Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 10.17 and an industry rating of outperforming the market [2][4]. Core Insights - The company is experiencing rapid revenue growth in H1 2025, with a year-on-year increase of 68%, while also facing strategic losses. The high-level autonomous driving (HSD) production is imminent, and initial success in overseas expansion is noted. The rating is supported by the anticipated rise in average selling price (ASP) for automotive solutions and an increase in contracts for licensing and services due to new product launches [4][5][8]. Financial Projections - Revenue estimates for 2025 and 2026 have been adjusted to HKD 36.97 billion and HKD 57.71 billion, respectively, with a projected revenue of HKD 81.15 billion for 2027. The company is expected to significantly increase its R&D expenses to maintain market competitiveness, impacting net profit forecasts for 2025 and 2026 [5][7]. - The company reported a revenue of HKD 15.67 billion in H1 2025, with a gross profit of HKD 10.24 billion, while net losses expanded to HKD 52.33 billion. R&D expenses reached HKD 23 billion, reflecting a 62% year-on-year increase [8]. Market Position and Product Development - The company's automotive product solutions saw a revenue increase of 250% year-on-year, with a gross margin of 45.6%. The shipment of automotive hardware doubled, with significant growth in products supporting highway-assisted driving [8]. - The company has secured contracts for over 400 new vehicle models, with more than 100 models featuring advanced driving capabilities. The HSD solution has been adopted by multiple vehicle manufacturers, with production expected to commence in the second half of 2025 [8]. International Expansion - Initial success in overseas markets is highlighted, with partnerships leading to the development of new basic driving assistance solutions. Collaborations with major global automotive manufacturers are expected to yield substantial shipment volumes [8]. Licensing and Service Business - The automotive licensing and service business generated HKD 7.38 billion in H1 2025, with a gross margin of 89.7%. The company is actively providing design and technical services to over 30 automotive manufacturers, enhancing ecosystem value [8].

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]