1.35 亿元；Non-GAAP 净利润为-13.33 亿元，同比-5.29 亿元。 高速NOA 成为核心增长动力 车型定点数量创新高。在智驾平权的行业趋势之下，消费者对中高阶辅助 驾驶功能认可度不断提升，2025H1 公司车载级征程系列处理器硬件出货量达198 万套，同比实现翻倍 增长，其中支持高速公路辅助驾驶功能的处理器硬件出货量达98 万套，占总出货量的49.5%，为 2024H1的6 倍，主要由征程6 系列产品推动。截至2025H1，公司已累计获得近400 款新车型定点，其中 具备高速公路辅助驾驶及以上功能的定点车型超过100 款。 2025H1，超过15 款搭载公司中高阶辅助驾驶解决方案的车型成功量产上市。 海外拓展成效初见 全球客户不断突破。通过与全球合作伙伴的紧密合作，并依托基于征程6B 处理器硬 件打造的新一代基础辅助驾驶解决方案HorizonMono，公司已获得两家日本车企在中国以外市场的车型 定点，预计将为公司带来全生 ...

Core Insights - Horizon Robotics has recently announced significant milestones, including the upcoming production of over 10 million units of its "Journey" family of intelligent driving solutions, making it the first company in China to reach this milestone [1][4] - The company has launched the largest upgrade of its Horizon SuperDrive (HSD) system, which is designed to provide a seamless and reliable driving experience akin to that of a personal driver [1][8] - Horizon Robotics reported impressive financial results for the first half of the year, with revenues of 1.567 billion yuan, a year-on-year increase of 67.6%, and a gross profit of 1.024 billion yuan, up 38.6%, resulting in a gross margin of 65.4% [1][6] Financial Performance - The company achieved a doubling of product solution shipments to 1.98 million units in the first half of the year, with revenue from product solutions increasing 2.5 times to 778 million yuan [4][5] - The high-end solution deliveries reached 980,000 units, accounting for 49.5% of total shipments, and contributed over 80% of the revenue from product solutions [4][5] - Horizon Robotics' R&D expenditure rose to 2.3 billion yuan, a 62% increase year-on-year, reflecting the company's commitment to innovation [5][6] Market Position and 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 holds a 45.8% market share in the domestic ADAS front-view integrated machine market and a 32.4% share in the domestic auxiliary driving computing solutions market [5] - The company has established partnerships with major domestic brands such as BYD, Chery, and NIO, and has also expanded its global footprint by collaborating with international suppliers like Bosch and Denso [7][9] Product Development and Innovation - The HSD system is expected to enhance the company's market performance and is being positioned as a "Chinese version of FSD" [2][8] - Horizon Robotics has secured nearly 400 new model designations, significantly increasing its market presence compared to the previous year [7] - The company is focused on building a competitive advantage through integrated hardware and software solutions, which has been instrumental in its market success [8][9] Recognition and Future Outlook - Horizon Robotics has been included in several authoritative indices, such as the FTSE Global Index and MSCI China Index, indicating growing recognition of its investment value [9] - The company is expected to continue its strong performance in the domestic market while enhancing its influence in international markets through ongoing product improvements [9]