Horizon Robotics公司更新

AsiaChina ConsumerAutos & Auto Technology Feb. autonomous-driving SoC up 14%YoY; front camera chip down 26% YoY Valuation & Risks Bin Wang Estimated high-level autonomous-driving systems (Level 2+/Level 3) penetrationreach 28.0% in February 2026 Research Analyst+852-220-35496 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]) penetrationrate. In the past three months (November, December, and January), this proxy rateis on average 6.2 ppts higher than the actual high-level autonomous-drivingsystems penetration rate. Assuming the same gap is unchanged in February, theimplied Level 2+/Level 3 penetration rate in February is 28.0% (up 9.5 ppts YoY butdown 0.6 ppts MoM). Wei HuangResearch Associate+852-2203-7057 Horizon Robotics' autonomous-driving SoC volume up 14% YoY in FebruaryThe top eight players accounted for ~92% of market share in the month, with the breakdown 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 Instrumentsdelivered 15,947 units – up 6% YoY and down 30% MoM (4.2% market share), NIOdelivered 15,436 units (down 32% MoM, 4.0% market share), and XPeng delivered8,007 units – down 32% MoM (2.1% market share). 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 toFebruary 2026 delivery volume was 78,659 units (up 9% YoY), translating into 9.3%market share. 8 April 2026Autos & Auto TechnologyHorizon Robotics Horizon Robotics' ADAS front camera chip volume down 26% YoY inFebruary 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,Horizon Robotics delivered 55,943 units – down 26% YoY and 21% MoM (11.3%market share), and AMD booked 24,975 units – up 11% YoY but down 40% MoM(5.0% market share). 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 toFebruary delivery volume was 127,055 units (down 33% YoY), accounting for10.4% market share. 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)(named "Starry Sky") and Agentic CAR OS on April 22, 2026. Meanwhile, HorizonRobotics has officially introduced its next-generation computing architecture, the“Riemann Architecture” BPU, and intends to launch the Journey 7 processinghardware–a next-generation computing platform featuring enhancedcomputational capacity – in 2027. 8 April 2026Autos & Auto TechnologyHorizon Robotics 8 April 2026Autos & Auto TechnologyHorizon Robotics Appendix 1 Important Disclosures *Other information available upon request Disclosure checklist *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Otherinformation is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important risk and conflict disclosures can also be found at