The trend of accelerated transformation of China's automotive industry into an intelligent one has opened up growth space for Horizon Robotics, the country's largest mass-produced intelligent driving technology company.
On March 21, Horizon Robotics-W (9660.HK) released its first performance announcement after listing, showing that its full-year revenue in 2024 was 2.384 billion yuan, a year-on-year increase of 53.6%; gross profit was 1.841 billion yuan, a year-on-year increase of 68.3%. The adjusted net loss was 1.681 billion yuan, an increase of 2.8% from the previous year.
Founded in 2015, Horizon Robotics is a domestic supplier of advanced driver assistance systems (ADAS) and advanced intelligent driving (AD) solutions for passenger cars. By the end of 2024, Horizon Robotics will have a market share of more than 40% in China's OEM advanced driver assistance market. Its continued breakthrough in the industry's technological ceiling is inseparable from long-term high R&D investment. Horizon Robotics' R&D expenditure in 2024 was 3.156 billion yuan, a year-on-year increase of 33.4%, and the proportion of R&D expenditure in total revenue has gradually narrowed.
Industry data shows that by 2024, the smart driving equipment rate of Chinese passenger cars will reach more than 65%, among which the sales volume of models equipped with high-end smart driving solutions will increase to 19.5% of all smart cars.
At present, Horizon's products have been adopted by 27 OEMs (42 OEM brands), among which the top ten OEMs in China have all chosen Horizon's intelligent driving solutions.
In 2025, with the delivery of high-end intelligent driving systems such as BYD Tianshengzhiyan C and Ideal AD Pro equipped with Journey 6 series computing solutions, the cumulative delivery volume of Journey series computing solutions is expected to exceed 10 million sets, and Horizon will become China's first intelligent driving technology company to achieve mass production of tens of millions.
