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《大行》華泰證券首次覆蓋地平線機器人(09660.HK)予「買入」評級 目標價9.28元
華泰證券發表報告,首次覆蓋地平線機器人(09660.HK),給予「買入」評級,基於2025年預測市銷率31.1倍,目標價9.28元。公司是市場領先的乘用車高級輔助駕駛芯片和解決方案供應商,旨在賦能汽車及機器人,推動終端智能化。 該行認為,地平線有望受惠於理想(02015.HK)、比亞迪(01211.HK)、大眾等車企持續推動高階輔助智駕功能快速增長;子公司地瓜機器人深耕泛機器人領域,卡位機器人芯片。同時看好公司2025年J6系列芯片和城市HSD算法放量,逐步開啟機器人領域產品應用。該行預計地平線2025至2027年的芯片出貨量有望達400萬、522萬及693萬顆,實現收入36.6億、55.4億及78.2億元人民幣。 市場擔憂地平線出海存在較大的不確定性。該行認為其海外競爭對手Mobileye、TI在高算力芯片上量產落後,英偉達(NVDA.US)則在成本控制和智駕軟件能力上存在不足。海外汽車市場對高階智駕的需求愈加迫切,地平線已經和博世、電裝、大陸等龍頭Tier1展開合作,有望從2026年起進軍海外市場。
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