每经AI快讯，有投资者在投资者互动平台提问：最近自动驾驶L3发布了，请问这方面的客户有哪些? 维峰电子（301328.SZ）12月22日在投资者互动平台表示，无人驾驶汽车产业的发展对视觉感知系统的 信号传输完整性、抗干扰性及稳定性提出了更高要求。公司依托二十年连接器领域的技术积淀与品质体 系，已快速开发出FAKRA、MINI FAKRA、HSD、车载以太网等高频高速连接器产品，精准适配智能 座舱、自动驾驶系统及车联网数据传输需求，并为车载雷达、摄像头等模块提供定制化配套方案。同 时，公司通过中低压连接器与高频高速产品的协同供应，形成一体化服务优势，目前已向多家头部车企 实现批量供货。未来公司将持续深化技术迭代，加速拓展智能驾驶领域新业务机遇。 （文章来源：每日经济新闻） ...

证券日报网讯 12月18日，维峰电子在互动平台回答投资者提问时表示，无人驾驶汽车产业的发展对视 觉感知系统的信号传输完整性、抗干扰性及稳定性提出了更高要求。公司依托二十年连接器领域的技术 积淀与品质体系，已快速开发出FAKRA、MINIFAKRA、HSD、车载以太网及TYPEC等高频高速连接 器产品线，精准适配智能座舱、自动驾驶系统及车联网数据传输需求，并为车载雷达、摄像头等模块提 供定制化配套方案。同时，公司通过中低压连接器与高频高速产品的协同供应，形成一体化服务优势， 目前已向多家头部车企实现批量供货。未来公司将持续深化技术迭代，加速拓展智能驾驶领域新业务机 遇。 （编辑 任世碧） ...

来源：亿欧汽车 截至2025年12月16日，地平线的市值达到了1260亿港元，比上市首日的峰值整整高出了600亿港元，市 值增幅超过90%。 "无论是发行规模还是估值水平，这都是过去三年来中国科技公司在香港乃至全球市场中最大的一笔 IPO。" 时至今日，余凯这句话的含金量依然在上升。 如今，地平线正在下一盘名为"生态"的大棋，第一次堂而皇之展露了打造生态的雄心。正如余凯所言， 地平线要做Robotics时代的Horizontal Platform，倡导开放共赢、全维利他。 本文首发于亿欧汽车 作者｜郝秋慧 2024年10月24日，地平线在港股上市。 用创始人余凯的话讲，地平线是一家非典型的芯片企业，上市招股书里无一"芯片"的字眼，取而代之的 是"处理硬件"。 彼时地平线"处理硬件"的出货量已超过700万套。 上市当天，地平线开盘价报5.12港元，大涨28.32%，总市值超660亿港元，高于此前620亿元的估值。 截至2025年12月16日，地平线的市值达到了1260亿港元，比上市首日的峰值整整高出了600亿港元，市 值增幅超过90%。 尽管余凯对上市一事自嘲道，"狗屎运"是核心竞争力之一。 因为地平线于202 ...

Group 1 - The cumulative shipment of the Journey series has exceeded 10 million units, with the self-developed BPU architecture showing a performance improvement of 246 times over six years [1] - The Journey 6 series, set to begin mass production in 2025, is based on the new Nash architecture, covering computing power from 10 to 560 TOPS, and is the only domestic solution meeting the needs for L2 to full-scene urban driving assistance [1] - The Journey series has over 40 domestic and international automotive clients, with more than 400 models and serving over 6 million vehicle owners [1] Group 2 - The HSD is entering a large-scale mass production phase, with its technology path gaining widespread market validation and recognition [2] - The HSD employs a one-piece end-to-end architecture with reinforcement learning capabilities, significantly enhancing the safety, efficiency, and comfort of driving assistance [2] - The new flagship vehicle computing solution, Journey 6P, achieves a performance leap with up to 560 TOPS, supporting the large-scale implementation of HSD [2] Group 3 - The company expects revenues of 3.59 billion, 5.60 billion, and 8.14 billion yuan for 2025, 2026, and 2027 respectively, with net profits of -703 million, -151 million, and -83 million yuan [2]

中邮证券发布研报称，地平线机器人-W(09660)征程系列累计出货量破千万，维持"买入"评级。公司自 主研发设计的智能计算架构BPU，历经三代架构迭代，从伯努利架构到纳什架构，BPU计算性能6年间 提升了246倍。 2025年开启量产的征程6系列基于新一代BPU纳什架构开发，覆盖10-560TOPS算力，是目前国内唯一满 足从L2辅助驾驶到全场景城区辅助驾驶需求的计算方案，高效满足智能汽车的多元化需求；征程系列 客户覆盖超40家国内外车企，合作车型超400款，服务车主超600万。截至2025年8月底，地平线征程家 族车载智能计算方案总出货量已突破1000万片。 该行认为HSD覆盖多元化车型，进入大规模量产阶段。随着公司HSD量产阵营的不断扩大，软硬结合技 术路径也持续获得市场广泛验证与高度认可。HSD采用一段式端到端架构，并融入强化学习能力，实现 从"光子输入到轨迹输出"的系统超低时延，大幅提升辅助驾驶的安全、效率、舒适。新一代旗舰车载智 能计算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设 计，为HSD的规模化落地提供了坚实支撑。目前公司的HSD已获得国内外多达1 ...

2025年开启量产的征程6系列基于新一代BPU纳什架构开发，覆盖10-560TOPS算力，是目前国内唯一满 足从L2辅助驾驶到全场景城区辅助驾驶需求的计算方案，高效满足智能汽车的多元化需求；征程系列 客户覆盖超40家国内外车企，合作车型超400款，服务车主超600万。截至2025年8月底，地平线征程家 族车载智能计算方案总出货量已突破1000万片。 智通财经APP获悉，中邮证券发布研报称，地平线机器人-W(09660)征程系列累计出货量破千万，维 持"买入"评级。公司自主研发设计的智能计算架构BPU，历经三代架构迭代，从伯努利架构到纳什架 构，BPU计算性能6年间提升了246倍。 该行认为HSD覆盖多元化车型，进入大规模量产阶段。随着公司HSD量产阵营的不断扩大，软硬结合技 术路径也持续获得市场广泛验证与高度认可。HSD采用一段式端到端架构，并融入强化学习能力，实现 从"光子输入到轨迹输出"的系统超低时延，大幅提升辅助驾驶的安全、效率、舒适。新一代旗舰车载智 能计算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设 计，为HSD的规模化落地提供了坚实支撑。目前公司的HS ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-12-10 股票投资评级 买入 |维持 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 8.70 | | | --- | --- | --- | | 总股本/流通股本（亿股）146.52/ 125.27 | | | | 总市值/流通市值（亿港 | 1159.75 / 991.59 | | | 币） | | | | 52 周内最高/最低价 | 11.32 / 3.32 | | | 资产负债率(%) | 299.40% | | | 市盈率 | -11.68 | | | 第一大股东 | Everest | Robotics | | | Limited | | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 地平线机器人-W(9660.HK) 大算力+HSD，打造越级智能辅助驾驶 ⚫ 投资要点 征程系列累计出货量破千万。公司自主研发设计的智能计 ...

在"2025地平线技术生态大会"上，地平线创始人兼CEO余凯博士发表"向高同行"主题演讲。他首先回顾了过去两年地平线在高阶辅助驾驶领域持续发力、成 果斐然。从2021年起，地平线持续推动高价驾驶向高而行，2024年4月24日征程6家族芯片重磅发布、2025年4月18日征程6P与HSD发布。2025年11月18日 起，地平线智驾HSD正式首发量产，以堪比豪华车的智驾体验降低了高阶智驾门槛，助力车企打造爆款产品，让高阶智驾人人可享。首搭HSD量产落地的星 途ET5和深蓝L06上市仅两周，HSD激活量超12000辆，市场反响热烈，展现出地平线在高阶辅助驾驶领域的强大实力与广阔前景。 ...

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Smart Driving Technology Key Points Industry Trends - The smart driving trend in China is on the rise, transitioning from Advanced Driver Assistance Systems (ADAS) to highway Navigation on Autopilot (NOA) and city NOA, which is driving product mix upgrades for Horizon Robotics [2][3] Revenue Growth Projections - Horizon Robotics targets mid double-digit revenue growth over the next three years, driven by the smart driving trend, product mix upgrades, and customer penetration [2][3] - The average selling price (ASP) of chipsets is projected to increase from approximately US$30 in ADAS to US$100 in highway NOA, and potentially up to US$500 in city NOA, or US$700 when embedded with software [2] Customer Expansion Strategy - The company is focusing on local car OEMs such as BYD, Geely, Chery, and Changan, which are gaining market share in China [2] - Horizon Robotics plans to expand into joint venture (JV) car OEMs, which are primarily still in the ADAS phase, to leverage opportunities in smart driving and access global-tier car OEMs [2] Product Development and Outlook - For 2026, the company anticipates that product mix upgrades and customer expansion will be key drivers of growth [3] - The ADAS chipset revenue is expected to remain stable, while the J6M chipset for highway NOA and J6P for city NOA are projected to expand their customer base [3] - Horizon Robotics aims to have its solutions utilized in over 1,000 Robotaxis by 2026, collaborating with leading internet companies in China [3] Competitive Advantages - The company emphasizes its full-stack capability, particularly in software and AI, which is critical for maintaining a leading market position in the smart driving sector [8] - Horizon Robotics has a strong R&D team, with software engineers outnumbering hardware engineers by 3-4 times, enhancing its ability to design effective chipsets [8] Financial Projections - The 12-month target price for Horizon Robotics is set at HK$15.30, representing a potential upside of 102.9% from the current price of HK$7.54 [11] - Revenue projections for the upcoming years are as follows: - 2024: Rmb 2,383.6 million - 2025: Rmb 3,605.4 million - 2026: Rmb 7,166.2 million - 2027: Rmb 12,264.4 million [11] Risks - Key downside risks include: 1. Increased competition or pricing pressure in the auto supply chain amid slow demand [10] 2. Slower-than-expected product mix upgrades towards AD [10] 3. Delays in customer base expansion [10] 4. Supply chain risks due to geopolitical tensions [10] Conclusion Horizon Robotics is well-positioned to capitalize on the growing smart driving trend in China, with a strong focus on product development and customer expansion. However, the company faces several risks that could impact its growth trajectory.

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for Horizon Robotics-W (09660), raising the target price from HKD 14.11 to HKD 15.3, which corresponds to an enterprise value to EBITDA multiple of 28 times [1] Group 1: Product Development and Applications - Horizon Robotics' Journey 6 platform is seeing increased applications in new vehicle models, including J6P and Super Drive High-Level Intelligent Driving (HSD) for Chery Automobile (09973) Exeed ET5, J6E for SAIC MG4530, and J6M for Changan Automobile (000625.SZ) Q07 and Geely Automobile (00175) Galaxy A7, enabling high-speed and urban navigation assistance driving (NOA) [1] - The J6P and HSD have already entered mass production in Chery Exeed ET5, with deliveries starting next month [1] Group 2: Market Outlook and Product Strategy - The company offers a comprehensive system-on-chip (SoC) platform solution ranging from 5 TOPS to 560 TOPS, covering various price segments and providing integrated hardware and software solutions based on customer needs [1] - There is optimism regarding the company's increasing shipment volumes and the transition of its product mix towards high-end SoCs [1]