地平线机器人(9660.HK)5月自动驾驶SoC同比增长35% 前视芯片同比下降11%

Reuters9660.HK Bloomberg9660 HK AsiaChina Valuation & Risks May autonomous-driving SoC up 35% YoY;front camera chip down 11% YoY Bin WangResearch Analyst+852-220-35496 Estimated high-level autonomous-driving systems (Level 2+/Level 3)penetration reaches47.3% inMay2026 Wei HuangResearch Associate+852-2203-7057 According to statistics from NE Times, China's overall autonomous-drivingsystem-on-chip (SoC) volume increased10% YoYand26% MoM to ~760k unitsinMay2026. Dividing the overall SoC volume by China'sMayretail sales volumeof1.47million units yields a penetration rate of51.8% (up14.0ppts 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 toApril, thisproxy rate is on average 4.5 ppts higherthanthe actual high-level autonomous-driving systems penetration rate.Assuming the same gap is unchanged inMay, the implied Level 2+/Level 3penetration rate inMaywould be47.3% (up 19.1ppts YoY and6.8ppts MoM). Horizon Robotics' autonomous-driving SoC volume up 35% YoY inMay The top eight players accounted for ~98% of market share in the month, with thebreakdown as follows: Nvidia’sdeliveriesdeclined19% YoY to313,125units(41.2% market share),Huawei’svolume increased73% YoY to122,557 units(16.1% market share),Tesla’s deliveries increased 22% YoY to95,446units(12.6% market share), and Horizon Robotics’volume grew 35% YoY to91,640units (12.1% market share). Qualcomm’sdeliveries increased 261% YoY to59,338units(7.8% market share),NIO’svolume increased 57% YoY to24,356 units (3.2%market share),Texas Instruments’deliveries declined 53% YoY to18,014units(2.4% market share), and XPeng delivered16,937units (2.2% market share). We note that Horizon Robotics' autonomous-driving SoC volume increased35%YoYand 12%MoM to 91,640 units in May,ranking fourth among theautonomous-driving SoC makers in China (after Nvidia, Huawei and Tesla).Horizon Robotics'5M 2026 delivery volume was324,344units (up28% YoY),translating into a11.4% market share (up1.9ppt YoY). Horizon Robotics' ADAS front camera chip volume down11% YoY inMay According to statistics from NE Times, China's overall advanced driver assistancesystem (ADAS) front camera chip volume decreased31% YoY to ~501k units inMay2026, with the topfiveplayers accounting for ~97% of market share in themonth. Breaking this down, Mobileye’sdeliveries declined 36% YoY to204,907units (40.9% market share), followed by Renesas’volumedeclining 44% YoY to151,143units(30.2% market share). Meanwhile, Horizon Robotics’deliveriesdeclined11%YoY to 63,821 units(12.7%market share),Axera’s volume T2se3r0Ot6kwoPaT2se3r0Ot6kwoPaIMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bankdoes andseeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have aconflictof interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making theirinvestment decision. increased 178% YoY to38,260units (7.6% market share), and AMD’sdeliveriesfell 13% YoY to30,062 units (6.0% market share). We note that Horizon Robotics' ADAS front camera chip volume decreased11%YoY to63,821units inMay, ranking it third among the ADAS front camerachipmakers in China (after Mobileye and Renesas). Horizon Robotics'5M 2026delivery volume was312,410units (down35% YoY), accounting for11.4% marketshare (down1.6ppt YoY). Introduces HSD 2.0 with advanced dual-engine autonomous drivingarchitecture Horizon Robotics has unveiled its second-generation "Horizon Superdrive (HSDV2.0)"full-scenario autonomous driving system,marking a significantarchitecturalshift 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 indriving capabilities. The "HSD V2.0" leverages a "world model" that, throughtraining on real-world expert driver data, gains a spatiotemporal understandingtosimulate complex long-tail scenarios.Critically,this world model candynamicallypredict future traffic states,enabling the system to performdefensive driving and navigationmaneuvers that closely mimic those of aprofessional 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 areinforcementlearning 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