【券商聚焦】民生证券维持地平线机器人(09660)“推荐”评级指其有望凭借性能与性价比扩大市场份额

金吾财讯

Jun 06, 2025

金吾财讯 | 民生证券研报指，地平线机器人(09660)深耕全场景智能驾驶解决方案，持续加速产品迭代，已经形成汽车解决方案为主、非车解决方案作为补充的业务布局，核心业务汽车解决方案由“产品解决方案+授权服务业务”双轮驱动。公司已建立起庞大优质客户群，覆盖全球头部主机厂和汽车Tier1。

行业端，高阶智驾有望迎来加速渗透拐点，智能驾驶正在从高端市场向主流价格区间渗透，2025年有望成为智驾平权元年；自研vs第三方层面，该机构认为全栈自研资金、人才与技术门槛极高，自研芯片的年需求量若低于100万片很难具备经济性。人形机器人层面，2025年或将成为人形机器人规模化量产元年，人形机器人主控芯片远期市场规模为百亿级别。

该机构指，公司是国产智驾方案龙头，具备软硬结合的全栈技术能力，已形成覆盖L2到L4级智能驾驶芯片方案的完整布局，以及覆盖主流高级辅助驾驶到高阶自动驾驶解决方案组合，以开放理念持续赋能车企合作伙伴加速智驾方案规模量产，有望凭借性能与性价比两大优势扩大市场份额。该机构预计公司20252027年营收36.0/52.6/76.5亿元，按照2025年6月4日收盘价7.31港元，对应2025-2027年PS分别为25/17/12倍，维持“推荐”评级。

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