《大行》里昂料地平線機器人(09660.HK)中期收入升5成 目標10.5元評級「跑贏大市」
里昂發表報告指,渠道消息顯示地平線機器人(09660.HK)6月自動駕駛(AD)銷量有所上升,因此預期受AD銷量及平均售價(ASP)增長帶動下,上半年產品收入將按年翻近3倍,而授權收入因項目週期影響預計按年持平。
綜合而言,料地平線機器人上半年收入將按年升逾50%至14億元人民幣,但整體毛利率可能跌至低於70%,因較低毛利的產品解決方案佔比提升。同時,因租用更多算力資源,上半年研發支出將顯著增加至最少20億元人民幣,因此預期上半年經調整淨虧損預計將擴大至11億元人民幣。
隨著地平線機器人資金增加及產業AD研發進程加快,該行將全年研發費用預測由40億元上調至45億元人民幣,預期2026及2027年研發支出將不低於50億元人民幣。除非競爭格局有很大轉變,該行料公司將延遲至2028年才能達成盈虧平衡;現予目標價10.5元及「跑贏大市」評級。
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