Core Viewpoint - Horizon Robotics (地平线机器人) is recognized as a leading company in domestic intelligent driving solutions, with rapid growth in product shipments and authorized solution business revenue, indicating a strong business model and potential for further growth in J6 and HSD solutions [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.384 billion yuan, representing a year-on-year increase of 53.62%, and a net profit of 2.347 billion yuan, up 134.82% year-on-year [1] - The company's automotive solutions revenue reached 2.312 billion yuan in 2024, accounting for 97% of total revenue, with a significant increase in gross margin to 77.25% from 70.53% in 2023 [2] - The company reported a net profit of 2.347 billion yuan in 2024, with adjusted operating losses narrowing to 1.495 billion yuan, a reduction of 11.4% compared to 2023 [3] Group 2: Operational Efficiency - The company's sales expense ratio decreased from 21.09% in 2023 to 17.20% in 2024, continuing a three-year trend of rapid decline, while the management expense ratio also fell from 28.57% to 26.75% [3] - Research and development investment reached 3.156 billion yuan, accounting for 132% of revenue, with a decrease in R&D expense ratio from 152% in 2023 [3] Group 3: Market Position and Product Development - As of March 2025, Horizon Robotics' solutions have been adopted by 27 OEMs (42 brands), with over 100 new models added in 2024, and a cumulative delivery of over 7.7 million units, maintaining the top position in China's intelligent driving solution delivery scale [4] - The company ranks second among independent third-party high-level intelligent driving solution providers in China, with positive market feedback for the newly launched Journey 6 solution, expected to exceed 10 million units in cumulative shipments by 2025 [4] - The new generation all-scenario high-level autonomous driving solution, Horizon SuperDrive (HSD), is set to begin mass production in Q3 2025, aiming to enhance market share [4]

财报显示，公司各项主要指标均实现强劲双位数增长，高级辅助驾驶系统(ADAS)和高阶自动驾驶(AD)解决 方案获得了车企的青睐。去年公司获得100余款新车型定点，截至去年底累计定点车型达310款，覆盖40多 个汽车品牌。 对于像地平线这样的公司来说，项目定点是未来增长的关键驱动力，预示着潜在收入来源。但需要注意的 是，相当部分设计车型可能不会量产，而成功量产的车型也需要一两年时间才能贡献可观收入。 尽管如此，地平线充足的定点项目储备仍推动去年业务高速发展。公司全年营收从15.5亿元增至23.8亿元， 增幅53.6%。年内交付各类解决方案290万套，累计交付量达770万套。 分业务看，授权及服务收入同比劲增70.9%至16.5亿元，公司称这"主要是由于智能汽车行业加速朝着智能化 转型"。产品解决方案收入增长31%至6.64亿元。 这家高级辅助驾驶系统 (ADAS) 和高阶自动驾驶 (AD) 技术供应商去年营收同比增长 53.6% ▶ 地平线去年营收增长53.6%，受益于产品组合变化，毛利率提升近7个百分点至77.3% ▶ 公司预计其征程系列处理硬件累计出货量今年将突破1,000万片 Key takeaways: ...