金吾财讯 | 高盛发研报指，看好地平线机器人(09660)作为中国领先的智能驾驶芯片供应商之一。由于更多客户要求高端解决方案，即其Superdrive配备J6平台及相应的软件解决方案（如NOA），导致每个客户每年支出增加。
该行指，集团日前宣布，其J6芯片开始在汽车上大量出货。截至2024年12月，地平线已与20多个汽车品牌完成Journey6验证，高盛预计，集团今年开始将验证转化为生产，为其带来收入增长。同时预计J6系列将占各占集团2025-2027年总收入的3%/13%/40%。
另外，地平线机器人主要客户比亚迪股份(01211)亦表示要将高端智能驾驶带给大众。高盛认为，地平线机器人J6平台的推出，正值中国智能驾驶加速普及的时间窗口，预计将在2025-2026年开始进入量产。该行指，因收入及毛利率增加，故上调对集团2024-2030年净利润预测。基于盈利修订，将公司目标价由6.1港元上调14%至6.95港元。由于集团仍处扩张及亏损阶段，该行相信，其贴现EV/EBITDA估值方法能适当捕捉集团的长期增长机会。维持“买入”评级。
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