Horizon Robot HSD V2.0 performs well and has strong demand, with total chip shipments expected to exceed 5 million pieces (Deutsche Bank)
The second-generation Horizon SuperDrive (HSD V2.0) full-scenario autonomous driving system adopts a "world model + reinforcement learning" dual-engine framework, and its driving capabilities are close to those of experienced human drivers.
The second-generation Horizon SuperDrive (HSD V2.0) full-scenario autonomous driving system adopts a "world model + reinforcement learning" dual-engine framework, and its driving capabilities are close to those of experienced human drivers. Although BYD has released self-developed chips, Horizon still maintains full cooperation with it in many fields, supplies chips for BYD solutions and charges IP royalties. Total chip shipments are expected to exceed 5 million pieces in 2026, a year-on-year increase of more than 25%, and gross profit margins in the first half of the year will remain at 60-65%. Some parts of the market are worried about the impact of BYD's self-developed chips on Horizon, but the cooperation and IP licensing model prove that Horizon is difficult to replace in the ecological niche. The company plans to gradually transition from L2+ upgrade to L4 Robotaxi commercialization. One-sentence conclusion: Horizon Robotics not only failed to compete with BYD's self-developed chips, but instead consolidated its core position in the autonomous driving ecosystem through deeper cooperation and IP licensing models. Positive/negative: Positive for Horizon Robotics (9660.HK), autonomous driving perception and chip sectors. Price in situation: The technical advantages of HSD V2.0 have not yet been fully recognized by the market, but concerns about self-developed chips have been overly reflected in the stock price. Catalysts: 1) The time when vehicle chip shipments officially exceeded the 5 million mark; 2) L4 Robotaxi commercialization pilot progress; 3) Specific project announcements to deepen cooperation with BYD.