美银证券表示，在参加了地平线机器人-W(09660)财报后投资者会议后，因公司近期在国内外市场的车 型设计导入进展顺利，该行对其未来增长前景更加乐观。该行认为，公司今年有望从至少4-5家汽车制 造商获得高端HSD解决方案的设计订单，预计将推动其J6P芯片出货量从2025年预计的4万件，增至2026 年的43万。 消息面上，近日，地平线机器人-W发布2025年上半年业绩公告。公告显示，公司上半年收入15.67亿 元，同比增长67.6%；毛利润达10.24亿元，综合毛利率65.4%；现金储备161亿。2025年上半年地平线总 体业绩延续去年狂飙增长势头，核心财务指标迈上新高度。 高盛指出，地平线机器人-W上半年收入同比增长68%，好过预期，主要因Journey 6出货量攀升。该行 对地平线超级驾驶(HSD)系统于下半年起量产持积极看法。另外，地平线机器人上半年NOA功能产品出 货量达98万件，占总出货量50%，推动平均售价提升。该行预期产品组合将持续向更高端的软硬件整合 解决方案升级 智通财经APP获悉，地平线机器人-W(09660)涨近5%，截至发稿，涨4.98%，报9.91港元，成交额7.23亿 港元。 ...

Investment Rating - The report maintains a "Buy" rating for Horizon Robotics with a 12-month price target of HK$13.33, indicating an upside potential of 106.0% from the current price of HK$6.47 [11]. Core Insights - The management is optimistic about the growth of autonomous driving (AD) and advanced driver-assistance systems (ADAS) in China, particularly with local car OEMs pushing for urban Navigate on Autopilot features in the mainstream price segment of Rmb150,000 (approximately US$21,000) [2][3]. - Horizon Robotics is focusing on product mix upgrades from ADAS to AD, which is expected to drive an increase in average selling price (ASP) due to enhanced computing power [3]. - The company is committed to increasing its R&D investments, particularly in developing integrated software-hardware solutions, which will allow it to charge software fees based on car shipments rather than project-based fees [7]. Summary by Sections 1. Market Outlook - The total addressable market (TAM) for AD and ADAS is growing, with management highlighting the competitive landscape among local car OEMs as a key driver for increased demand [2]. - The Journey 6 product is identified as a significant driver for shipment increases in the AD solutions segment [2]. 2. Product Development - The transition from ADAS products (e.g., Journey 2 and 3) to more advanced AD products (e.g., Journey 6) is expected to enhance ASP due to the substantial increase in computing power from 4-5 TOPS to 560 TOPS [3]. - Future plans include the development of a higher computing power J7 platform, estimated at around 2000 TOPS, to meet the growing demand for advanced features [3]. 3. R&D Commitment - Horizon Robotics is allocating more resources to R&D, particularly in cloud computing, to develop stronger algorithms and enhance its software-hardware integration [7]. - The company aims to penetrate the majority of car OEMs in China that lack in-house algorithms for advanced ADAS/AD features [7]. 4. Strategic Partnerships - The joint venture with Volkswagen, Carizon, is expected to yield its first car model by the end of 2025, with management anticipating a significant share of Volkswagen's car models in the China market [8].