Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 195 [5][9]. Core Insights - The company has achieved a significant milestone by realizing single-vehicle unit economics (UE) in Guangzhou, marking a turning point for the commercialization of Robotaxi services. The average daily revenue per vehicle is approximately HKD 299, indicating the feasibility of the business model [5][15]. - The company is positioned as a global leader in Level 4 (L4) autonomous driving, leveraging a robust technology foundation that includes multi-sensor fusion, world models, and automotive-grade hardware. This technological edge enhances its competitive advantage in the L4 autonomous driving sector [5][16]. - The company has established a diversified ecosystem for collaboration, which supports its global expansion capabilities. It has partnerships with major automotive manufacturers and technology providers, facilitating the development and commercialization of its Robotaxi and Robotruck services [5][18]. Financial Projections - Revenue is projected to grow from USD 75.03 million in 2024 to USD 327.18 million by 2027, reflecting a compound annual growth rate (CAGR) of 183.12% from 2026 to 2027 [4][11]. - The company is expected to achieve single-vehicle breakeven by 2026 and overall company breakeven by 2029, driven by operational efficiencies and scaling of its fleet [6][14]. - The report anticipates that the company's Robotaxi fleet will expand to approximately 100,000 vehicles by 2030, with a potential market penetration rate of 14-17% in first-tier cities [6][14]. Business Model and Market Position - The company operates a clear business model that includes autonomous driving services, technology licensing, and application services. It is the only company in China to have received regulatory approval for full-scene autonomous driving services in major cities [25][31]. - The company has successfully established a presence in eight countries, with a fleet of 1,159 Robotaxi vehicles and over 170 Robotruck vehicles as of the end of 2025 [5][14][26]. - The report highlights that the company’s competitive advantages stem from its clear commercialization path, strong technical capabilities, and a well-structured ecosystem that supports its growth [5][14][19].

2月9日，宁德时代（上海）智能科技有限公司（简称"时代智能"）与地平线机器人（简称"地平线"）签署战略合作协议。双方将围绕新能源汽车智能化升 级展开合作，整合底盘硬件与智能驾驶软件能力，为整车企业提供集成化解决方案。 根据协议，时代智能将提供其"磐石底盘"系列产品，一种高度集成电池、电驱、热管理及底盘域控制器的一体化滑板底盘平台；地平线则贡献其全场景辅 助驾驶系统，包括最新量产的端到端智驾方案HSD（Horizon Super Drive™）及车规级域控制器。双方计划通过软硬协同，打通从底盘控制到底层感知、 决策与执行的全链路，支持上车身与智能驾驶系统的并行开发。 时代智能是宁德时代控股子公司，专注于滑板底盘研发，其磐石底盘采用"电池到底盘一体化"（Cell-to-Chassis）设计，可实现与上车身解耦，缩短整车 开发周期。地平线是国内智驾芯片与算法头部企业，截至2026年初，其智驾解决方案已搭载于全球27家车企的42个品牌车型，累计出货量突破1000万套。 值得注意的是，此次签约恰逢地平线管理层调整：原宁德时代高管朱威近日出任地平线总裁，进一步强化了双方在战略与执行层面的协同可能。分析认 为，此次合作不仅 ...