Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The electric vehicle (EV) sector has established a strong foothold, while the intelligent driving segment is poised for significant growth. The penetration rate of domestic new energy vehicles continues to rise, with urban NOA becoming a new focal point for intelligent driving, particularly in models priced below 200,000 [5][6]. - The market for advanced driver-assistance systems (ADAS) and high-end autonomous driving solutions is projected to grow substantially, with the market size expected to increase from RMB 61.9 billion in 2023 to RMB 1,017.1 billion by 2030, reflecting a compound annual growth rate (CAGR) of 49.2% [6]. - The company has developed a comprehensive intelligent driving solution that integrates software and hardware, enhancing safety and user experience. This solution is designed to meet the complex requirements of advanced driving systems [7]. - The launch of the Journey 6 series aims to accelerate the mass production and application of intelligent driving technologies, with over 20 automotive manufacturers already collaborating on this platform [8]. - The company is actively expanding its global market presence, focusing on Japan, South Korea, and Europe, and has established strategic partnerships with industry leaders to enhance its offerings [10]. Financial Projections - The company is expected to achieve revenues of RMB 2.335 billion, RMB 3.332 billion, and RMB 4.679 billion for the years 2024, 2025, and 2026, respectively. The projected net losses for the same years are RMB 2.650 billion, RMB 1.527 billion, and RMB 906 million [11][13]. - The report indicates a significant growth rate in revenue, with an expected increase of 50% in 2024 and 43% in 2025 [13]. - The earnings per share (EPS) is projected to improve from -2.50 in 2023 to -0.07 in 2026, indicating a trend towards profitability [13].
地平线机器人-W：智驾引领新时代