Horizon Robotics (9660 HK, Not rated)

Research evidence excerpt

Horizon Robotics (9660 HK, Not rated)

Flashnote

18 May 2026

Automobiles & Components

Horizon Robotics (9660 HK, Not rated) Hong Kong

Macquarie Asia Conference 2026

Eugene Calvin

Hsiao, CFA Ye

What's new

• At our Macquarie Asia Conference 2026 today, management of Horizon

Robotics highlighted that the company is continuing to accelerate

its transition to becoming a full-stack autonomous driving solution

provider, supporting a more diversified and higher-value revenue mix.

While the industry is currently facing a cyclical downturn driven by

weaker downstream demand and intensified competition, management

emphasised that structural demand from OEMs for third-party suppliers

remains intact due to cost constraints on in-house development.

Management reiterated that the company's cost-efficiency advantages and

ongoing ASP uplift from product mix upgrades remain unchanged, providing

support for medium-term growth and profitability.

Why it matters

• Strong product differentiation underpinned by full-stack AI capabilities

and improving product mix: Management indicated the increase in

ASPs reflects the rapid adoption of mid- to high-end autonomous driving

products, including higher compute chips and HSD solutions. As well, the

shift toward full-stack solutions and higher-value products has driven

strong ASP expansion, alongside increasing penetration in higher-end

configurations.

• Chip products driven by cost advantages and high effective compute

efficiency: The company’s competitiveness, according to management,

comes from its high compute utilisation and optimised architecture design,

with effective compute significantly higher than peers. This results in

smaller chip size and lower cost per vehicle solution, which management

says reinforces its cost-performance edge.