地平线机器人自动驾驶SoC表现分析

Buy China 9660.HK 9660 HK Autos&AutoTechnology May autonomous-driving SoC up 35% YoY;front camera chip down 11% YoY Research Analyst+852-220-35496 penetrationreaches47.3%inMay2026According to statistics from NE Times, China's overall autonomous-driving ResearchAssociate+852-2203-7057 system-on-chip (SoC)volume increased10%YoYand 26%MoMto~760kunitsin May2026.Dividing the overall SoC volumebyChina's May retail sales volumeof 1.47 million units yields a penetration rate of 51.8% (up 14.0 ppts YoY and6.8ppts MoM). We treat this as a proxy to forecast the high-level autonomous-drivingsystems (Level 2+/Level 3 with navigation on autopilot [NOA]) penetration rate.In the months of January to April, this proxy rate is on average 4.5 ppts higherthan the actual high-levelautonomous-drivingsystemspenetrationrate.Assuming the same gap is unchanged in May, the implied Level 2+/Level 3penetration rate in May would be 47.3% (up 19.1 ppts YoY and 6.8 ppts MoM) HorizonRobotics'autonomous-drivingSoCvolumeup35%YoYinMayThe top eight players accounted for ~98% of market share in the month, with the breakdown as follows:Nvidia's deliveries declined 19%YoY to 313,125 units(41.2%market share),Huawei'svolume increased73%YoYto 122,557units(16.1% market share), Tesla's deliveries increased 22% YoY to 95,446 units(12.6% market share), and Horizon Robotics' volume grew 35% YoY to 91,640units(12.1%marketshare).Qualcomm'sdeliveriesincreased261%YoYto59,338units(7.8%marketshare),NI0'svolume increased57%YoYto24,356units(3.2%market share),Texas Instruments'deliveries declined 53%YoYto 18,014 units(2.4% market share), and XPeng delivered 16,937 units (2.2% market share). Wenotethat HorizonRobotics'autonomous-driving SoCvolume increased35%YoYand12%MoMto91,640unitsinMay,rankingfourthamongtheautonomous-driving SoC makers in China (after Nvidia,Huawei and Tesla).translating into a 11.4% market share (up 1.9 ppt YoY). Horizon Robotics' ADAS front camera chip volume down 11% YoY in May AccordingtostatisticsfromNETimes,China'soverall advanceddriverassistancesystem (ADAS)front camera chipvolume decreased31%YoYto~501k units inMay 2026, with the top five players accounting for ~97% of market share in themonth.Breaking this down, Mobileye's deliveries declined 36% YoY to 204,907units (40.9% market share),followed by Renesas'volume declining 44%YoYto151,143 units (30.2% market share).Meanwhile, Horizon Robotics'deliveriesdeclined 11% YoY to 63,821 units (12.7% market share), Axera's volume Deutsche Bank AG/Hong Kong IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.DeutscheBankdoesandseekstodobusiness withcompaniescoveredin itsresearch reports.Thus,investorsshouldbeawarethatthefirmmayhavea conflictof interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making theirinvestment decision. Horizon Robotics fell 13%YoYto 30,062 units (6.0% market share).WenotethatHorizonRobotics'ADASfrontcamerachipvolumedecreased11% YoYto 63,821 units inMay,ranking it third amongthe ADAS front camerachipmakers in China (after Mobileye and Renesas). Horizon Robotics' 5M 2026deliveryvolumewas312,410units(down35%YoY),accountingfor11.4%marketshare (down 1.6ppt YoY). architectureHorizon Robotics has unveiled its second-generation "Horizon Superdrive (HSD V2.0)" full-scenario autonomous driving system, marking a significantarchitectural shift from a single-stage, end-to-end modular design to asophisticated "world model + reinforcement learning" dual-engine framework.This innovative architecture is engineered to deliver a comprehensive leap intraining on real-world expert driver data, gains a spatiotemporal understandingto simulate complex long-tail scenarios. Critically.this world model canprofessional human driver. Furthermore, HSD V2.0 optimizes the computingefficiency of Horizon Robotics'"Journey 6p" chip through persistent toolchainimprovements. Complementing its world model, Horizon Superdrive (HSD) V2.0 incorporates areinforcement learning model that ensures continuous self-iteration andevolution,fostering ongoing capability improvement across critical domainsincluding general driving, parking, safety, and the handling of unpredictable long-tail scenarios. This dual-engine approach establishes a sustainable and self-evolving technical evolutionary path for intelligent driving systems, promisingcontinuous improvements in autonomous functionality over time. A keyadvancement lies in the application of the Occupancy Network (OCC) to activesafety features such as Automatic Emergency Braking (AEB),AutomaticEmergencySteering(AES),andAnti-maloperationforAcceleratorPedal (AMAP)This means thevehicle's active safetysystem has been upgraded from traditional"whitelist" object recognition to an "occupancy network," significantly enhancingits abilityto detect andrespondto unforeseen and irregular obstacles,therebyimprovingoverall vehiclesafety. Appendix 1 exchanges via Reuters,