智通财经APP获悉，里昂发布研报称，维持地平线机器人-W(09660)“跑赢大市”的评级，因研发费用增加而下调了25/26财年的利润预测，但对其长期利润率仍保持信心。该行预计，只有在锁定期结束(2025年4月24日)后，正面进展才会更好地反映在股价中，因此将目标价从11.20港元下调至10港元。
该行称，地平线机器人加大研发力度，以抓住2025年第三季度Super Drive的扩张窗口。地平线2024年收入达到24亿元人民币，同比增长54%，硬件销量达290万件，产品毛利率有所改善。J6E/M的大规模生产将提升自动驾驶销量，并支持2025财年收入实现50%以上的同比增长。Super Drive预计将于2025年第三季度开始量产。该行认为，市场的焦点更多集中在竞争态势及其收入表现上，例如自动驾驶销量、Super Drive和平均售价，而对利润的关注较少。
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