点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 事件： HSD量产上车交卷，激活量两周破万。2025年，奇瑞星途ET5首发搭载地平线560 TOPS算力的J6P 芯 片+HSD城区辅助驾驶系统，HSD采用一段式端到端+VLM架构，实现百毫秒级的时延和"类人思考"的防 御性驾驶。公司创始人兼CEO余凯在大会上宣布，搭载公司HSD辅助驾驶系统的深蓝L06和奇瑞星途ET5 在上市两周内，HSD激活量突破12,000辆。高性价比城区NOA方案有望普惠10万元级车型。根据大会展 示的25Q1-25Q3中国乘用车成交价分布数据，13万以下的乘用车占50%。目前HSD已成功切入13 万-20万区间车型。基于单颗J6M芯片的城区NOA方案即将量产上车，即将普惠到10万元级国民车市场。 首批合作伙伴包 ...

Core Insights - Horizon Robotics held the "2025 Horizon Technology Ecosystem Conference" in Shenzhen, showcasing advancements in smart driving, computing architecture, developer ecosystem, and embodied intelligence [1] - Vice President and Chief Architect Su Qing emphasized the challenges in developing smart driving technology, highlighting the significant gap between human driving capabilities and current automated systems [3][5] Industry Developments - Su Qing identified 2024 as a pivotal year for smart driving, marking a comprehensive reconstruction of technology and user experience, akin to the transition from nuclear fission discovery to practical engineering applications [5][6] - The core of this reconstruction involves a shift from rule-based to data-driven smart driving technology, representing a breakthrough in deep learning applications [6] Future Projections - Su Qing predicts that significant changes in smart driving technology will not be the norm in the next three years, as the industry will focus on optimizing existing systems rather than achieving new theoretical breakthroughs [8] - The new paradigm will bridge the gap between L2 and L4 systems, with a clear development path leading from widespread L2 adoption to L4 deployment, enabling both passenger vehicles and Robotaxis [10][11] Strategic Directions - Horizon Robotics plans to focus on three core actions: achieving a tenfold increase in computing power for each generation of AD products, investing in L2 and L4 technologies, and enhancing engineering and organizational capabilities [15] - The company aims for a qualitative leap in the user experience of its urban auxiliary driving system within the next two to three years, with a goal of delivering L4-level safety vehicles at familiar price points to consumers [15]

Core Insights - The news highlights the operational halt of the autonomous driving company, Haomo Zhixing, effective November 24, with no clear explanation from the leadership, indicating severe internal issues and a lack of communication [1] - Haomo Zhixing's struggles have been attributed to both internal challenges and external pressures, particularly the rapid evolution of technology in the autonomous driving sector [3][5] - The company, which was once seen as a promising player in the industry, has faced significant setbacks, including high-profile executive departures and a failure to keep pace with technological advancements [7][10] Internal Challenges - Haomo Zhixing's technology foundation was based on outdated models, which became a liability as the industry shifted towards new paradigms driven by large models and data-centric approaches [5][8] - The company struggled to adapt to the new technological landscape, facing obstacles in data acquisition, computational power, talent retention, and organizational agility [5][8] - A significant portion of Haomo's orders came from its parent company, Great Wall Motors, and a reduction in these orders led to a critical loss of data necessary for algorithm development [7][10] External Pressures - The competitive landscape has evolved, with rivals like Momenta, Huawei, and Horizon Robotics establishing strong positions through early investments in data ecosystems and technological innovations [5][14] - Great Wall Motors has shifted its strategy, moving away from self-reliance in autonomous driving technology and opting to collaborate with established third-party suppliers [8][11] - The market is rapidly changing, with expectations that by the end of 2025, advanced driver-assistance systems will become standard in vehicles, putting pressure on companies like Haomo to adapt quickly or risk obsolescence [13][19] Industry Trends - The autonomous driving sector is consolidating around a few key players, referred to as "地大华魔" (Horizon, DJI, Huawei, and Momenta), who have demonstrated the ability to deliver scalable and effective solutions [14][19] - Traditional automakers are increasingly recognizing the limitations of in-house development and are turning to partnerships with specialized technology firms to remain competitive [19][20] - The urgency for automakers to establish reliable partnerships and integrate advanced technologies is underscored by the impending market shifts expected by 2026, where failure to adapt could lead to exclusion from the mainstream market [19][20]

Core Viewpoint - Chery Automobile Co., Ltd. officially listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion through the issuance of 297 million H-shares at a price of HKD 30.75 per share, marking the largest IPO for an automotive company in the Hong Kong market since 2025 [1][2] Group 1 - On the first day of trading, Chery's stock opened at HKD 34.2 per share, an increase of 11.22% from the issue price, with a market capitalization exceeding HKD 200 billion at one point [1] - As of 10:30 AM on the listing day, the stock price was HKD 33.94 per share, reflecting a 10.37% increase [1] - The IPO attracted 13 cornerstone investors, including prominent firms such as Hillhouse HHLR and Shanghai Jinglin, with total subscriptions amounting to USD 587 million, accounting for 50% of the total offering [1] Group 2 - Chery has shown significant revenue growth, with operating income projected to rise from CNY 92.618 billion in 2022 to CNY 269.897 billion in 2024, and net profit expected to increase from CNY 5.806 billion to CNY 14.334 billion during the same period [2] - The company has maintained its position as the top exporter of Chinese self-owned brand passenger vehicles for 22 consecutive years, with sales reaching over 13 million units globally across more than 100 countries and regions by August 22, 2025 [2] - The funds raised from the IPO will primarily be used to expand the passenger vehicle product lineup, develop next-generation vehicles and advanced technologies, implement global strategies, upgrade the Wuhu production base, and supplement working capital [2]

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [2] - The IPO involved the issuance of 297,397,000 H-shares, with a total fundraising amount of HKD 9.145 billion, making it the largest IPO for a car company in Hong Kong this year [2] - The public offering was oversubscribed by 308.18 times, while the international offering was oversubscribed by 11.61 times [2] Group 2 - Horizon Robotics, a long-term strategic partner of Chery, invested approximately USD 58.7 million (HKD 457.25 million) in the IPO, highlighting the trust and collaboration between the two companies [2][3] - The launch of the Xpeng ET5, the world's first vehicle equipped with Horizon's HSD system and flagship chip, is a significant milestone in their partnership [3][6] - Chery plans to allocate 35% of the IPO proceeds for new model development and 25% for next-generation technology and advanced R&D systems, aligning with Horizon's focus on intelligent driving capabilities [8] Group 3 - Horizon Robotics has established a comprehensive strategic partnership with Chery since 2021, focusing on the development of next-generation assisted driving products [4] - Horizon's products have been adopted by 27 OEMs, with a market share of 32.4% in the Chinese autonomous driving computing solutions market [9] - The company has achieved a production milestone of over 10 million units for its Journey family of products, becoming the first domestic intelligent driving technology company to reach this level [9][12] Group 4 - Horizon Robotics is transitioning from a "hardware and software solution provider" to a "technology infrastructure platform builder," which may lead to a structural change in its valuation logic [13] - The company's stock price has increased by 185% since the beginning of 2025, driven by the rapid growth of the intelligent driving industry and adjustments in its valuation anchors [14]

Core Viewpoint - Chery Automobile is set to officially list on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973," raising a total of HKD 9.145 billion through the issuance of 297,397,000 H-shares, making it the largest IPO of a car company in Hong Kong this year [3][9]. Group 1: IPO Details - The IPO saw a subscription rate of 308.18 times for the public offering and 11.61 times for the international offering [3]. - Chery has introduced over ten cornerstone investors, collectively subscribing approximately USD 587 million (HKD 4.5725 billion), including top institutions like Hillhouse and Jinglin [3]. Group 2: Strategic Partnerships - Horizon Robotics, a long-term strategic partner of Chery, has expressed its commitment to supporting Chery's global ambitions and technological advancements, particularly with the launch of the ET5 model featuring Horizon's HSD system and flagship chip [4][5]. - The collaboration between Chery and Horizon Robotics has been ongoing since 2022, focusing on deepening cooperation in automotive intelligence and technology [5]. Group 3: Product Development and Market Position - Chery plans to allocate 35% of the raised funds for new model development and 25% for next-generation technology and advanced research systems, aligning with Horizon's focus on intelligent driving capabilities [9]. - The ET5 model, which debuted at the 2025 Chengdu Auto Show, showcases integrated capabilities in perception, decision-making, planning, and control, highlighting the collaboration's value in practical applications [6]. Group 4: Industry Impact and Future Outlook - Horizon Robotics has achieved significant milestones, including a market share of 32.4% in China's autonomous driving computing solutions and 45.8% in ADAS front-view integration, solidifying its position as a leader in the market [11]. - The partnership with Hello Chuxing for Robotaxi services aims to validate L4-level capabilities in real-world scenarios, further enhancing the commercial viability of autonomous driving technologies [10][13]. - Horizon's stock price has surged by 185% since the beginning of 2025, reflecting the rapid growth of the intelligent driving industry and the company's evolving valuation metrics [19].

Core Insights - Horizon Robotics-W won the "Best IPO Company" award at the "2025 Phoenix Star Listed Company Selection," highlighting its strong performance post-IPO and effective market capitalization management [1] - The company successfully listed on the Hong Kong Stock Exchange in October 2024, marking the largest tech IPO in the Hong Kong market in three years, with its market value increasing by over 200% within a year [1] - The award reflects the market's recognition of Horizon's business model and its transition from "scale realization" to "full-scenario expansion" in the intelligent driving industry [1][2] Company Performance - Horizon's self-research strategy integrating hardware and software has led to significant breakthroughs, with over 10 million units shipped from the Journey family and successful mass production of the HSD urban auxiliary driving system [2] - The company holds a 32.4% market share in China's autonomous driving computing solutions market, maintaining its position as the leader [2] - Horizon has empowered seven major domestic brands, with over 25 models "going global," and established production partnerships with several foreign and joint venture brands [2] Industry Outlook - UBS predicts that by the mid-2030s, China's Robotaxi market will reach $183 billion, with over 4 million Robotaxis expected to operate nationwide [3] - Horizon is positioned as a key player in the transition from "product shipment" to "platform output," influencing the platform development of the intelligent driving industry [3] - The recognition as "Best IPO Company" signifies confidence in Horizon's current capabilities and future growth potential in the capital market [3]

Core Insights - Horizon Robotics and Hello signed a strategic cooperation agreement to develop an end-to-end L4 autonomous driving core system for Robotaxi operations, aiming to accelerate urban deployment and commercialization [1][3] Group 1: Strategic Partnership - The partnership leverages strong financial backing from investors like Ant Group and CATL, providing robust funding and a large user base to support scalable commercial applications [3] - Hello's first mass-produced Robotaxi model, "HR1," was globally unveiled, with plans for mass production by 2026, targeting over 10 cities and a fleet of 10,000 vehicles, and aiming to deploy over 50,000 vehicles by 2027 [3] Group 2: Technology and System Capabilities - Horizon Robotics will provide a complete core capability system for L4 autonomous driving, including key components like the Journey 6P chip and HSD urban auxiliary driving system, designed for high computational redundancy and integration efficiency [3][4] - The company is transitioning from a hardware and software provider to a technology infrastructure platform builder, enhancing its role in the industry and creating new growth opportunities and valuation models [5] Group 3: Development Approach - Horizon Robotics adopts a "gradual approach" starting from L2 driving assistance, utilizing real-world data to iteratively improve safety and regulatory strategies, which contrasts with the high-cost and unstable experience of a leapfrogging approach directly to L4 [4] - The gradual approach allows for the accumulation of real road data and alignment with evolving regulatory environments, facilitating market entry and expansion [4]

Core Insights - Horizon and Hello signed a strategic cooperation agreement to develop low-cost, high-safety, and reliable intelligent driving technology for Robotaxi operations [1] - The collaboration marks a significant step in Horizon's strategic layout, enabling L2 to L4 scenarios in intelligent driving [1] - The Robotaxi service market in China is projected to reach a potential scale of $183 billion by the late 2030s, with approximately 4 million Robotaxis expected to be operational nationwide [1] Group 1: Technology and Collaboration - Horizon has built a technology foundation suitable for Robotaxi deployment, leveraging its full-stack technology and mass production experience [2] - The Zhencheng 6P provides 560 TOPS of computing power, with a modular system capable of achieving over 1,000 TOPS, meeting the demands for multi-sensor fusion and large model applications [2] - The collaboration aims to optimize the core software and hardware systems of Robotaxi, reducing development cycles and integration costs [2] Group 2: Business Model and Market Strategy - Hello's Robotaxi business is supported by investments from Hello, Ant Group, and CATL, facilitating large-scale commercial applications [3] - The first mass-produced Robotaxi model, HR1, was unveiled, with plans for mass production in 2026 across over 10 cities, targeting a fleet of 10,000 vehicles [3] - Two main technical routes for L4 autonomous driving are identified: a leapfrogging route focusing on regulatory compliance and a progressive route driven by user experience [3] Group 3: Industry Perspectives - The progressive route, represented by companies like Tesla and Horizon, emphasizes speed and iterative development from L2 to L4 capabilities [4] - Horizon's president stated that a solid L2 foundation is essential for achieving L4, advocating for a data-driven approach to expand operational design domain (ODD) boundaries [4] - The approach aims to significantly reduce per-vehicle investment and enhance return on investment (ROI) [4]

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but also experienced a larger net loss compared to the previous year, primarily due to increased R&D investments and cloud computing costs related to model training [1][2]. Group 1: Financial Performance - Revenue for the first half of 2025 reached 1.57 billion yuan, representing a year-on-year increase of 67.6% [1] - Adjusted net loss amounted to 1.33 billion yuan, with the loss margin expanding by 65.7% year-on-year [1] - Gross margin stood at 65.4%, a decrease of 13.7 percentage points compared to the previous year [1] Group 2: Product and Market Performance - The penetration rate of domestic self-owned brand advanced driver-assistance systems (ADAS) increased from 51% at the end of 2024 to 59% in the first half of 2025 [1] - The proportion of new smart vehicles equipped with mid-to-high level ADAS rose from 20% at the end of 2024 to 32% in the first half of 2025 [1] - The company achieved a doubling of shipment volume, driven by the growth in penetration rates and sales of self-owned brand vehicles [1] Group 3: Business Segments - Revenue from automotive products and solutions reached 778 million yuan, while software and licensing services generated 738 million yuan, reflecting year-on-year increases of 250% and 6.9%, respectively [2] - The delivery volume of automotive products doubled to approximately 1.98 million units, with mid-to-high level product shipments contributing about 50% of the total volume and over 80% of the revenue [2] - The average selling price (ASP) of automotive products and solutions was 1.7 times that of the same period last year [2] Group 4: Future Outlook - The company is set to begin mass production of its HSD system in the second half of 2025, with new collaborations with Japanese automakers enhancing its global influence [2] - The company maintained its leading position in the domestic market for ADAS front-view integration and driving computing solutions, with market shares of 45.8% and 32.4%, respectively, reflecting increases of 12 percentage points and 3.8 percentage points year-on-year [2] - Future revenue projections for 2025, 2026, and 2027 are estimated at 3.516 billion, 5.714 billion, and 8.552 billion yuan, respectively, with adjusted net profits expected to improve significantly by 2027 [2]