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<html lang="zh-CN" data-theme="night">
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<title>地平线概念 - 深度投研报告</title>
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</head>
<body class="min-h-screen font-sans antialiased">
<div class="container mx-auto p-4 md:p-8">
<header class="text-center mb-12">
<h1 class="text-4xl md:text-6xl font-bold tracking-wider fui-title text-slate-100">地平线概念</h1>
<h2 class="text-xl md:text-2xl text-slate-300 mt-2 tracking-wide">深度投研报告</h2>
<p class="text-xs text-slate-500 mt-4 max-w-2xl mx-auto">
北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现本报告为AI合成数据投资需谨慎。
</p>
</header>
<main class="grid grid-cols-12 gap-6">
<!-- Core Insight -->
<section class="col-span-12 lg:col-span-8 glass-card rounded-3xl p-6 md:p-8 order-1">
<h3 class="text-2xl font-semibold mb-6 fui-header">核心逻辑与市场认知</h3>
<div class="space-y-6 text-slate-300">
<div>
<h4 class="font-bold text-lg text-emerald-400 mb-2">核心观点摘要</h4>
<p>地平线概念正处在一个由<strong class="text-white">中低阶市场领导者</strong><strong class="text-white">高阶市场挑战者</strong>转型的关键拐点。其核心驱动力在于独特的 “软硬一体+开放生态” 商业模式这使其在“智驾平权”的行业趋势下成为主机厂除英伟达和华为之外最具性价比和灵活性的选择。未来潜力巨大但短期2025年的增长主要由中阶方案放量驱动高阶方案的业绩兑现2026年及以后是决定其能否重塑竞争格局并实现盈利的关键。</p>
</div>
<div>
<h4 class="font-bold text-lg text-emerald-400 mb-2">三大核心驱动力</h4>
<ul class="space-y-3 list-disc list-inside">
<li><strong>技术路径优势 (软硬一体):</strong> 算法定义硬件自研BPU架构为智能驾驶算法量身定制。算力利用率高达<strong class="text-white">约85%</strong>远超竞品GPU的<strong class="text-white">30%</strong>,实现极致性价比,完美契合汽车行业成本敏感性。</li>
<li><strong>商业模式优势 (开放生态):</strong> 定位Tier-2模式灵活提供黑盒与白盒方案赋能主机厂自研。这种“全维利他”策略与华为的封闭生态、英伟达的硬件强势形成差异化竞争赢得大众、比亚迪等广泛客户。</li>
<li><strong>产业趋势顺应 (智驾平权):</strong> 龙头车企正将高阶智驾功能下探至10-20万元主流市场。地平线的<strong class="text-white">征程6E/M芯片</strong>凭借高性价比成为实现“智驾平权”的核心供应商是2025年业绩爆发的最确定逻辑。</li>
</ul>
</div>
<div>
<h4 class="font-bold text-lg text-emerald-400 mb-2">市场热度与预期差分析</h4>
<p class="mb-3">当前市场对地平线概念热度极高,整体情绪乐观但存在分歧。乐观者看好其挑战英伟达垄断地位,谨慎者则关注其高阶方案体验、盈利拐点及高毛利率的可持续性。</p>
<div class="border-l-4 border-amber-400 pl-4 text-sm">
<p class="font-semibold text-amber-300">增长结构预期差:</p>
<p>市场焦点在高阶芯片J6P<strong class="text-white">2025年业绩核心贡献将来自中阶的J6E/M芯片</strong>预计出货200万片高阶故事与近期业绩存在时间节奏差。</p>
<p class="mt-2 font-semibold text-amber-300">盈利拐点预期差:</p>
<p>宏大愿景背后,盈利拐点预计在<strong class="text-white">2027-2028年</strong>收入需达80亿元以上市场可能对短期持续亏损的“阵痛期”预期不足。</p>
<p class="mt-2 font-semibold text-amber-300">机器人业务预期差:</p>
<p>地瓜机器人虽受热捧,但路演数据显示<strong class="text-white">2030年人形机器人业务贡献有限</strong>预计收入1亿元短期无法对估值形成实质性支撑。</p>
</div>
</div>
</div>
</section>
<!-- Financials & Market Performance -->
<section class="col-span-12 md:col-span-6 lg:col-span-4 glass-card rounded-3xl p-6 order-2">
<h3 class="text-2xl font-semibold mb-4 fui-header">市场表现与财务数据</h3>
<div id="revenueChart" class="w-full h-48 mb-4"></div>
<ul class="space-y-3 text-slate-300 text-sm">
<li><strong class="text-sky-300">市场份额:</strong> 2024上半年中国自主车厂ADAS市占率<strong class="text-white">35.9%</strong>,位列第一。</li>
<li><strong class="text-sky-300">出货量:</strong> 累计出货突破<strong class="text-white">800万颗</strong>预计2025年跨越千万大关。征程6系列2025年预计出货<strong class="text-white">400万-700万片</strong></li>
<li><strong class="text-sky-300">毛利率:</strong> 2024上半年综合毛利率高达<strong class="text-white">79%</strong>软件业务毛利超90%。</li>
<li><strong class="text-sky-300">盈利预期:</strong> 研发费用率高企1H24为152%),预计<strong class="text-white">2027-2028年</strong>实现盈亏平衡。</li>
<li><strong class="text-sky-300">现金储备:</strong> IPO后在手现金<strong class="text-white">超百亿元</strong>,财务状况健康。</li>
</ul>
</section>
<!-- Catalysts & Path -->
<section class="col-span-12 md:col-span-6 lg:col-span-4 glass-card rounded-3xl p-6 order-3">
<h3 class="text-2xl font-semibold mb-4 fui-header">催化剂与发展路径</h3>
<div class="space-y-4 text-slate-300">
<div>
<h4 class="font-semibold text-violet-300 mb-2">近期催化剂 (3-6个月)</h4>
<ul class="list-disc list-inside text-sm space-y-1">
<li><strong class="text-white">征程6量产交付 (2025 Q3):</strong> 首搭奇瑞星途车型,市场反馈是第一次大考。</li>
<li><strong class="text-white">比亚迪车型铺货:</strong> 搭载J6E/M的爆款车型销量是验证基本盘的关键数据。</li>
<li><strong class="text-white">纳入港股通 (2025.05.26):</strong> 提升流动性与估值中枢。</li>
<li><strong class="text-white">新高阶车型定点:</strong> 突破客户结构天花板的重要信号。</li>
</ul>
</div>
<div>
<h4 class="font-semibold text-violet-300 mb-2">长期发展路径</h4>
<ol class="list-decimal list-inside text-sm space-y-2">
<li><strong class="text-white">阶段一 (2025):</strong> 智驾普惠中阶为王。巩固10-20万价格区间统治地位。</li>
<li><strong class="text-white">阶段二 (2026-27):</strong> 高阶突破全球萌芽。J6P冲击百万级出货与大众合作车型量产实现海外收入突破。</li>
<li><strong class="text-white">阶段三 (2028+):</strong> 平台生态多域融合。推超2000TOPS芯片及舱驾一体方案成平台型公司。</li>
</ol>
</div>
</div>
</section>
<!-- Products & Tech -->
<section class="col-span-12 lg:col-span-6 glass-card rounded-3xl p-6 md:p-8 order-4">
<h3 class="text-2xl font-semibold mb-6 fui-header">核心产品与技术</h3>
<div x-data="{ tab: 'chips' }" class="w-full">
<div class="tabs tabs-boxed bg-slate-800/50 mb-4">
<a class="tab tab-sm sm:tab-md flex-1" :class="{ 'tab-active': tab === 'chips' }" @click.prevent="tab = 'chips'">智驾芯片 · 征程系列</a>
<a class="tab tab-sm sm:tab-md flex-1" :class="{ 'tab-active': tab === 'solution' }" @click.prevent="tab = 'solution'">高阶方案 · HSD</a>
</div>
<div x-show="tab === 'chips'" class="space-y-4 text-slate-300">
<p>覆盖从L2到L4的全系列产品以高算力利用率著称是“智驾平权”的硬件基石。</p>
<div class="grid grid-cols-1 sm:grid-cols-2 gap-4 text-sm">
<div class="p-4 bg-slate-800/40 rounded-xl border border-white/10">
<h5 class="font-bold text-slate-100">征程6E / 6M (中阶)</h5>
<p class="text-xs text-slate-400">80 / 128 TOPS</p>
<p class="mt-2">主攻10-20万价位L2+~L2++市场是2025年放量核心性价比极高。</p>
</div>
<div class="p-4 bg-slate-800/40 rounded-xl border border-white/10">
<h5 class="font-bold text-slate-100">征程6P (高阶)</h5>
<p class="text-xs text-slate-400">560 TOPS</p>
<p class="mt-2">对标英伟达Orin支持端到端算法部署。软硬一体方案ASP约<strong class="text-white">800美元</strong></p>
</div>
</div>
</div>
<div x-show="tab === 'solution'" class="space-y-4 text-slate-300">
<p><strong class="text-white">Horizon SuperDrive (HSD)</strong> 是地平线的L2+全场景城区辅助驾驶系统,旨在提供“类人”驾乘体验,摆脱高精地图依赖。</p>
<ul class="list-disc list-inside space-y-2 text-sm">
<li><strong class="text-white">技术架构:</strong> 采用<strong class="text-amber-300">端到端</strong>处理架构并加入强化学习技术,相比传统模型延迟降低<strong class="text-white">25%-50%</strong></li>
<li><strong class="text-white">市场定位:</strong> 提供除特斯拉、华为ADS之外的高性价比选择有望成为中国高阶智驾技术基准。</li>
<li><strong class="text-white">量产落地:</strong> 2025年Q3将与<strong class="text-sky-300">奇瑞星途</strong>合作车型首发量产,并与<strong class="text-sky-300">大众汽车</strong>达成合作2026年量产。</li>
</ul>
</div>
</div>
</section>
<!-- Ecosystem -->
<section class="col-span-12 lg:col-span-6 glass-card rounded-3xl p-6 md:p-8 order-5">
<h3 class="text-2xl font-semibold mb-6 fui-header">合作生态与量产落地</h3>
<div class="space-y-4 text-slate-300 text-sm">
<div class="p-4 bg-slate-800/40 rounded-xl border border-white/10">
<h5 class="font-bold text-slate-100 mb-2">整车厂 (OEM)</h5>
<div class="flex flex-wrap gap-2 text-xs">
<span class="badge badge-outline border-green-400 text-green-300">比亚迪 (核心伙伴)</span>
<span class="badge badge-outline border-blue-400 text-blue-300">大众 (合资公司)</span>
<span class="badge badge-outline border-orange-400 text-orange-300">奇瑞 (HSD首发)</span>
<span class="badge badge-outline border-purple-400 text-purple-300">理想汽车</span>
<span class="badge badge-outline border-cyan-400 text-cyan-300">上汽集团</span>
<span class="badge badge-outline border-yellow-400 text-yellow-300">吉利</span>
<span class="badge badge-outline border-red-400 text-red-300">深蓝汽车</span>
</div>
<p class="mt-2">已获超<strong class="text-white">20家</strong>车企平台化定点,定点车型超<strong class="text-white">400款</strong>。与比亚迪深度绑定J6系列将落地其多款爆款车型。与大众成立合资公司酷睿程成为其在华唯一ADAS核心研发平台。</p>
</div>
<div class="p-4 bg-slate-800/40 rounded-xl border border-white/10">
<h5 class="font-bold text-slate-100 mb-2">全球Tier-1供应商 & 出海</h5>
<div class="flex flex-wrap gap-2 text-xs">
<span class="badge badge-outline border-gray-300 text-gray-200">采埃孚 (ZF)</span>
<span class="badge badge-outline border-gray-300 text-gray-200">博世 (Bosch)</span>
<span class="badge badge-outline border-gray-300 text-gray-200">大陆集团</span>
<span class="badge badge-outline border-gray-300 text-gray-200">电装 (Denso)</span>
</div>
<p class="mt-2">成为首家同时获Bosch与ZF两大全球Tier-1核心项目的中国智驾芯片厂商。与博世合作的首个海外项目将于<strong class="text-white">2026年Q1量产</strong>,标志其全球化战略进入实质性阶段。</p>
</div>
</div>
</section>
<!-- Risks & Challenges -->
<section class="col-span-12 glass-card rounded-3xl p-6 md:p-8 order-6">
<h3 class="text-2xl font-semibold mb-6 fui-header text-rose-400">潜在风险与挑战</h3>
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4 text-slate-300 text-sm">
<div class="p-4 bg-rose-900/20 rounded-xl">
<h5 class="font-bold text-rose-300">技术风险</h5>
<p class="mt-2">HSD端到端模型在极端场景(Corner Case)下的安全与舒适性,尚需大规模量产后的市场检验。</p>
</div>
<div class="p-4 bg-rose-900/20 rounded-xl">
<h5 class="font-bold text-rose-300">商业化风险</h5>
<p class="mt-2">高阶方案价格不菲在激烈价格战中渗透率和盈利能力面临挑战。客户集中度高前五大客户收入占比超60%),对比亚迪等大客户依赖度高。</p>
</div>
<div class="p-4 bg-rose-900/20 rounded-xl">
<h5 class="font-bold text-rose-300">竞争风险</h5>
<p class="mt-2">英伟达、高通加速本土化,华为软硬全栈能力仍是最大威胁,部分主机厂(如理想)也在布局自研芯片,市场格局远未稳固。</p>
</div>
<div class="p-4 bg-rose-900/20 rounded-xl">
<h5 class="font-bold text-rose-300">供应链与政策风险</h5>
<p class="mt-2">先进工艺如5nm依赖外部代工且需申请许可地缘政治是长期存在的供应链安全风险。</p>
</div>
</div>
</section>
<!-- Associated Stocks -->
<section class="col-span-12 glass-card rounded-3xl p-6 md:p-8 order-7">
<h3 class="text-2xl font-semibold mb-6 fui-header">地平线概念产业链相关公司</h3>
<div class="overflow-x-auto">
<table class="table table-sm w-full">
<thead>
<tr class="border-b border-slate-700 text-slate-300">
<th>股票名称</th>
<th>股票代码</th>
<th>关联原因</th>
<th>产业链环节</th>
</tr>
</thead>
<tbody>
<!-- Data from the provided JSON -->
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>中科创达</td>
<td><a href="https://valuefrontier.cn/company?scode=300496" target="_blank" class="link link-hover text-sky-400">300496</a></td>
<td>与地平线合资创建聚创智行,专注于智能驾驶赛道,深度绑定</td>
<td class="text-purple-400">深度战略伙伴</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>天准科技</td>
<td><a href="https://valuefrontier.cn/company?scode=688003" target="_blank" class="link link-hover text-sky-400">688003</a></td>
<td>征程5/6芯片官方授权硬件IDH及量产合作伙伴</td>
<td class="text-purple-400">深度战略伙伴</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>均胜电子</td>
<td><a href="https://valuefrontier.cn/company?scode=600699" target="_blank" class="link link-hover text-sky-400">600699</a></td>
<td>发布基于地平线的智能驾驶域控制器</td>
<td class="text-cyan-400">Tier-1/方案商</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>华阳集团</td>
<td><a href="https://valuefrontier.cn/company?scode=002906" target="_blank" class="link link-hover text-sky-400">002906</a></td>
<td>基于地平线多种芯片方案的智驾域控相关业务推进中</td>
<td class="text-cyan-400">Tier-1/方案商</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>光庭信息</td>
<td><a href="https://valuefrontier.cn/company?scode=301221" target="_blank" class="link link-hover text-sky-400">301221</a></td>
<td>基于地平线J5、J6等芯片推出行泊一体域控解决方案</td>
<td class="text-cyan-400">Tier-1/方案商</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>立讯精密</td>
<td><a href="https://valuefrontier.cn/company?scode=002475" target="_blank" class="link link-hover text-sky-400">002475</a></td>
<td>生产地平线J6E行泊一体域控制器、J3前视一体机</td>
<td class="text-cyan-400">Tier-1/方案商</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>奥比中光</td>
<td><a href="https://valuefrontier.cn/company?scode=688322" target="_blank" class="link link-hover text-sky-400">688322</a></td>
<td>与地平线、地瓜机器人达成战略合作,共同打通机器人“眼”与“脑”</td>
<td class="text-purple-400">机器人战略合作</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>四维图新</td>
<td><a href="https://valuefrontier.cn/company?scode=002405" target="_blank" class="link link-hover text-sky-400">002405</a></td>
<td>与地平线征程全系列产品全面战略合作</td>
<td class="text-blue-400">生态合作</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>联创电子</td>
<td><a href="https://valuefrontier.cn/company?scode=002036" target="_blank" class="link link-hover text-sky-400">002036</a></td>
<td>作为ADAS镜头主力供应商战略合作地平线</td>
<td class="text-emerald-400">上游供应商</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>伟测科技</td>
<td><a href="https://valuefrontier.cn/company?scode=688372" target="_blank" class="link link-hover text-sky-400">688372</a></td>
<td>高可靠性芯片测试领域客户包括地平线</td>
<td class="text-emerald-400">上游供应商</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>苏试试验</td>
<td><a href="https://valuefrontier.cn/company?scode=300416" target="_blank" class="link link-hover text-sky-400">300416</a></td>
<td>子公司上海宜特半导体检测业务客户覆盖地平线</td>
<td class="text-emerald-400">上游供应商</td>
</tr>
<tr class="border-b border-slate-800 hover:bg-slate-800/50">
<td>上汽集团</td>
<td><a href="https://valuefrontier.cn/company?scode=600104" target="_blank" class="link link-hover text-sky-400">600104</a></td>
<td>通过产业金融投资地平线,同时也是下游客户</td>
<td class="text-yellow-400">投资方/客户</td>
</tr>
<tr class="border-b-0 hover:bg-slate-800/50">
<td>华联股份</td>
<td><a href="https://valuefrontier.cn/company?scode=000882" target="_blank" class="link link-hover text-sky-400">000882</a></td>
<td>公司间接持有少量地平线股份</td>
<td class="text-yellow-400">投资方</td>
</tr>
</tbody>
</table>
</div>
</section>
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