Core Insights - Chery's Starway ET5 officially launched on November 28, featuring Horizon's HSD urban assisted driving system and the Journey 6P computing solution, marking the start of large-scale production for Horizon's HSD [1][2] Group 1: Product Launch and Technology - The Starway ET5 is the first vehicle globally to incorporate Horizon's HSD urban assisted driving system, which utilizes the Journey 6P chip and offers advantages such as low system latency, strong defensive driving capabilities, smooth control in both lateral and longitudinal directions, and continuous self-evolution [2] - Horizon has secured partnerships with over 10 automotive brands and more than 20 vehicle models for the HSD system, with notable models like Chery's Fengyun T9L and iCAR V27 showcased at the Guangzhou Auto Show [2] Group 2: Market Outlook and Financial Projections - The company anticipates significant growth in revenue, projecting operating income of 3.543 billion yuan, 6.010 billion yuan, and 8.007 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of -686.5 million yuan, -135.8 million yuan, and -82.3 million yuan [3] - The current price-to-sales (PS) ratios are estimated at 29.65 times, 17.48 times, and 13.12 times for the years 2025, 2026, and 2027 [3] Group 3: Strategic Partnerships and Global Expansion - The company is deepening ties with leading Tier 1 suppliers, aiming to gradually penetrate global markets, with Bosch's mid-level intelligent driving solution based on the Journey 6M already delivered at scale, and ZF planning to launch a coPILOT system based on the Journey 6P in China by 2026 [2] - The company’s subsidiary, Diguo Robotics, has launched the first integrated SoC computing kit RDK S100 in June and plans to release a high-performance platform RDK S600 (560 TOPS) in Q1 2026 [2]

摩根大通此前发布研报称，相信地平线机器人具竞争力的产品性能与定价策略，将有助公司持续扩大市 占率并驱动增长。此外，机器人产品线可带来增量营收并支撑长期增长。 该行预测公司2024至2027年 营收复合年增长率达56%，2028年将实现73%的年增长率，此趋势应能推动股价进一步上扬。 本文源自：智通财经网 智通财经获悉，地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.7%，报7.84港元，成交额4.57亿 港元。 消息面上，11月13日，星途汽车旗下全新车型星途ET5正式开启预售，全球首搭地平线HSD城区辅助驾 驶系统与征程6P计算方案。地平线近期公布，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HSD首批合作车型的规模化量产，地平线也成为业界首家实现低、中、高全阶辅助驾驶量 产的智驾科技公司。 ...

摩根大通此前发布研报称，相信地平线机器人具竞争力的产品性能与定价策略，将有助公司持续扩大市 占率并驱动增长。此外，机器人产品线可带来增量营收并支撑长期增长。该行预测公司2024至2027年营 收复合年增长率达56%，2028年将实现73%的年增长率，此趋势应能推动股价进一步上扬。 地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.7%，报7.84港元，成交额4.57亿港元。 消息面上，11月13日，星途汽车旗下全新车型星途ET5正式开启预售，全球首搭地平线HSD城区辅助驾 驶系统与征程6P计算方案。地平线近期公布，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HSD首批合作车型的规模化量产，地平线也成为业界首家实现低、中、高全阶辅助驾驶量 产的智驾科技公司。 ...

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock price increase of over 4%, currently trading at 7.84 HKD with a transaction volume of 4.57 billion HKD, following the announcement of the new ET5 model from Xingtu Auto featuring Horizon's HSD urban driving assistance system [1] Group 1: Product Development and Partnerships - The new Xingtu ET5 model officially launched pre-sales on November 13, showcasing the world's first integration of Horizon's HSD urban driving assistance system and the Journey 6P computing solution [1] - Horizon Robotics has secured partnerships with over 10 automotive brands and more than 20 vehicle models for the HSD system, marking a significant milestone in the company's growth [1] - With the mass production of the first batch of HSD cooperative models, Horizon Robotics becomes the first company in the industry to achieve mass production across low, medium, and high-level driving assistance technologies [1] Group 2: Market Outlook and Financial Projections - JPMorgan has released a report indicating that Horizon Robotics' competitive product performance and pricing strategy will help the company continue to expand its market share and drive growth [1] - The firm forecasts a compound annual growth rate (CAGR) of 56% in revenue for Horizon Robotics from 2024 to 2027, with an expected annual growth rate of 73% by 2028, suggesting a positive trend that could further boost the stock price [1]

Core Viewpoint - The automotive industry is transitioning from a "function era" to an "experience era" in assisted driving, with Horizon's HSD (Horizon SuperDrive™) representing a significant upgrade that enhances user experience through advanced technology [1][16]. Group 1: Technology and Architecture - Horizon's HSD introduces a one-stage end-to-end architecture combined with reinforcement learning, significantly improving the safety, efficiency, and comfort of assisted driving [4][6]. - The system achieves ultra-low latency and robust defensive driving capabilities, closely mimicking human driving behavior [2][4]. - The HSD upgrade is supported by the powerful 560 TOPS computing capability of the Journey 6P computing solution, enhancing overall system performance [6]. Group 2: User Experience and Testing - A recent experience event in Shanghai showcased HSD's capabilities, receiving positive feedback for its low latency, human-like defensive driving, and smooth control [7]. - The system demonstrates rapid response to unexpected situations, such as construction zones and sudden lane changes, ensuring a seamless driving experience [9][10]. Group 3: Safety and Certification - Horizon emphasizes a user-centric approach, backed by the largest active safety testing scenario database in the industry, covering over 30,000 scenario datasets and more than 10 million kilometers of testing [11]. - The company has received the world's first and only ISO 8800 certification for AI functionality in road vehicles, establishing a strong safety foundation for its products [11][16]. Group 4: Market Position and Future Plans - HSD is set to enter mass production, with the first deployment expected in the Chery Exeed Star Era E05 by the end of this year, and partnerships with nearly 10 global automotive brands are in progress [16]. - The shift in the smart driving industry from "function competition" to "experience upgrade" positions Horizon to enhance user experience and make assisted driving accessible to the general public [16].

Core Viewpoint - The automotive industry is shifting towards localization in response to global market dynamics, with increasing competitiveness among domestic chip manufacturers in China [1][15]. Group 1: Collaboration and Competition - Chery Automobile and Horizon Robotics have expanded their collaboration, with plans for mass production of the Horizon SuperDrive (HSD) system in Chery's vehicles starting as early as September 2023 [5][4]. - The partnership aims to integrate Horizon's chip solutions across Chery's entire product line, including both fuel and new energy vehicles, while still utilizing NVIDIA's solutions for certain models [5][6]. - Domestic chip companies like Horizon and Black Sesame are gradually gaining market share from established players like NVIDIA, which has historically dominated the smart driving chip market in China [5][6]. Group 2: Market Dynamics and Localization - The automotive industry in China is experiencing a significant shift towards smart technology, with local manufacturers increasingly adopting domestic chip solutions to reduce reliance on foreign suppliers [6][9]. - Major suppliers like Aptiv are also working towards localizing their chip supply chains, although they acknowledge that achieving full localization remains a challenge [9][14]. - The market share of Qualcomm in the smart cockpit chip sector has increased significantly, from 65.4% to 77.0% within a year, indicating a strong competitive landscape [10]. Group 3: Strategic Responses to Geopolitical Challenges - U.S. chip companies are facing challenges in the Chinese market due to geopolitical tensions and trade disputes, prompting them to consider local production strategies [13][15]. - Companies like Texas Instruments are exploring local manufacturing options in China to mitigate risks associated with supply chain disruptions and tariffs [14][15]. - The automotive supply chain is expected to adapt to these challenges, focusing on cost adjustments rather than severe shortages, as companies enhance their local capabilities [14].