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
2025-08-29 02:19
28 August 2025 | 12:30PM HKT Horizon Robotics (9660.HK): SuperDrive and J6P mass production in 2H25 to drive mix upgrade; 1H25 Rev +68% YoY while OP missed; Buy Horizon Robotics 1H25 revenues were better-than-expected at 68% YoY on Journey 6 shipment ramp-up, while OP missed on increase of cloud services fees for algorithm training. We are positive on the company's mass production of HSD (Horizon Robotics SuperDrive) on the Journey 6P platform with 560 TOPS from 2H25E, with urban NOA (Navigate on Autopilot) ...