Horizon Robotics (09660) Q2 2025 Earnings Call August 27, 2025 07:00 AM ET Company ParticipantsXuan Jiang - VP - Corporate Finance & IRLei Wang - CFOPeng Wang - AVPConference Call ParticipantsTim Hsaio - AnalystNone - AnalystOperatorGreetings, ladies and gentlemen. Welcome to Horizon Robotics twenty twenty five Interim Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being r ...

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Automotive technology, specifically focusing on autonomous driving (AD) and advanced driver-assistance systems (ADAS) Key Financial Projections - **1H25 Revenue Growth**: Expected to grow 58% YoY to Rmb1.5 billion, driven by J6 series chip deliveries [1][2] - **Segment Revenue Breakdown**: - Auto product revenues: Rmb708 million (+218% YoY) - Licenses, services, and others: Rmb768 million (+8% YoY) [2] - **Gross Margin**: Projected to decline to 65% in 1H25 from 79% in 1H24, with gross profits maintaining a 30% YoY growth to Rmb960 million [2][12] - **Operating Losses**: Anticipated operating loss of Rmb1.4 billion in 1H25, compared to Rmb1.1 billion in 1H24 [2][12] Product Developments - **J6 Series Chips**: Introduction of J6B (entry-level) and J6P (high computing) chips to enhance sales volume [1][2] - **Horizon SuperDrive (HSD)**: Integrated software/hardware solutions for urban NOA features set to begin mass shipment, expected to increase vehicle content value [1][3][7] Market Position and Strategy - **Market Share**: Anticipated growth in ADAS/AD market share from 2% in 2021 to 9% by 2025E, with significant revenue contributions from AD chips [17] - **Competitive Advantage**: Integration of software and hardware to enhance performance and build a competitive moat [7] Earnings Revisions and Valuation - **Earnings Revisions**: EPS estimates for 2025-30E revised down due to margin dilution from growing chip business, with net income projections adjusted to -Rmb2.7 billion in 2025E [12][23] - **Target Price**: Reduced 12-month target price to HK$13.13, based on an EV/EBITDA multiple of 26.0x [14][23] Risks and Challenges - **Key Risks**: - Increased competition and pricing pressure in the auto supply chain - Slower product mix upgrades towards AD - Expansion challenges in the customer base - Supply chain risks due to geopolitical tensions [24] Conclusion - **Investment Recommendation**: Maintain a "Buy" rating on Horizon Robotics, with a significant upside potential based on projected revenue growth and market expansion [1][25]

地平线机器人-W系列 车中旭霞 智能驾驶芯片深度 《 智能驾驶芯片行业专题-智能驾驶进入快车道，地平线机器人-W和黑芝麻智能的投资价值分析 》——20250207 公司点评 《 地平线机器人-W（09660.HK）-2024年收入同比增长54%，智能平权时代征程6系列芯片加速放量》 ——20250328 《地平线机器人-W（09660.HK）-地平线征程6量产上车，共启全民智驾时代新篇》 ——20250309 核心观点 2024年公司实现营业收入23.8亿元，同比增长54% 2024年，地平线机器人-W实现总收入为23.8亿元，同比增长53.6%；净利润为23.5亿元，2023年为-67.39亿元，主要系 优先股及其他金融负债的公允价值变动收益46.77亿元影响（2023年为-47.6亿元）。2024年公司经调整经营亏损14.95 亿，相比2023年的16.87亿元有所收窄。 分业务来看， 2024年，汽车解决方案收入23.12亿元，同比增加57.2%，1）汽 车产品解决方案收入6.64亿元，同比增加31.2%，主要系公司全年交付量增加所推动；2）授权及服务业务收入16.58亿 元，同比增加70.9%，主要是 ...