地平线2026年上半年 preliminary业绩：收入不及预期，利润率保持韧性

francis.ma@bernsteinsg.comKai Zhang kai.zhang@bernsteinsg.com ? 9660.HK resilienceand disciplinedOpexlimited the earnings impact.Horizon's preliminary1H26revenuemidpointofRMB2Bn(+30%YoY)missedourRMB2.24Bnforecastby10.6%andBloomberg consensus ofRMB2.36Bnby15.1%.The sales weaknessmainlyreflectsthesharp decline in China passenger vehicle (PV)sales and slower-than-expected progressinsecuring new design wins.Grossmargin remained resilient at a 63.1% midpoint.Maintaininga6o%+grossmarginamidintensifyingcompetitionreinforcesHorizon'spricingpowerunderpinned by its software&hardwareadvantages.GAAPnet incometurned positive atRMB 3.5-4.OBn, primarily due to a non-cash fair-value gain on convertible bonds followingthe stock price decline in 1H26. Non-GAAP recurring net loss of RMB 1.4-1.7Bn is closeto our forecast. The broadly in-line recurring earnings, despite the material revenue miss,demonstratedisciplinedOpex control. will soon launch the first GodEye B model powered by J6H, erasing themarket concern thatBYD's chip self-development would lead itto phase out Horizon's chips.The managementexpects Horizon's wallet share in GodEye C solution to rise rapidly to90%+ in2027,fromjust 40% in 2025.Although it is still uncertain how much share Horizon can get in GodEye B,the achievement is still a very positive move. We still see Horizon as the only credibleplayertogain share from Nvidia within third party vendors, and in-house chip development still leavemeaningful room forthirdparty vendors,the BYD plan seems toplaying out as we expectedand definitely betterthan marketexpectation. Downsideriskslooklargely priced in,potentially limitingthescopefor anothersharpnear-termde-rating.The correction in thepast sixmonths has already reflectedweakeralso communicated the 1H26 pressure in advance, whileguiding to a 2H26 recovery andmaintainingitsfull-yearshipmenttarget.Theshares edged upthisafternoonfollowingthepreliminaryresults,suggesting limited incremental downside surprisefrom the revenuemissWebelieve the current depressed valuation offers long-only investors a relatively wide safetymargin.Maintain Outperform. References to "Bernstein" or the"Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Africa Technologies & Services to produce Bernstein research undera Global Services Agreement in place between Bernsteinand Societe Generale. otherwise, for purposes of these disclosures,references to Bernstein's“affiliates”relate to both SG and AB and their respectiveaffiliates. to its 2BF(2H27-1H28) sales at RMB 11.5Bn. RISKS Horizon Robotics Downside risks: :Thesmartdrivingpenetrationincreasenotasfastasexpected;. OEM in-house developmenttaking more share than expected; RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernsteinbrand TheBernsteinbrandrates stocksbasedonforecasts of relativeperformanceforthenext 12monthsversus theS&P500forstocks listed on the U.S.and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME)for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL)for stocks listed on the Japaneseexchanges,and versus the Bloomberg Asia ex-Japan Large and Mid CapPrice Return Index (ASIAX)forstocks listedon the Asian(ex-Japan)exchanges-unless otherwise specified. The Bernstein brand has three categories of ratings: .Outperform:Stockwill outpacethemarketindexbymore than15pp : Market-Perform: Stock will perform in line with the market index to within +/-15 pp Coverage Suspended:CoverageofacompanyundertheBernsteinresearchbrandhasbeen suspended.Ratings andpricetargetsare suspendedtemporarily,are no longer current, and should thereforenot be relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted,at the present time. The covering analyst may continue to publish research reports on the companyto update investors Not Covered (NC)denotes companies that arenot under coverage. (EDMFl)indexfordevelopedEuropeanbanksandPayments,theBloombergEurope6OOInsurancePriceReturnIndex(E6OOIN)for European insurers,the S&P5OOand S&PFinancials for USbanks and Payments coverage,S5LiFEfor USInsurance,the S&PInsurance Select Industry (SPSlINS)for USNon-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large,to the sector (not the market). . Neutral (N): Stock will perform in line with the market index to within +/-10 pp . Underperform (UP): St