智通财经APP获悉，财通证券发布研报称，预计地平线机器人-W(09660)2025-2027年营业收入同比各增 53%、70%和54%，分别为36亿元、62亿元和96亿元，当前股价对应2025~2027年PS分别为 36X/21X/14X。综合考虑公司在国产智能驾驶芯片领域的龙头地位及稀缺性，维持"增持"评级。 该行测算智能驾驶芯片SoC 2025~2030年市场规模CAGR达29%。从量来看，智能驾驶渗透率提升的底 层逻辑是技术平权。2024年中国乘用车销量约2300万辆，智驾渗透率55%(约1250万辆)，主要由 ADAS(L1/L2，约1000万辆)构成。基于盖世数据该行预测，2030年智能化渗透率近100%，其中AD渗透 率达96%(约2300万辆)。价格维度，当前智驾芯片定价与算力呈现显著正相关，主流高阶方案双 OrinX(508TOPS)算力已难支撑端到端+VLA模型部署，小鹏于6M2025CVPR的演讲验证了在自动驾驶 VLA模型的scaling持续生效，并提出本地部署VLA+VLM模型需有效算力大于2000TOPS，印证行业亟 需高算力芯片。该行认为大算力方案占比将逐步提升，从而支撑整体ASP ...

财通证券（601108）发布研报称，预计地平线机器人-W(09660)2025-2027年营业收入同比各增53%、 70%和54%，分别为36亿元、62亿元和96亿元，当前股价对应2025~2027年PS分别为36X/21X/14X。综 合考虑公司在国产智能驾驶芯片领域的龙头地位及稀缺性，维持"增持"评级。 报告中称，芯片行业格局多呈现寡头化，能够长期存活并实现良性发展的厂商或不超过2–3家。复盘手 机芯片行业演进和梳理竞对后的结论：1)整车厂自研：理想、小鹏、小米等均有可能自研成功。2)第三 方：核心竞争将收敛至与英伟达的对垒，其他厂商均有一定短板。公司和英伟达的竞争主要是技术范式 的不同，ASIC区别于GPU，针对特定任务定制，只保留最必要的数据通路和计算单元，算力利用率 高，具体体现在低成本。且考虑供应链安全，公司是智驾芯片算力国产化的首要受益标的。 该行测算智能驾驶芯片SoC2025~2030年市场规模CAGR达29%。从量来看，智能驾驶渗透率提升的底层 逻辑是技术平权。2024年中国乘用车销量约2300万辆，智驾渗透率55%(约1250万辆)，主要由 ADAS(L1/L2，约1000万辆)构成。基于 ...

地平线机器人研究十问 地平线机器人-W(09660) 证券研究报告 汽车 / 公司深度研究报告 / 2025.09.25 | 投资评级:增持(维持) | | | --- | --- | | 基本数据 | 2025-09-24 | | 收盘价(元) | 10.26 | | 流通股本(亿股) | 117.57 | | 每股净资产(元) | 0.82 | | 总股本(亿股) | 138.81 | 最近 12 月市场表现 -19% 18% 54% 91% 127% 164% 地平线机器人-W 恒生指数 分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 分析师 吴晓飞 SAC 证书编号：S0160525090003 wuxf01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 联系人 汪志洋 wangzy08@ctsec.com 相关报告 1. 《营收同比高增长，定点数创新高》 2025-09-02 2. 《收入同比高增长，市场份额持续提升》 2025-04-02 3. 《国内智驾芯片龙头，渗透率有望快速提 升 ...

Macro and Strategy - The fixed income investment strategy for Q4 indicates a turning point year, with expectations for a cooling economy and potential interest rate cuts [8][11] - The report highlights the ongoing industrialization of solid-state batteries, supported by government policies and advancements in materials and applications [17][18] Textile and Apparel - The textile and apparel sector shows resilience in mid-term performance, with the sports segment leading apparel consumption [3][11] - In September, the retail sales of clothing increased by 1.8% year-on-year, with e-commerce growth rebounding significantly [12][13] - The textile manufacturing segment reported a revenue increase of 7.8% in H1 2025, while the apparel and home textile segment faced a decline of 6.4% [15] Electric Power Equipment and New Energy - The solid-state battery industry is progressing, with significant policy support and material advancements leading to increased production and application [17][18] - Domestic energy storage system tenders surged to 47.2 GWh in August 2025, reflecting a 2158% year-on-year increase, indicating strong demand for new energy systems [18] - The electric power equipment sector is expected to benefit from increased capital expenditures, particularly in AI and cloud infrastructure [18][19] Pharmaceutical and Biotechnology - The pharmaceutical sector is experiencing strong performance, with a notable increase in interest in ANGPTL3-targeted therapies, particularly from multinational corporations [21][22] - The overall biopharmaceutical sector outperformed the market, with a TTM P/E ratio of 40.75x, indicating robust investor interest [20] Non-Banking Financial Sector - The securities industry reported a revenue increase of 11.37% year-on-year in H1 2025, driven by strong performance in brokerage and investment segments [22][23] - Financial investment assets have become the primary growth area for securities firms, accounting for nearly 50% of total assets [24] Social Services Industry - The education and human resources sector showed overall growth, with a revenue increase of 11% and a profit increase of 28% in H1 2025 [26][27] - The K12 education segment continues to recover, with significant demand for skills training and a shift towards quality education [28][30] Internet Industry - The AI agent market is rapidly evolving, with significant growth expected in AI infrastructure and applications, particularly in B2B and B2C sectors [31][34] - Major cloud providers are enhancing their AI capabilities, with Microsoft, Google, and Amazon leading the market [34][35] Agriculture, Forestry, Animal Husbandry, and Fishery - The report recommends focusing on the meat and dairy sectors, highlighting the positive outlook for low-cost pig farming and the overall livestock cycle [36]

Core Viewpoint - Li Auto's CEO Li Xiang emphasized the need to accelerate the iteration speed of technology platforms and products to stay competitive in the market, as competitors are responding more quickly to their moves [1] Financial Performance - In Q2 2025, Li Auto delivered 111,074 vehicles, a slight year-on-year increase of 2.3% [1] - Total revenue for the quarter was 30.2 billion RMB, a decrease of 4.5% compared to the same period last year, but an increase of 16.7% quarter-on-quarter [1][2] - Vehicle sales revenue was 28.9 billion RMB, down 4.7% year-on-year, but up 17% from the previous quarter [2] - Gross profit for the quarter was 6.2 billion RMB, with a gross margin of 19.5%, slightly down from 20.5% in the previous quarter [2][5] - Operating profit reached 468 million RMB, a significant increase of 76.7% year-on-year and 204.4% quarter-on-quarter [2][5] - Net profit for the quarter was 1.1 billion RMB, up 69.6% from the previous quarter [6] R&D and Future Plans - Li Auto's cash reserves reached 106.9 billion RMB, aimed at supporting long-term R&D investments [4] - The company plans to invest 110 to 120 billion RMB in R&D by 2025, with over 60 billion RMB allocated to AI [6] - The launch of the Li Auto i6 model is scheduled for September to expand the product lineup [4][10] Market Outlook - For Q3 2025, Li Auto expects vehicle deliveries to be between 90,000 and 95,000 units, representing a year-on-year decrease of 37.8% to 41.1% [8] - Total revenue for Q3 is projected to be between 24.8 billion and 26.2 billion RMB, with a year-on-year decline of 38.8% to 42.1% [8] Product and Technology Development - Li Auto is focusing on enhancing its intelligent driving capabilities, with plans to upgrade its range-extended models to the VLA (Vision-Language-Action) intelligent driving system [9] - The company is developing its own intelligent driving chips, which are currently undergoing in-vehicle testing, with deployment expected in flagship models next year [9] Sales and Marketing Strategy - Li Auto is adjusting its marketing and sales strategies to improve sales performance, emphasizing regional strategies and optimizing store locations [12] - The sales system has been restructured to better support new vehicle launches and enhance customer acquisition [12]

Core Viewpoint - The transportation sector in China has achieved historic accomplishments during the 14th Five-Year Plan period, with significant advancements in the construction of a comprehensive transportation system and the establishment of a national integrated transportation network [1] Group 1: Achievements in Transportation - The national integrated transportation network has a completion rate of over 90% for the "6 axes, 7 corridors, and 8 channels" framework [1] - China has built the world's largest high-speed railway network, expressway network, and postal express network, along with the largest maritime fleet and world-class port clusters [1] - The comprehensive capacity, service quality, and operational efficiency of transportation have significantly improved [1] Group 2: Challenges in the Transportation Sector - There are multiple constraints in the development of the transportation industry, including the need to enhance multimodal transport connectivity and the incomplete coverage of dedicated railway lines at key ports [2] - Differences in cargo coding and document formats across various transport modes hinder intermodal efficiency [2] - The core technology's self-control capability needs strengthening, as some key components and patents in the intelligent transportation sector still rely on external sources [2] Group 3: Future Directions - The industry needs to focus on integrated solutions to eliminate transportation efficiency bottlenecks, enhance the national integrated transportation network, and improve the levels of national, regional, and local transportation hubs [2] - There is a push for technological innovation to overcome industry bottlenecks, with an emphasis on deep integration of traditional transportation with new information technologies and new energy materials [3] - A green transition is essential to reshape the development landscape, optimizing transportation structure and increasing the share of rail and inland waterway freight [3]

Core Insights - The decline in discount rates is a key driver for the rise of the Chinese stock market and creates favorable conditions for thematic investments, with opportunities in both industrial and trading themes [1][2]. Investment Themes Overview - The article outlines ten investment themes focusing on emerging technologies, advanced manufacturing, and structural improvements, indicating a bullish outlook for China's "transformation bull market" by the second half of 2025 [2][6]. Theme 4: Low-altitude Economy and Commercial Space - China's low-altitude economy has officially entered the "manned era" with the issuance of the first operational certificates for manned civil unmanned aerial vehicles, and the market is expected to exceed 1 trillion yuan by 2026 [3][22]. - The demand for satellite launches is anticipated to rise significantly as multiple satellite constellations enter a dense networking phase, with plans to launch 15,000 satellites by the end of 2030 [3][29]. Theme 5: Deep Sea Technology - The government has emphasized deep-sea technology in its strategic goals, with the marine economy expected to exceed 10 trillion yuan in 2024, driven by rapid growth in marine engineering and equipment [4][37]. - The article recommends investments in deep-sea resource development, including offshore wind power and oil and gas extraction, as well as key deep-sea exploration equipment [4][39]. Theme 6: Self-Controlled Technology - The semiconductor sector is highlighted as a critical battleground in technology competition, with policies promoting mergers and acquisitions to deepen domestic supply chain collaboration [4][42]. - The article suggests focusing on leading semiconductor equipment and materials companies as well as domestic computing power supply chains [4][42]. Theme 7: Intelligent Driving - The penetration of advanced intelligent driving technologies is accelerating, with significant growth in the market for related components such as chips, cameras, and lidar systems [5][60]. - The article notes that the cost of related hardware is expected to decrease, further facilitating the adoption of intelligent driving solutions [5][60]. Market Dynamics - The article discusses the shift in investor sentiment towards a more optimistic view of the market, driven by a decrease in risk perception and a decline in risk-free interest rates [6][7]. - The Chinese stock market is seen as entering a historical turning point with increased liquidity and a focus on investor returns [7][10].

Group 1 - The article discusses the importance of intelligent driving chips, likening them to the CPU of a car, which is essential for the development of autonomous driving technology [7][14][19] - The complexity of intelligent driving chips is highlighted, as they must process vast amounts of data from various sensors to make driving decisions [12][18] - The article emphasizes that the current landscape of intelligent driving chips is dominated by NVIDIA, which has leveraged its expertise in graphics processing to become a leading supplier in this field [31][33] Group 2 - Domestic companies in China are emerging as challengers in the intelligent driving chip market, driven by the country's leadership in the new energy vehicle sector [37][40] - The article categorizes domestic intelligent driving chip companies into several types, including those focused on high-performance CPUs and those addressing specific computational needs [48][49] - The competitive landscape is characterized by high valuations and significant funding, raising questions about the sustainability of so many players in the market [58][62] Group 3 - The article points out the challenges of the chip industry, including high operational costs and the need for substantial investment, which can lead to inflated valuations [61][62] - A notable trend is the preference for more affordable and practical solutions, as evidenced by the popularity of Texas Instruments' TDA4 chip, despite the higher performance of other options [67][68] - The discussion concludes with a recognition of the potential for bubbles in emerging industries, emphasizing the need for caution among investors [76][80]

Group 1 - The core issue of the current US-China economic negotiations is the strategic competition over rare earth resources, with the US pressuring China to relax its control while simultaneously rallying allies to criticize China's policies [1][3] - The US has initiated the "Allied Rare Earth Partnership Program" in 2023, aiming to form a "Quad Alliance" involving Japan, Australia, and India to address its rare earth supply shortages [3] - The US is accelerating the development of its domestic rare earth supply chain, with significant investments such as the $5 billion from the Department of Defense to support the development of "rare earth-free permanent magnet" technology [3] Group 2 - Industry experts believe that the next five years will be critical for China to address the challenges posed by the US in the rare earth refining and processing sector, as the US may overcome technical bottlenecks during this period [5] - China needs to break through technological constraints in high-tech fields, particularly in advanced chip manufacturing processes, to mitigate the impact of US technological advantages [5] - The concentration of over 90% of global rare earth separation and processing capabilities in China presents a strategic advantage that can be leveraged to influence US high-end weapon development [6] Group 3 - China should expand international military trade cooperation, leveraging its strong military capabilities demonstrated in recent conflicts to enhance economic benefits and strategic influence globally [7]

Group 1 - The core viewpoint of the article highlights that Weijingtai Technology has recently completed a 100 million yuan A2 round financing led by Junxin Capital, with continued investment from notable semiconductor institutions such as Shenzhen Capital Group and Yuanjing Capital [2] - Weijingtai Technology, established in 2020, focuses on the research and development of high-end intelligent perception SoC chips, aiming to become a leader in edge-side SoC chips with applications in smart driving, smart cities, and robotics [3] - The funds from this round of financing will be directed towards the mass production of high-end smart vision chips and the research and development of intelligent driving chips, enhancing technological innovation and promoting the localization of high-end SoC chips [4] Group 2 - Junxin Capital recognizes Weijingtai Technology's strong technical capabilities and market potential in the high-end SoC chip sector, noting the company's mastery of key technologies and successful product mass production, which has garnered high recognition from leading industry clients [5] - The current government is actively promoting the independent and controllable development of the semiconductor industry, implementing a series of supportive policies, which has led to increased responsiveness and execution among industry practitioners [6]