New stock news: Leading autonomous driving technology company Horizon Robotics passed the hearing of the Hong Kong Stock Exchange. The compound annual growth rate of its revenue in the past three years reached 82.3%.

According to the news from the Hong Kong Stock Exchange on October 8th, the leading company in the field of intelligent driving technology, Horizon Robotics, conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Morgan Stanley, and China Securities Co., Ltd. acting as its joint sponsors. According to the prospectus, Horizon Robotics is a market-leading provider of advanced driver assistance and advanced autonomous driving solutions for passenger vehicles, with proprietary software and hardware technology. The company's solutions integrate algorithms, specialized software, and processing hardware to provide core technology for advanced assistance and advanced autonomous driving, thereby enhancing the safety and experience for drivers and passengers. Thanks to the rapid technological developments in recent years and the increasing consumer demand, advanced driver assistance features are becoming increasingly common in today's vehicles. According to data from Zhoushi Consulting, the penetration rates of advanced driver assistance in 2023 are expected to exceed 50% globally and in China. The global market for advanced driver assistance and advanced autonomous driving solutions reached 61.9 billion yuan in 2023, and is projected to grow to 1.0171 trillion yuan by 2030 at a compound annual growth rate of 49.2%, according to Zhoushi Consulting. According to Zhoushi Consulting, Horizon Robotics is the first and largest Chinese company to provide advanced driver assistance and advanced autonomous driving solutions for front-loading mass production on an annual basis since the large-scale production of solutions in 2021. Based on the total installed base of solutions calculated by the first half of 2023 and 2024, Horizon Robotics ranks fourth among all global providers of advanced driver assistance and advanced autonomous driving solutions in China, with market shares of 9.3% and 15.4% respectively. As a secondary supplier, Horizon Robotics has a vast global customer base, including leading OEMs and domestic first-tier suppliers of car manufacturers. As a market leader, Horizon Robotics has seized the huge development opportunities in the industry and achieved significant scale growth over the past three years. As of September 20, 2024, Horizon Robotics' integrated software and hardware solutions have been adopted by 27 OEMs (42 OEM brands) and equipped in over 285 models. In terms of finances, Horizon Robotics generated nearly 1.6 billion yuan in revenue in 2023, with a compound annual growth rate of revenue of 82.3% over the past three years, achieving scale growth. In 2023, the total revenue generated by the top five customers of Horizon Robotics was 1.067 billion yuan, accounting for 68.8% of the total revenue. The prominent Chinese car manufacturer, Ideal Group, is also an important customer of Horizon Robotics. According to the prospectus, Horizon Pilot has helped the Ideal L9, L8, and L7 series establish their leading position in the Chinese market for intelligent vehicles.