地平线机器人 - 拓宽 “驾驶者” 视野

Summary of Horizon Robotics Conference Call Company and Industry Overview - Company: Horizon Robotics (Ticker: 9660.HK) - Industry: China Autos & Shared Mobility - Market Capitalization: Rmb124,906.9 million - Current Share Price: HK$10.17 (as of September 15, 2025) - Price Target: HK$10.50 - 52-Week Range: HK$10.64 - HK$3.32 - Average Daily Trading Value: HK$829 million [7][10] Key Developments - Horizon SuperDrive (HSD) Upgrade: The HSD urban driving assistance system has been upgraded to an end-to-end architecture with reinforcement learning capabilities, set to begin mass production soon [2][10]. - Performance Improvements: The upgrade has reduced latency by 25-50% compared to the previous rule-based model, leading to a smoother and more human-like driving experience [3][10]. - Test Ride Insights: During a 40-minute test ride, the upgraded HSD system demonstrated significant improvements in handling urban scenarios, although it did not utilize lidar technology [4][10]. Strategic Insights - Market Positioning: The J6P+HSD platform's adaptive generalization capability allows it to cater to diverse client needs, with most project wins being for J6P/HSD bundles [5][10]. - Future Market Trends: The transition from L2.5 to L3 automation is anticipated to be a critical competitive battleground, with L4/Robotaxi capabilities also being a future goal [5][10]. Financial and Market Analysis - Valuation Methodology: The valuation is based on a probability-weighted DCF model with a WACC of 13.1% and a long-term growth rate of 3% [11][10]. - Risks: Potential risks include slower-than-expected ADAS/AD adoption in China, supply chain disruptions, and competition from OEMs developing in-house hardware [13][10]. Conclusion - Commercialization Significance: The commercialization of HSD is viewed as a pivotal step for Horizon Robotics to expand its business scope beyond mass market hardware offerings, enhancing its competitive edge in the autonomous driving technology sector in China [10][11].