Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading provider of automotive intelligent driving solutions in China, focusing on both software and hardware integration to drive long-term growth [2][4]. - The company has achieved significant revenue growth, with a 152% year-on-year increase in total revenue for the first half of 2024, reaching 940 million yuan [2]. - The market for advanced driver assistance systems (ADAS) and high-level autonomous driving solutions is expected to grow rapidly, with a projected CAGR of 49% from 2023 to 2030 [3]. Summary by Sections 1. Leading Automotive Intelligent Driving Solution Provider - The company has been dedicated to developing automotive intelligent driving solutions since its establishment in 2015, with products covering advanced driver assistance to high-level autonomous driving [2]. - As of June 30, 2024, the company has secured 275 model designations for its intelligent driving solutions, which is expected to significantly boost revenue [2][4]. - The company’s revenue for the first half of 2024 was 940 million yuan, with a net loss of 1.1 billion yuan, indicating ongoing investment in R&D [2][4]. 2. Accelerating Penetration of High-Level Autonomous Driving - The penetration of high-level autonomous driving models is accelerating, presenting opportunities for both volume and price increases in intelligent driving solutions [3]. - The global market for high-level ADAS and autonomous driving solutions is projected to grow from 61.9 billion yuan in 2023 to 1,017.1 billion yuan by 2030 [3]. - The company ranks fourth among global providers of high-level ADAS and autonomous driving solutions in China, with a market share of 15.4% as of mid-2024 [3]. 3. Comprehensive Layout Around Intelligent Driving Chips - The company offers three main intelligent driving solutions: Horizon Mono, Horizon Pilot, and Horizon SuperDrive, each targeting different aspects of driving safety and automation [4]. - The company has made significant advancements in its intelligent driving chips, moving from the Journey 1 to Journey 5, and is currently accelerating the development of the next-generation Journey 6 [4]. - The company’s intelligent driving solutions have been adopted by 27 OEMs, covering over 285 vehicle models, which enhances its market competitiveness [4]. 4. Profit Forecast and Investment Recommendations - The company is expected to benefit from the increasing sales of high-level autonomous driving vehicles in China, with projected revenues of 21.2 billion yuan, 30.5 billion yuan, and 45.8 billion yuan for 2024, 2025, and 2026, respectively [4]. - The forecasted net profits for the same period are 896.8 million yuan, -58.2 million yuan, and 10 million yuan, indicating a potential turnaround in profitability [4].
地平线机器人-W：国内智驾解决方案领军企业，软硬件协同蓄力长期成长