MacVisit: Horizon Robotics

研报英文原文证据摘录

MacVisit: Horizon Robotics

Macquarie Equity Research

17 July 2026

Software & Services

Hong KongMacVisit: Horizon Robotics

Our experience with HSD V2.0

Calvin Eugene

About this company Ye Hsiao, CFA

• Horizon Robotics (9660 HK; Not Rated) is a leading third-party L2+

ADAS (advanced driver-assistance system) semi maker in China only

after NVIDIA with ~14% share (as of April 2026). Horizon is expanding Figure 1 - Stock summary

into software and transitioning towards becoming a full-stack ADAS

9660-HK Non Rated

solution provider.

Price (as of 15 July 2026) HKD 4.59

Why we visited 3m vol (US$ mn) 130

52W H/L 11.32/3.60

• The company recently launched HSD V2.0, its latest full-stack ADAS FY27 forward P/S 6.1

solution. We attended a test-drive event in Shenzhen to evaluate

Market cap (US$ bn) 8.27

the updated algorithm and user experience. We also met with senior

management to discuss the product roadmap and long-term strategy. Source: FactSet, July 2026

Figure 2 - Chery iCAR V27 equipped

The most interesting findings with HSD V2.0

• Full-stack ADAS strategy remains a focus. Horizon remains focused

on its position as one of the few players able to provide both chips and

full-stack ADAS solutions. Management said ASP expansion is being

supported by adoption of mid- and high-end ADAS products, including

higher-compute chipsets and Horizon SuperDrive (HSD) solutions.

• HSD V2.0 adds further algorithm upgrades. HSD V2.0 further adopts

end-to-end models and improves performance in complex driving

scenarios. During the test drive, the system completed the route with

limited manual intervention, and management said Horizon continues Source: Macquarie Research, July 2026

to narrow the gap with other leading ADAS players. Management noted Figure 3 - HSD V2.0 visualisation