--- title: "Horizon Robotics Analysis" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/31721493.md" description: "1. Company Profile and Industry Positioning Horizon was founded in 2015 and is a leading provider of intelligent driving computing solutions in China, focusing on advanced driver assistance systems (ADAS) and high-level autonomous driving (AD) solutions. It was listed on the Hong Kong Stock Exchange in October 2024, raising HKD 5.4 billion. The company is positioned as a Tier 2 supplier, providing full-stack intelligent driving solutions to automakers through a combination of hardware and software (chips + algorithms). Its customers cover 27 OEMs (42 brands), including BYD, Li Auto, Volkswagen, and Chery, with over 285 vehicle models equipped..." datetime: "2025-07-11T14:13:24.000Z" locales: - [en](https://longbridge.com/en/topics/31721493.md) - [zh-CN](https://longbridge.com/zh-CN/topics/31721493.md) - [zh-HK](https://longbridge.com/zh-HK/topics/31721493.md) author: "[ThompsonGuo](https://longbridge.com/en/profiles/20216233.md)" --- # Horizon Robotics Analysis ### **1\. Company Overview and Industry Positioning** Horizon Robotics was founded in 2015 and is a leading **provider of intelligent driving computing solutions** in China, focusing on advanced driver assistance systems (ADAS) and high-level autonomous driving (AD) solutions. It went public on the Hong Kong Stock Exchange in October 2024, raising HKD 5.4 billion. The company is positioned as a **Tier 2 supplier**, offering full-stack intelligent driving solutions to automakers through a combination of hardware and software (chips + algorithms). Its customers include 27 OEMs (42 brands) such as BYD, Li Auto, Volkswagen, and Chery, with its solutions deployed in over 285 vehicle models. ### **2\. Core Business and Technological Advantages** #### **(1) Product Portfolio and Technological Barriers** **Journey Series Chips**: **Journey 6 Series (launched in 2024)**: Includes 6 models (J6B/J6L/J6E/J6M/J6H/J6P), covering scenarios from low-level ADAS to high-level urban NOA: **J6P Flagship Chip**: Computing power of 560 TOPS, supports BEV/Transformer end-to-end models, performance comparable to NVIDIA Thor, with a cost approximately RMB 1,000 lower per vehicle than NVIDIA Orin. **J6M (Urban NOA)**: CPU computing power of 137 kDMIPS, surpassing NVIDIA Orin N, already used in BYD's "Eye of Heaven" C solution. **Technical Architecture**: Self-developed **BPU Nash architecture**, optimized for Transformer, with computing power efficiency reaching 85% (NVIDIA only 30-40%), achieving extreme energy efficiency through hardware-software synergy. **Solutions**: **Horizon Mono** (L2 active safety), **Pilot** (highway NOA), **SuperDrive** (full-scenario urban NOA), mass production scheduled for September 2025. #### **(2) Ecosystem and Business Model** **Open Toolchain**: Tiangang Kaiwu (algorithm development), Tage (middleware), and Aidi (software platform) lower the development threshold for automakers, forming an ecosystem moat similar to CUDA. **Revenue Model**: Hardware sales (chips/domain controllers) + software licensing services (increasing proportion of IP licensing), with a gross margin of 70.5% in 2023. ### **3\. Financial Performance and Growth Potential** Metric 2023A 2024H1 2025E 2026E **Revenue (RMB billion)** 15.52 9.35 34.76–36.10 53.40–56.97 **YoY Growth** 71.3% 151.6% 51% 58% **Adjusted Net Profit** Narrowed loss \-RMB 0.8B \-RMB 1.314B \-RMB 0.774B **Gross Margin** 70.5% \- Maintained \>70% Optimizing **Drivers**: In 2024, intelligent driving solutions shipped 2.9 million units, with cumulative deliveries reaching 7.7 million units, capturing **33.97%** of China's independent brand ADAS market (ranked first). By 2025, L2+ intelligent driving penetration is expected to reach **20%**, with NOA functionality extending to vehicles priced as low as RMB 150,000, and Horizon Robotics is strengthening partnerships with leading automakers. ### **4\. Market Competitiveness Analysis** **Comparison Dimension** **Horizon Robotics' Advantages** **Main Competitors** **Technical Approach** Full-stack self-developed hardware-software integration (algorithm-defined hardware) NVIDIA: Hardware + basic software, lacks algorithms **Computing Efficiency** BPU utilization 85% vs. NVIDIA 30-40% Mobileye: Closed ecosystem, slow iteration **Cost** J6 solution RMB 1,000 cheaper per vehicle than NVIDIA Momenta: Pure software, relies on third-party hardware **Ecosystem Openness** Toolchain supports rapid development by automakers Huawei: Full-stack but deeply tied to automakers, limited options **Conclusion**: Horizon Robotics, with its **open ecosystem + extreme cost-performance ratio**, has become the "greatest common divisor" for automakers' intelligent driving democratization. ### **5\. Industry Trends and Catalysts** **Policy and Demand**: China's L2+ penetration rate rose from 38% in 2023 to 55.8% in 2024, with NOA pre-installation reaching 8.62%; global AD market size is projected to reach RMB 998.2 billion by 2030 (RMB 403.2 billion in China). **Technological Inflection Point**: By 2025, end-to-end large models will enter mass production (e.g., HSD system), driving intelligent driving from "usable" to "user-friendly." **Tesla FSD in China**: Intensifies competition but accelerates iteration of local solutions, with Horizon's J6P performance comparable to FSD hardware. ### **6\. Risk Warnings** **Profit Pressure**: High R&D investment (2023 R&D expense ratio \>50%), may continue to incur losses before 2026. **Intensified Competition**: High-end solutions like NVIDIA Thor and Huawei ADS 3.0 squeeze the market. **Supply Chain Risks**: Automotive-grade chips rely on TSMC for production, geopolitical factors may impact capacity. ### **7\. Investment Value and Recommendations** **Short-term (1 year)**: **Buy Range**: HKD 6.8–7.2 (2025 PS 18-19x), current price HKD 7.05 near valuation midpoint. **Target Price**: HKD 8.5 (+20% upside), catalyzed by 2025 urban NOA mass production + Chery partnership. **Medium-to-long-term (2026+)**: **Inflection Signal**: Profitability expected in 2027 (projected net profit RMB 668 million), PS drops to 9-11x, market cap outlook HKD 120 billion. **Strategy**: **Price (HKD)** **Positioning Advice** **Logic** **Win Rate** **≤6.8** Increase to 50% High valuation safety margin, technical pullback complete 75% **7.0–7.2** Build 30% position Industry beta + new product volume 65% **≥8.5** Reduce to 10% Short-term valuation fully priced in 80% **Stop Loss** **<6.0** (-15%) Technical breakdown or industry penetration below expectations \- > 💡 **Key Conclusion**: **Current price HKD 7.05 is suitable for building a 30% position, increase to 50% if it falls to HKD 6.8, target price HKD 8.5 (win rate 65%-75%), 2025 dynamic PS 19x is reasonable, long-term beneficiary of intelligent driving penetration leap**. ### Related Stocks - [BYDDF.US](https://longbridge.com/en/quote/BYDDF.US.md) - [81211.HK](https://longbridge.com/en/quote/81211.HK.md) - [002594.CN](https://longbridge.com/en/quote/002594.CN.md) - [BYDDY.US](https://longbridge.com/en/quote/BYDDY.US.md) - [01211.HK](https://longbridge.com/en/quote/01211.HK.md) - [09660.HK](https://longbridge.com/en/quote/09660.HK.md) - [HYDD.SG](https://longbridge.com/en/quote/HYDD.SG.md)