机构：民生证券 研究员：崔琰/完颜尚文 事件：公司发布2025H1 财报：2025H1 实现营收15.67 亿元，同比+67.64%；归母净利润为-52.33 亿元， 同比-1.35 亿元；Non-GAAP 净利润为-13.33 亿元，同比-5.29 亿元。 高速NOA 成为核心增长动力 车型定点数量创新高。在智驾平权的行业趋势之下，消费者对中高阶辅助 驾驶功能认可度不断提升，2025H1 公司车载级征程系列处理器硬件出货量达198 万套，同比实现翻倍 增长，其中支持高速公路辅助驾驶功能的处理器硬件出货量达98 万套，占总出货量的49.5%，为 2024H1的6 倍，主要由征程6 系列产品推动。截至2025H1，公司已累计获得近400 款新车型定点，其中 具备高速公路辅助驾驶及以上功能的定点车型超过100 款。 2025H1，超过15 款搭载公司中高阶辅助驾驶解决方案的车型成功量产上市。 海外拓展成效初见 全球客户不断突破。通过与全球合作伙伴的紧密合作，并依托基于征程6B 处理器硬 件打造的新一代基础辅助驾驶解决方案HorizonMono，公司已获得两家日本车企在中国以外市场的车型 定点，预计将为公司带来全生 ...

Investment Rating - The report assigns a "Buy" rating for Horizon Robotics (9660.HK) [3] Core Insights - Horizon Robotics is positioned as a leader in the new generation of automotive intelligent chips and a world-class AI algorithm company, focusing on software-defined principles and exploring new boundaries in intelligent driving [5][14] - The intelligent driving market is expected to grow significantly, with the AD market projected to take over from ADAS as the main growth driver, achieving a market size of 407 billion yuan by 2030 [12][37] - The company has a leading market share in the intelligent driving computing solutions market, with a 28.65% share in the first half of 2024, and is expected to further increase its share in the OEM ADAS and AD markets [11][57] Summary by Sections Company Overview - Horizon Robotics focuses on intelligent driving chip platforms, full-scene intelligent driving solutions, and supporting toolchains, establishing itself as a comprehensive supplier in the industry [5][14] - The company has launched several intelligent driving chips, including J2, J3, J5, and J6, and has developed a self-adaptive BPU computing unit that maximizes computational efficiency [14] Market Growth - The AD+ADAS market in China has seen a compound annual growth rate (CAGR) of 57.8% from 2019 to 2023, with the AD market growing at a CAGR of 144.2% [12][37] - By 2030, the AD market is expected to reach a size of 407 billion yuan, with a CAGR of 48.8% from 2025 to 2030 [12][37] Competitive Position - Horizon Robotics has a steadily increasing market share, with 41% in the ADAS market and over 30% in the AD market among Chinese OEMs by the end of 2024 [12][57] - The company has established partnerships with major OEMs, including BYD, Geely, and Chery, to support their intelligent driving strategies [61][69] Financial Projections - Revenue projections for Horizon Robotics are expected to reach 36.10 billion yuan in 2025, 56.97 billion yuan in 2026, and 80.53 billion yuan in 2027, with corresponding growth rates of 51%, 58%, and 41% respectively [6] - The company anticipates a return to profitability by 2027, with a projected net profit of 668 million yuan [6] Customer Base and Partnerships - Horizon Robotics has a broad customer base, covering major domestic automakers and new energy vehicle manufacturers, which positions it well for future growth as the demand for intelligent driving solutions increases [69]