《大行》大華繼顯看好地平線機器人(09660.HK)內地市場 首予「買入」評級
大華繼顯發表研究報告指,地平線機器人(09660.HK)在中國內地擁有獨特的軟硬體整合能力,預計地平線機器人的高級輔助駕駛系統(ADAS)晶片解決方案,到2027年將在中國車企中佔有54%的市場份額,因其充分利用汽車晶片的本地化優勢,並滲透更多大眾市場電動車。
大華預測該公司2025年至2027年銷售年均複合增長率達57.5%,並預計該公司將於2028年實現盈虧平衡。大華首次覆蓋該股,予「買入」評級,基於2027年企業價值與銷售比率10.1倍,目標價為7.45港元。
為應對潛在的美國晶片限制,中國目標在2025年前實現25%的國產晶片自給率。大華認為地平線憑藉其穩固的客戶基礎、對本地需求的理解以及成本效益高的解決方案,是中國汽車晶片本地化的主要受益者。
此外,隨著比亞迪(01211.HK)(002594.SZ)等領先車企推動價格超過10萬元人民幣(下同)的大眾市場電動車搭載先進智能駕駛,地平線的Journey方案已部署於超過100萬輛比亞迪車輛,預計將進一步滲透價格在10萬至20萬元區間、佔內地電動車總量38.5%的市場。
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