地平线SuperDrive V2.0自动驾驶系统表现优异，与比亚迪合作稳固

BuyAsia Company Update China HSD V2.0 Demonstrates ExceptionalPrecision and Strategic Maneuvering Bin Wang Research Analyst+852-220-35496Wei Huang Human Driver LevelDuring a test drive in Shenzhen and subsequent meeting with management, we experiencedthe second-generation"HorizonSuperDrive(HSDV2.O)"full-scenarioautonomousdrivingsystem,whichrepresentsasignificantarchitecturalshiftfroma single-stage, end-to-end modular design to a sophisticated "world model +reinforcement learning"dual-engine framework.This"HSD V2.o"leverages a"world model" that, through training on real-world expert driver data, develops aspatiotemporal understanding to simulate complex long-tail scenarios anddynamicallypredictfuturetrafficstates,enablingdefensivedrivingandnavigationmaneuversthatcloselymimicaprofessionalhumandriver.Ourtestdriveconfirmedthat the"HSDV2.0"driving capability is remarkablycloseto that of an experiencedhuman driver, allowing users to simply set a navigation route while the systemautonomously handles exiting parking spaces and navigating outofparking lots.Furthermore,"HsDV2.0"demonstratesexceptionalprecisioninrecognizinglanes,traffic lights,andon/off-ramps,alongside significantadvancements in strategicmaneuvering capabilities,enablingittoproactivelymergeandovertakebyutilizingadjacent lanes. Research Associate+852-2203-7057 HorizonRoboticsSustainsStrongPartnershipwithBYDDespite"XuanjiA3"ChipAnnouncementDespiteinvestorconcernsandasubsequentsharepricecorrectionfollowingBYD's May announcement of its"Xuanji A3"autonomous drivingchip,managementdeclaredthat Horizon Robotics has maintained comprehensive cooperation withBYD across multiple fronts: Horizon Robotics is empowering BYD's "Xuanji A3"chip with its BrainProcessing Unit (BPU)intelligent acceleration engine, enabling HorizonRobotics to receive volume-based Intellectual Property (IP)Royaltiesestimated at US$10-50 per chip. Horizon Robotics remains the key chip supplier for BYD's "God eye C"highwayNOA solution,primarily destined for mid-to-low price BYD brandproducts,contrasting with BYD's"Xuanji A3"autonomous driving chipwhich,with over 2,100TOPS of computingpowerwhen three chips areclustered,ismainlyintendedforhigh-priced vehicle products. Horizon Robotics is also anticipated, as per management guidance,tosupply a new high-end chip for BYD's"God eye B" solution, alongside IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.DeutscheBankdoesand seeks todobusiness withcompanies covered in its research reports.Thus, investors shouldbeaware thatthefirmmayhave a conflict of interest that could affect the objectivity of this report. Investors should considerthis report as only a singlefactorin makingtheir investmentdecision. Autos & Auto TechnologyHorizon Robotics thisnewchip'scomputingpowerlikelyfallingbetweentheJ6H(256TOPS)and J6P (560 TOPS) levels. MaintainingHealthyGrossMarginsHorizonRobotics anticipatesfull-year2026totalchip shipmentvolumeto exceed 5.0million units,representingaYoYincreaseofover25%,withthemajorityofthisvolume contributed byits"Horizon Mono"relatedchips,includingJ2,J3,and J6B.Consequently,weexpectHorizonRobotics'1H2026interimrevenuetoincreaseby20-30%YoY,consideringhighervolumeproportionfromlowprice"Horizon Mono"related products.Furthermore, we project Horizon Robotics to maintain a healthygross margin of 60-65% in the first half of 2026. RobotaxiCommercializationHorizon Robotics is accelerating its expansion into L4 autonomous driving and Robotaxi domainsthrougha"gradualistapproach,"leveraging itscore advantageof efficiently utilizing extensive L2+ mass production data and engineeringexperience,accumulated from millions of pre-installed vehicles,to expedite thecommercializationand deploymentofRobotaxis.Thecompanyhasdeclaredthatthe robotaxi algorithm framework will be the same as its existing L2+ HSDalgorithm, and is currently testing robotaxis with drivers and safety drivers, withplans to gradually transition to fullydriverless operations. Appendix 1 subjectofthisrnalsobefoundathttps://research.db. ImportantDisclosuresRequiredbyU.S.RegulatorsDisclosures marked with anasterisk mayalso be required by at least one jurisdiction in addition to the United States.See ImportantDisclosuresRequiredbyNon-UsRegulatorsandExplanatoryNotes. ImportantDisclosuresRequiredbyNon-U.S.RegulatorsDisclosures marked with anasterisk mayalso be requiredby at least one jurisdiction in addition tothe United States.See ImportantDisclosuresRequiredbyNon-UsRegulatorsandExplanatoryNotes. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch,pleaseseethemostrecentlypublished companyreportorvisitourglobal disclosurelook-uppageonourwebsiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures.Asidefromwithinthisreport, importantriskandconflictdisclosurescanalsobefoundathttps://research.db.com/Research/Disclosures/Disclaimer.Investorsare stronglyencourage