地平线_2025 年下半年超级驾驶（SuperDrive）和 J6P 大规模量产，推动产品结构升级；2025 年上半年收入同比增长 68%，但营业利润不及预期；买入评级

Summary of Horizon Robotics Conference Call Company Overview - Company: Horizon Robotics (9660.HK) - Industry: Autonomous Driving Technology Key Financial Highlights - 1H25 Revenue: Rmb1.6 billion, representing a 68% YoY increase and 8% HoH increase, exceeding estimates by 6% and 9% respectively [1][3] - Gross Margin: 65.1% in 1H25, consistent with expectations [3] - Operating Loss: Rmb1.855 billion in 1H25, higher than the estimated loss of Rmb1.412 billion due to increased cloud service fees [3][7] - Net Loss: Rmb5.233 billion in 1H25, significantly worse than the expected loss of Rmb1.4 billion [3][7] Product Development and Market Strategy - Mass Production Plans: The company plans to start mass production of the Horizon Robotics SuperDrive (HSD) on the Journey 6P platform in 2H25, targeting urban NOA features in vehicles [1][2] - Product Mix Upgrade: Anticipated ramp-up of HSD and J6P platform in 2026, with expectations for higher dollar content per vehicle due to increased ASP [2] - Urban NOA Penetration: The HSD solution is expected to penetrate lower-priced car models, enhancing the product mix towards higher-end integrated solutions [1][2] Market Performance and Future Outlook - Highway NOA Shipments: Shipments of highway NOA-capable products reached 0.98 million in 1H25, accounting for 50% of total shipments, contributing to improved blended ASP [1] - Revenue Projections: Revenue estimates for 2025E revised up to Rmb3.605 billion, reflecting a 1% increase from previous estimates [8][16] - Target Price: The 12-month target price is set at HK$14.00, indicating a potential upside of 76.3% from the current price of HK$7.94 [16] Risks and Challenges - Competitive Landscape: Risks include increased competition and pricing pressure in the auto supply chain amid slow demand [15] - Product Mix Transition: Potential delays in the transition towards advanced driver-assistance systems (ADAS) could impact growth [15] - Supply Chain Vulnerabilities: Geopolitical tensions may pose supply chain risks [15] Conclusion - Horizon Robotics is positioned for growth with strong revenue increases driven by product innovation and market expansion. However, the company faces significant challenges, including operational losses and external market pressures. The outlook remains positive with a maintained "Buy" rating based on anticipated product advancements and market penetration strategies.