里昂发表报告指，地平线机器人(09660.HK) 股价年内至今已累升超过一倍以上，市场对其估值逻辑已从可比公司的市销率(PS)转向公司自身的长期潜力。
该行针对地平线机器人2030CL系统芯片(SoC)的出货量、收入和利润进行了情景分析，预计短期内的催化剂包括更多原始设备制造商的设计订单、J6P芯片的封装完成、Horizon SuperDrive的发布，以及其“地瓜”(Digua)人形机器人的最新进展更新。
里昂亦提醒投资者要注意地平线机器人的机构股东上市后禁售期结束(为今年4月24日)的潜在影响。将里昂目标价从5.5元上调至11.2元，估值方法从折现现金流转为基于加权情景分析。维持“跑赢大市”评级。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-26 16:25。)
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