Horizon Robotics (9660.HK): May AD SoC Up 35% YoY; Front Camera Chip Down 11%
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Deutsche Bank maintains a Buy rating on Horizon Robotics (9660.HK) with a target price of HK$9.40. According to NE Times data, total autonomous driving SoC shipments in China reached approximately 760,000 units in May 2026, representing a 10% year-over-year increase and a 26% month-over-month rise, achieving a 51.8% penetration rate.
Horizon Robotics shipped 91,640 AD SoC units, growing 35% year-over-year and capturing a 12.1% market share to rank fourth. The top eight manufacturers controlled roughly 98% of the market. NVIDIA led with 313,125 units despite a 19% decline, followed by Huawei and Tesla. Meanwhile, ADAS front camera chip shipments industry-wide fell 31% year-over-year to 501,000 units. Horizon's front camera chip shipments contracted by 11% to 63,821 units, holding a 12.7% share and ranking third behind Mobileye and Renesas.
To reinforce its technological leadership, Horizon introduced its second-generation HSD 2.0 full-scenario autonomous driving system. This updated platform transitions from a single-stage modular design to a dual-engine architecture combining a world model with reinforcement learning. Trained on expert driving data, the world model achieves spatiotemporal understanding to predict traffic dynamics, enabling human-like defensive driving. Furthermore, the integration of occupancy networks into active safety features represents a critical upgrade from traditional recognition methods, significantly improving the detection of unforeseen obstacles.
Key exhibits
Exhibit 1
