Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][145]. Core Insights - Horizon Robotics is a leading supplier of ADAS and AD solutions, having established a significant market presence since its founding in 2015. The company went public on the Hong Kong Stock Exchange in October 2024 [1][25]. - The smart driving industry is expected to grow significantly, with increasing penetration rates for ADAS and AD technologies. By 2030, the market for high-level autonomous driving in China is projected to exceed 400 billion RMB [2][54]. - The company focuses on "soft and hard synergy" in the high-barrier smart driving chip sector, leveraging its first-mover advantage to enhance market share [3][4]. Summary by Sections Company Overview - Horizon Robotics is recognized as a top-tier provider of advanced driver-assistance systems (ADAS) and high-level autonomous driving (AD) solutions, serving major OEMs and Tier 1 suppliers in the automotive industry [25][27]. - The company has achieved a leading market share in L2 and below (33.73%) and L2+ and above (14.7%) chip markets in China [27][29]. Industry Outlook - The smart driving industry has vast potential, with policies from various countries promoting automotive intelligence. The penetration rate for L3 autonomous driving is expected to increase significantly with the introduction of relevant regulations [2][54]. - The global market for smart vehicles is projected to reach 81.2% penetration for ADAS and AD by 2026, with sales expected to reach 20.4 million units [2][54]. Competitive Advantages - The company has a strong product lineup, including the "Journey" series of chips, which cater to a wide range of driving scenarios from L2 to L4 [3][77]. - Horizon Robotics has established a flexible business model that includes product solutions, algorithm licensing, and technical services, which are becoming the main revenue sources [30][31]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 23.76 billion, 35.60 billion, and 53.58 billion RMB, respectively, with year-on-year growth rates of 53%, 50%, and 51% [4][126]. - The company is expected to narrow its losses over the same period, with net profits projected at -64.37 million, -17.58 million, and -3.00 million RMB [4][126]. Valuation - The company's current market valuation is 475 billion HKD, with projected price-to-sales (P/S) ratios of 19x, 13x, and 8x for 2024-2026, indicating a valuation below that of comparable companies [4][145]. - The report suggests that the company possesses a certain level of scarcity and premium potential due to its leading position in the ADAS and AD solution market [4][145].
地平线机器人-W：投资价值分析报告：国内领先的智驾解决方案供应商，软硬件深度协同助力扩大市场份额