金吾财讯 | 招银国际研报指，预计地平线机器人(09660)1H26销量同比增长16%至229万套。随着产品组合优化，该机构预测1H26产品解决方案平均售价将同比增长24%至488元。假设1H26授权及服务收入达到10亿元，该机构预计地平线1H26总收入将同比增长44%至22.6亿元，毛利率将同比收窄5个百分点至60.4%。该机构测算可转债可能带来63亿元的公允价值收益。综上，该机构预计地平线1H26净利润为48亿元，调整后净亏损同比收窄2亿元至11亿元。HSD销售将从2H26加速：尽管HSD在长安和奇瑞的渗透速度略低于该机构此前预期，但该机构认为比亚迪将从2H26起成为HSD的重要客户。此外，地平线的舱驾一体芯片将于三季度SOP，将有助于扩大客户基盘并推动HSD销售。该机构并不过分担心车企自研芯片的影响，更多论述详见该机构于7月9日发布的深度报告。估值：该机构维持2026年收入预测60亿元。维持“买入”评级，目标价7.8港元，基于10倍2027年预期市销率。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.