其他方面，盘面上，科网股普跌，阿里巴巴-W（09988.HK）低开2%，随后跌幅收窄。京东、网易、哔哩哔哩、美团跌超1%；创新药概念普遍低开，药明 生物（02269.HK）跌超2%；保险股走弱，中国人寿（02628.HK）跌超1%。 今日（9月26日），港股早盘跳空低开。截至发稿，恒生指数开盘报26272点，下跌212点，跌幅0.80%；恒生科技指数报6317点，低开61.59点，跌幅0.97%。 公告称，公司拟以每股9.99港元（折价约5.75%）配售股份，筹资净额约63.39亿港元。配售股份占公司现有已发行股本约4.6%，及占公司已发行股本在股东 大会上的投票权约1.9%。公司拟将所得款项净额用于扩大海外市场业务、支持中高阶辅助驾驶解决方案的规模化应用、投资新兴领域，例如与Robotaxi相关 的计划等。 中银证券表示，地平线机器人2025上半年营收同比呈现快速增长趋势，同时伴随着战略性亏损。公司汽车产品解决方案量价齐升，高阶智驾HSD量产在即， 海外拓展初见成效。预计公司汽车产品解决方案ASP会相应上升，且新产品预计将同步带动授权和服务业务合同数量上升。考虑到海外客户拓展初见成效， 预计2026年公司来 ...

Core Viewpoint - Horizon Robotics is experiencing rapid revenue growth in H1 2025, with a revenue of 1.567 billion yuan, a year-on-year increase of 68%, despite a strategic loss of 5.233 billion yuan [1] Group 1: Revenue and Profitability - H1 2025 revenue reached 1.567 billion yuan, up 68% YoY, with gross profit at 1.024 billion yuan, a 39% increase YoY, while net loss expanded to 5.233 billion yuan [1] - R&D expenditure for H1 2025 was 2.3 billion yuan, reflecting a 62% increase YoY, indicating a strategic focus on enhancing cloud services [1] Group 2: Automotive Product Solutions - Revenue from automotive product solutions surged to 778 million yuan, a 250% YoY increase, with a gross margin of 45.6%, up 3.9 percentage points [2] - The shipment of vehicle-grade processing hardware reached 1.98 million units, doubling YoY, with 980,000 units supporting highway-assisted driving, marking a sixfold increase from the previous year [2] - The company holds the top market share in basic and overall assisted driving solutions in China, at 45.8% and 32.4% respectively, with over 400 new model designations [2] Group 3: International Expansion - The company has established partnerships with global players, leading to the development of the Horizon Mono solution, with expected shipments exceeding 7.5 million units [3] - Nine joint venture automakers in China have designated 30 models for the company's solutions, with some set to begin production by the end of 2025 [3] Group 4: Licensing and Service Business - Revenue from automotive licensing and service business was 738 million yuan, a 7% YoY increase, with a gross margin of 89.7%, down 3.3 percentage points [3] - The company is providing algorithms and software to over 30 automotive manufacturers, helping to reduce product development cycles and costs [3] Group 5: Valuation and Future Projections - The company anticipates an increase in average selling price (ASP) for automotive product solutions in H2 2025, driven by the upcoming mass production of high-level driving solutions [3] - Revenue estimates for 2025 and 2026 have been adjusted to 3.697 billion yuan and 5.771 billion yuan respectively, with a projected revenue of 8.115 billion yuan for 2027 [3] - As of September 15, 2025, the company's market capitalization was approximately 141.2 billion HKD, translating to price-to-sales ratios of 34.9, 22.3, and 15.9 for 2025, 2026, and 2027 respectively [3]

Core Insights - The report emphasizes that high-end equipment, artificial intelligence, and green manufacturing will be the main lines for medium to long-term allocation, with leading state-owned enterprises and private companies with core technologies likely to benefit first [5][6][8] - The report highlights the performance of specific companies, such as Xin Feng Ming, which reported a revenue of 33.491 billion yuan in the first half of 2025, a year-on-year increase of 7.10%, and a net profit of 709 million yuan, up 17.28% [10][11] - Horizon Robotics is noted for its rapid revenue growth of 68% year-on-year in the first half of 2025, reaching 1.567 billion yuan, despite a strategic loss of 5.233 billion yuan [14][15] Company Performance Xin Feng Ming - The company achieved a total revenue of 33.491 billion yuan in the first half of 2025, with a year-on-year growth of 7.10% and a net profit of 709 million yuan, reflecting a 17.28% increase [10] - In Q2 2025, revenue reached 18.934 billion yuan, marking a 12.57% year-on-year increase and a 30.06% quarter-on-quarter increase [10][11] - The company’s PTA production capacity reached 7.7 million tons, with revenue from PTA at 4.652 billion yuan, significantly up from 1.18 billion yuan in the same period last year [11][12] Horizon Robotics - The company reported a revenue of 1.567 billion yuan in the first half of 2025, a 68% increase year-on-year, with a gross profit of 1.024 billion yuan, up 39% [14][15] - The automotive product solutions segment saw revenue growth of 250% year-on-year, reaching 778 million yuan, with a gross margin of 45.6% [15][16] - Horizon Robotics has established a strong market presence, with a 63% share of the Chinese passenger car market and a 59% penetration rate for assisted driving [14][15] Industry Trends - The report indicates that the "14th Five-Year Plan" policies have been largely absorbed by the market, while the "15th Five-Year Plan" emphasizes "artificial intelligence+" and internationalization, potentially creating new structural opportunities in the capital market [8] - The focus on digitalization, greening, and high-end manufacturing is expected to provide long-term policy support for strategic industries such as equipment manufacturing and industrial software [6][7] - The report suggests that companies with core technologies and international operational advantages will be the primary beneficiaries of upcoming policy dividends [8]

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 ...