Horizon Robotics公司更新

RatingBuy 8 April 2026Date CompanyHorizon Robotics Company Update AsiaChina ReutersBloomberg9660.HK9660 HK ConsumerAutos & Auto Technology Feb. autonomous-driving SoC up 14%YoY; front camera chip down 26% YoY Valuation & Risks Bin WangResearch Analyst Estimated high-level autonomous-driving systems (Level 2+/Level 3) penetrationreach 28.0% in February 2026 According to statistics from NE Times, China's overall autonomous-driving system-on-chip (SoC) volume increased 1% YoY and decreased 18% MoM to ~382k unitsin February 2026. Dividing the overall SoC volume by China's February retail salesvolume of 1.12 million units yields a penetration rate of 34.2% (up 4.5 ppts YoY and3.4 ppts MoM). We treat this as a proxy to forecast the high-level autonomous-driving systems (Level 2+/Level 3 with navigation on autopilot [NOA]) penetration Wei HuangResearch Associate Horizon Robotics' autonomous-driving SoC volume up 14% YoY in February The top eight players accounted for ~92% of market share in the month, with thebreakdown as follows: Nvidia delivered 166,685 units – down 26% YoY and 23%MoM (43.6% market share),Tesla delivered 75,796 units – up 29% YoY and 90%MoM (19.8% market share), Huawei delivered 39,630 units – up 22% YoY and down47% MoM (10.4% market share), and Horizon Robotics delivered 34,621 units – up14% YoY and down 21% MoM (9.1% market share). Qualcomm delivered 17,747units – up 82% YoY and down 20% MoM (4.6% market share), Texas Instruments We note that Horizon Robotics' autonomous-driving SoC volume increased 14%YoY to 34,621 units in February, ranking fourth among the autonomous-driving SoCmakers in China (after Nvidia, Tesla and Huawei). Horizon Robotics' January to 8 April 2026Autos & Auto Technology Horizon Robotics' ADAS front camera chip volume down 26% YoY in According to statistics from NE Times, China's overall advanced driver assistancesystem (ADAS) front camera chip volume decreased 9% YoY and 31% MoM to~496k units in February 2026, with the top four players accounting for ~96% ofmarket share in the month. Breaking this down, Mobileye delivered 256,129 units– up 10% YoY but down 30% MoM (51.6% market share), followed by Renesas with137,675 units – down 26% YoY and 35% MoM (27.7% market share). Meanwhile, We note that Horizon Robotics' ADAS front camera chip volume decreased 26%YoY to 55,943 units in February, ranking it third among the ADAS front camerachipmakers in China (after Mobileye and Renesas). Horizon Robotics' January to Horizon Robotics's 2026 shipment volume target up 35% YoY Looking ahead, we expect Horizon Robotics' full-year 2026 processing hardwareshipment volumes to increase ~35% YoY to around 5.4 million units, consisting of~2.4 million units of "Horizon Mono", 2.6 million units of "Horizon Pilot", and 0.4million units of "Horizon SuperDrive". The company announced plans to launch anew generation of cockpit-driving fusion Agentic CAR System-on-Chip (SoC) Source : NE Times Source : NE Times Source : NE Times Source : NE Times Appendix 1 Important Disclosures *Other information available upon request Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on our websiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important riskand conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are strongly Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation for providing a specific recommendation or view in this report. Bin Wang. 8 April 2026Autos & Auto Technology 4.09/29/2025Buy, Target Price Change HKD 10.50, Current PriceHKD 9.59 Wang Bin5.03/19/2026Buy, Target Price Change HKD 9.40, Current Price HKD7.25 Wang Bin 1.12/30/2024Buy, Target Price Change HKD 5.00, Current Price HKD3.73 Wang Bin2.03/24/2025Buy, Target Price Change HKD 9.00, Current Price HKD Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depicts the following: The proportion of recommendations that are rated "buy", "sell" and "hold" over the previous 12 months. This is sho