地平线机器人-W(9660.HK):智驾解决方案量价齐升 海外、ROBOTAXI拓展进度超预期

中信建投证券
Sep 09, 2025

核心观点地平线机器人发布2025H1 业绩。公司实现营收15.67 亿元,同比增长67.6%。25H1 实现经调整经营亏损扩大至15.9 亿元,去年同期亏损11.1 亿元。分业务来看解决方案业务量价齐升,表现超预期。公司研发投入加码高阶智驾,智驾解决方案龙头地位稳固,市场份额维持第一。目前公司在手订单充沛,海外拓展成效明显。随着9 月配套星途的首款车型量产,全场景辅助驾驶能力有望得到验证,并从C ...

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