地平线机器人公司更新

Company Update China Autos & Auto Technology Apr. autonomous-driving SoC up 33%YoY; front camera chip down 40% YoY Bin Wang Research Analyst+852-220-35496Wei Huang reaches45.1%inApril2026AccordingtostatisticsfromNETimes,China'soverallautonomous-drivingsystem- on-chip(SoC)volumeincreased5%YoYbutdeclined3%MoMto~603kunitsinApril 2026. Dividing the overall SoC volume by China's April retail sales volume of1.34million units yields a penetrationrate of 45.1% (up10.2ppts YoY and 1.6pptsMoM). We treat this as a proxy to forecast the high-level autonomous-drivingsystems (Level 2+/Level 3 with navigation on autopilot [NOA) penetration rate. Inthe months of Januaryto March,thisproxy rate is on average4.5ppts higherthantheactual high-level autonomous-driving systemspenetration rate.Assumingthesame gap is unchanged in April, the implied Level 2+/Level 3 penetration rate inApril would be 40.6% (up 19.4ppts YoY and 3.5 ppts MoM). Research Associate+852-2203-7057 Horizon Robotics'autonomous-driving SoC volume up33%YoY inAprilThetop eightplayers accountedfor~98%ofmarket share inthemonth,with the breakdown as follows:Nvidia delivered 300,327 units-down 13%YoY (49.8%market share),Tesla delivered52,540units-down11%YoY (8.7%market share),Huawei delivered 57,736 units -up 19%YoY (9.6% market share), and HorizonRobotics delivered 81,986units-up33%YoY (13.6%market share).Qualcommdelivered 43,891 units-up 173%YoY (7.3% market share), Texas Instrumentsdelivered 15,117units-down49%YoY(2.5%marketshare),NI0delivered22,333units(3.7%marketshare),andXPengdelivered16,365units(2.7%marketshare) We note that Horizon Robotics'autonomous-drivingSoC volume increased33%YoYand14%MoM to 81,986 units in April,ranking second among theautonomous-driving SoC makers in China (afterNvidia).Horizon Robotics'4M2026delivery volume was 232,704 units (up26%YoY),translating into a 11.2%market share (up 1.8 ppt YoY). HorizonRobotics'ADASfrontcamerachipvolumedown40%YoYinApril According to statistics from NE Times, China's overall advanced driver assistancesystem(ADAS)frontcamerachipvolumedecreased34%YoYto~473kunits inApril2026,withthetopfourplayers accountingfor~92%of market share inthemonth. Breaking this down, Mobileye delivered 202,963 units -down 32% YoY(42.9%market share),followedbyRenesas with134,036units-down48%YoY(28.3%marketshare).Meanwhile,HorizonRoboticsdelivered58,738units-down Autos & Auto TechnologyHorizon Robotics (8.2% market share). YoY to 58,738 units in April, ranking it third among the ADAS front camerachipmakers in China (after Mobileye and Renesas). Horizon Robotics' 4M 2026deliveryvolumewas248,589units (down39%YoY),accountingfor11.1%marketshare (down 2.7 ppt YoY). autonomousdrivingchiplaunchWeattribute Horizon Robotics'recentsharepriceweaknesspartiallytothe launch of BYD's in-house"Xuanji A3"autonomous driving chip on May28.We highlightthat BYDwas thesecondlargest customerof Horizon Robotics in2025(aftertheVW and Horizon JV -CARIZON), contributing 14.58% of the company's revenue.Thedevelopmentofproprietaryautonomousdrivingchips,a strategyalsopursuedby rivals like NIO (Shenji NX9031), Xpeng (Turing AI chip), and Li Auto (M100 chip),hasbecome essentialforautomakersaimingforseamless softwareand hardwareintegrationandacompetitiveedgeinadvancedautonomousdrivingtechnologies. Autos & Auto TechnologyHorizon Robotics Reuters: 9660.HK Horizon Robotics is a leading provider of assisted driving(AD) and autonomous driving (ADAS) solutions in China. The company operates as a tier-two supplier in the industrysupply chain, delivering full stack AD and ADAS solutionsincluding hardware and software to auto makers and othertier-one suppliers, as well as licensing algorithms andsoftware. Cash flow from operations Balance Sheet (CNYm)Cash and other liquid assets Key CompanyMetrics Bin Wang+852 220 35496wang.bin@db.com Autos &Auto TechnologyHorizon Robotics Investment Thesis 1/2"advanced driverassistance systems(ADAS)and"Level 2+/3"autonomousdriving (AD)withproprietaryalgorithms,softwareandprocessinghardware(main-ly chip)technologies. In 2024, Horizon Robotics was the third-largest"Level 2+/3"ADsolutions providerinChina witha~10%marketshareandthethird-largest"Lev-el 1/2" ADAS solutions provider in China with a ~17% market share.In particular,Horizon Roboticsrankedas the#1ADAS solutions providertoChineselocal brandautomakers.Althoughits"license and services"segment(licensing algorithms&software,deliveringrelevantcodes&designmanuals,providingdesign&technicalservices)is estimatedto contributethemajorityofits gross profit(estimated~65%totalgrossprofitin2025),weexpectits"product solutions"segment(sales of self-developedprocessinghardwarewithproprietaryalgorithms andsoftware,toauto-makers and tier-one suppliers) will continuously generate a rising proportion ofgross profit-from 16.7% in 2024 to 47% in 2027. We assume Horizon Robotics willturn profitable in 2028, when we estimate it will deliver 11.4 million unit solutions. Valuation Our