SIASUN(SZ:300024)2025-10-14 14:44Summary of Horizon Robotics Conference Call Company Overview - Company: Horizon Robotics (9660.HK) - Industry: Technology, specifically focusing on cloud computing and intelligent driving technology Key Points Financial Highlights - Shares Placement: Completed in October 2025, issuing 639 million shares at HK$9.99 per share, raising net proceeds of HK$6.4 billion [1][2] - Use of Proceeds: - 60% for R&D to advance technological capabilities - 20% for investment in business partners - 10% for investment in emerging sectors - 10% for overseas business expansion [3][4] Growth Strategy - R&D Focus: Investment primarily directed towards cloud resource and intelligent driving technology advancements, including the mass production of HSD (Horizon Robotics SuperDrive) and the Journey 6P platform [1][4] - Market Expansion: Plans to expand operations in the EU and secure design wins from Japanese OEM clients [4] Earnings Revision - Revenue Projections: Revised upwards by 1% to 5% for 2027-2030, driven by the company's SoC platform with a higher price-to-performance ratio [5][9] - Net Income: Expected to increase by 5% to 7% in 2027-2030 due to higher revenues despite lower gross margins and increased operating expenses [9][10] Valuation - Target Price: Revised to HK$14.11 based on an EV/EBITDA multiple of 26.0x, reflecting the company's growth potential [10][14] - Market Capitalization: Approximately HK$113.2 billion [16] Risks - Key Risks: - Increased competition and pricing pressure in the auto supply chain - Slower product mix upgrades towards autonomous driving - Delays in expanding the customer base - Supply chain risks due to geopolitical tensions [15] Financial Metrics - Revenue Growth: Expected to grow significantly from Rmb 1,552 million in 2023 to Rmb 33,984 million by 2030, with a projected revenue CAGR of 68% from 2025 to 2030 [12][13] - Gross Margin: Expected to decline from 70.5% in 2023 to 53.1% by 2030 [12][13] Conclusion - Horizon Robotics is positioned for growth through strategic investments in R&D and market expansion, despite facing competitive and operational risks. The revised target price reflects confidence in the company's long-term potential in the technology sector. The recommendation remains a "Buy" based on the anticipated growth trajectory and market positioning [1][10][14].