中国智能汽车特别是智能辅助驾驶接下来怎么样？ 那得看"公约数"能怎么样……这不，以公约数著称的地平线，交卷了。 自主计算硬件No.1——地平线J6P，上车。 行业首个开源端到端——UniAD，迭代为最领先的一段式端到端HSD，上车。 征程系列出货突破1000万片——地平线完整的工程化能力，终于服务了自研全栈系统。 自有计算硬件架构、自研AI司机大模型、久经考验的量产交付经验，全行业只有三家，而之前的特斯拉、华为已经创造过奇迹。 这也是为何地平线备受关注的核心原因，而且伴随着地平线SOTA，也必将带动更广泛的量产智能汽车SOTA。 因为现在，地平线已经明确—— "中国版的FSD"——HSD，来了。 问题是体验如何？ 完全体HSD，有什么不同 一句话，已经不是测试状态，而是无限接近量产： 底层计算硬件是地平线J6P，算力560TOPS；软件算法采用了一段式端到端，不再依赖规则兜底。 车，也不是大众ID系列改的测试车，而是奇瑞旗下的星途星纪元。 其实星纪元就是地平线HSD首发量产交付的项目，过几天的成都车展上全新车型即将亮相： 这一版的HSD，最大的进步是纵向的速度控制，体现在红绿灯起步、自动跟车过程中，张弛有度不 ...

Group 1 - The company is focused on the research and manufacturing of high-frequency and high-speed automotive connectors, with main products including Fakra, HFM, HSD, and H-MTD connectors [2] - These connectors are primarily used in intelligent driving systems, smart cockpit systems, and in-car infotainment systems [2] - Key downstream customers include Chery, Changan, SAIC, Audi, and Xiaopeng [2] Group 2 - The company aims to overcome certification barriers, product technology barriers, and management barriers for domestic new energy vehicle customers [2] - There is a strategy to introduce a new business team to accelerate the integration of channel resources and sales networks [2] - The company is committed to providing more efficient and reliable products and services [2]

Group 1 - The cumulative shipment of the Journey series is expected to exceed 10 million units, with over 8 million units already shipped, indicating that one in three smart cars is equipped with Horizon's driving assistance solutions [1] - The company has established close collaborations with several leading Tier-1 companies, including Bosch, Denso, and ZF, to develop differentiated intelligent driving solutions based on the Journey 6 series [1] - The HSD system, the first domestic full-stack development for urban driving assistance, includes HSD300, HSD600, and HSD1200, designed for various performance levels and scenarios [2] Group 2 - The HSD system utilizes the Journey 6P computing solution and features an end-to-end architecture that enhances user experience by providing a seamless and safe driving experience [2] - The company anticipates revenues of 3.562 billion, 5.529 billion, and 7.983 billion yuan for the years 2025, 2026, and 2027, respectively, with projected net profits of -196.9 million, -94.5 million, and 10.5 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The cumulative shipment of the company's "Zhengcheng" series is expected to exceed 10 million units, with over 8 million units already shipped. The company has established close partnerships with leading Tier-1 companies such as Bosch, Denso, and ZF, supporting advanced driver assistance and high-level autonomous driving solutions [5] - The HSD system, the first full-stack development of its kind in China, is designed for urban driving assistance and is expected to be integrated into strategic models of several leading OEM brands this year [6] Financial Performance and Projections - The company is projected to achieve revenues of 35.62 billion, 55.29 billion, and 79.83 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be -1.969 billion, -0.945 billion, and 0.105 billion yuan for the same years [7][9] - The revenue growth rates are forecasted at 54%, 49%, and 55% for the years 2025, 2026, and 2027 respectively, while the net profit growth rates are expected to be 135%, -184%, and 52% [9][10]

Group 1: Capital Expenditure Cycle and Industry Comparison - The capital expenditure cycle is a key driver of industry cycles in China, with capital expenditure and PB, ROE changes being interrelated. The cycle is divided into three stages: oversupply leading to performance decline, capital expenditure downtrend improving free cash flow, and supply-side clearing leading to performance recovery [7][8]. - The PB-ROE model indicates significant investment value in the second stage, where PB is low and ROE is expected to improve, and in the third stage, where PB is reasonable and ROE can steadily rise [7][8]. - Recent trends show a contraction in capital expenditure across secondary industries excluding finance and real estate, with an increase in the proportion of industries with positive free cash flow [8][9]. Group 2: Industry Opportunities and Recommendations - The report identifies 26 industries with potential investment opportunities based on supply-side improvements, focusing on consumption, cyclical, advanced manufacturing, technology, and healthcare sectors [8][9]. - A quantitative industry rotation strategy based on free cash flow has been constructed, yielding annualized returns of 11.1% and 13% for the consumption and advanced manufacturing sectors, respectively, outperforming benchmarks by 5.1 and 3.1 percentage points [9]. - Recommended companies include DeYee Co., which has a strong position in emerging markets, and AiRuo Energy, which is expected to benefit from overseas industrial storage [10][13]. Group 3: Energy Equipment and New Energy Sector - The first quarter saw a recovery in the performance of household storage inverter companies, particularly in emerging markets like India and Southeast Asia, where demand is growing [10][12]. - The report highlights the potential for rapid growth in the commercial storage market in Europe, despite a weaker overall demand in the region [10][12]. - Key players such as DeYee Co. and JinLang Technology are recommended for their strong market positions and growth potential in emerging markets [10][13]. Group 4: Automotive Industry Insights - The automotive industry's high-end strategy is categorized into two types: companies focusing on their strengths and expanding their lead, and those adopting benchmarking strategies [14][15]. - Recommended companies include Li Auto, Great Wall Motors, and Xiaomi for their distinctive brand advantages and ongoing development [15][16]. - The report notes that stricter regulations on intelligent driving are leading to increased focus on safety and compliance among automotive companies [15][16].

Core Viewpoint - Horizon Robotics has officially entered the Hong Kong Stock Connect list, indicating strong market recognition of its integrated software and hardware technology path and signaling an acceleration in value discovery and re-evaluation as a leading provider of intelligent assisted driving solutions in China [1] Group 1: Market Performance and Recognition - Since its listing in late October 2024, Horizon Robotics has been a focal point in the industry, with its stock showing high activity and receiving positive coverage from major domestic and international brokerages [1] - The successful inclusion in the Hong Kong Stock Connect reflects the high popularity of Horizon Robotics in the capital market [1] Group 2: Product Development and Market Position - Horizon Robotics has consistently attracted investor interest due to its strong performance in the intelligent assisted driving sector, with significant product launches like the Journey series, which has gained trust from major clients like BYD [2] - The Journey family is expected to exceed 8 million units shipped by Q1 2025, showcasing robust market growth, with a market share of over 40% in China's OEM advanced assisted driving solutions [2] - The recent launch of the L2 urban assisted driving system HSD has garnered significant attention, with partnerships established with major automotive manufacturers like Chery and Volkswagen for mass production [3][4] Group 3: Technological Advancements and Competitive Edge - The HSD system features the advanced Journey 6P computing solution, which allows for hardware modularity and software upgrades, catering to diverse customer needs [4] - Horizon Robotics has developed a strong technological foundation with its self-developed BPU architecture and has established a deep "moat" in the market, collaborating with over 40 automotive brands and achieving over 8 million units in front-end production [6] Group 4: Future Growth Potential - The automotive industry is moving towards a "universal intelligent assisted driving" era, with BYD leading the charge, which is expected to benefit Horizon Robotics significantly as other manufacturers follow suit [5] - The company's comprehensive solutions and full-stack delivery capabilities position it to capitalize on the industry's growth, enhancing its visibility and potential for future expansion [5] - Analysts have expressed optimism about Horizon Robotics' long-term growth, with several brokerages issuing "buy" ratings and projecting profitability by 2027 [7]

Core Viewpoint - Horizon Robotics is a leading supplier of advanced driver assistance systems (ADAS) and high-level autonomous driving solutions, benefiting from the expanding market for intelligent driving solutions driven by the trend of driving equality [1][2] Group 1: Market Growth and Revenue Projections - The company is expected to achieve revenues of 3.644 billion, 5.618 billion, and 8.190 billion CNY from 2025 to 2027, with year-on-year growth rates of 52.9%, 54.2%, and 45.8% respectively [1] - The global and Chinese intelligent driving solutions market is projected to reach 1,017.2 billion and 407.0 billion CNY by 2030, with a CAGR of 49.2% and 49.4% from 2023 to 2030 [1] Group 2: Competitive Positioning - The company is one of the few suppliers that can provide both chips and algorithms, enhancing its core competitiveness [2] - The hardware offerings include the J6P and HorizonCell, providing 1,120 TOPS of computing power, positioning the company among the top tier in domestic computing power [2] - The company has established a strong customer base, with products already integrated into models from Li Auto, NIO, and Chery, and has entered partnerships with BYD, Chery, and Bosch [2] Group 3: Product Development and Market Strategy - The company is accelerating its efforts in the high-level autonomous driving market, particularly in urban NOA (Navigation on Autopilot) solutions, with plans to launch HSD in 2025 [1][2] - The company currently holds a 35.9% market share in the Chinese OEM ADAS market, ranking first, and aims to increase its presence in the urban NOA market [1]

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Macro Insights - US inflation continues to decline, with April CPI data showing a drop below expectations, indicating a weakening inflation risk due to tariff adjustments [3] - The reduction in tariffs suggests a decrease in recession risks for the US, allowing the Federal Reserve to adopt a more patient approach in observing economic changes [3] Industry Insights - MXD6, a high-performance engineering plastic, is experiencing high demand for lightweight and barrier packaging materials, indicating a broad market potential [4] - The company has been a leader in ion exchange and adsorption resin for nearly 30 years, focusing on R&D, production, and sales [5] - The company has achieved the top market share in the ADAS integrated machine market in 2024, with expectations for hardware shipments to exceed ten million units in 2025 [8] Company Performance - JD Group reported a 1Q2025 revenue of 301.08 billion yuan, a year-on-year increase of 15.8%, and a GAAP net profit of 10.89 billion yuan, up 52.7% year-on-year [9] - The company also reported a Non-GAAP net profit of 12.76 billion yuan, reflecting a 43.4% year-on-year growth [9]

编号：2025-003 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | 其他（电话会议） | | | 江苏瑞华创业投资管理有限公司、中庚基金管理有限公司、上海途 灵资产管理有限公司、海南富道私募基金管理有限公司、第一创业 | | 参与单位名称及人员姓名 | 证券股份有限公司、深圳市前海世传国际投资管理有限公司 、云富 | | | 投资集团有限公司等 | | 时间 | 2025年04月29日 15:30-16:00 | | 地点 | 线上电话会议 | | 上市公司接待人员姓名 | 董事兼董事会秘书：戚程博 | | | Q1：2025年的收入增速预期？ | | | 答：从一季度来看，公司实现营业收入4.48亿元，同比增长 | | | 24.51%；归母净利润5,392万元，同比增长12.49%。 | | 投资者关系活动主要内容 | Q2：汽车连接器布局好多年，预计公司该业务何时进入拐点？ | | | 答：目前公司已经进入了部分汽车供应链的供货体系，如瑞浦 | | ...