Core Insights - Horizon Robotics, led by CEO Yu Kai, aims to solidify its position in the smart technology sector through its first technology ecosystem conference, showcasing its ADAS and AD solutions [2][15] - The company is transitioning from a chip supplier to an integrated technology service provider, emphasizing the importance of ecosystem collaboration over in-house development by automakers [3][16] Group 1: Company Strategy and Vision - Yu Kai's vision includes making advanced driving technology accessible to the mass market, with the goal of integrating smart driving into vehicles priced under 150,000 yuan [18] - Horizon Robotics has launched the HSD (Horizon City Driving) system, achieving over 12,000 activations within two weeks of its launch, indicating strong market demand [18] - The company plans to expand its ecosystem by offering a full-stack solution that includes chips, algorithms, and reference designs, which can significantly reduce development cycles for automakers [19][20] Group 2: Technological Developments - The HSD system's mass production marks a significant step towards Yu Kai's vision of becoming a foundational player in the robotics era, likening the company to a "Wintel" for the robotics industry [19] - Horizon Robotics is focusing on three technological pillars: BPU, compilers, and algorithms, with the fourth-generation BPU architecture and compiler serving as the foundation for both smart driving and general robotics [19] - The introduction of the "HSD Together" model aims to alleviate challenges faced by automakers, such as high training costs and talent shortages, by allowing them to build on Horizon's validated algorithms [20][25] Group 3: Market Position and Competition - Horizon Robotics is positioning itself to capture a significant share of the market by targeting vehicles priced at 130,000 yuan and below, with plans to enter the 100,000 yuan national car market [21][26] - The company views Tesla as its primary competitor, with the upcoming release of Tesla's FSD V12 expected to set a new standard in the industry [23] - The automotive ecosystem is becoming increasingly competitive, with various players, including Huawei, also vying for dominance in the smart driving space [17][26] Group 4: Industry Challenges and Collaboration - The industry faces significant challenges, including high costs of AI training, scarcity of top talent, and imbalanced iteration speeds, which Horizon aims to address through collaborative ecosystem models [20][25] - There is a consensus among industry players that building a collaborative ecosystem is essential for overcoming the technological and scalability gaps in smart driving [25][27] - The shift in supplier roles is evident, with companies like Horizon Robotics moving from behind-the-scenes support to defining technology routes and participating in standard-setting [27]

Core Viewpoint - The company is set to hold the "2025 Horizon Technology Ecosystem Conference" in Shenzhen, focusing on advanced driving assistance systems and the commercialization of autonomous driving technologies [4]. Group 1: HSD Production and Market Penetration - The high-level driving assistance system (HSD) has begun mass production, with over 12,000 units activated within two weeks of launch, indicating strong market demand [5]. - The HSD system is expected to penetrate the 100,000 yuan vehicle market, targeting models priced between 130,000 and 200,000 yuan, which currently account for 50% of passenger car transactions in China [5]. - The first partners for the HSD system include Bosch, Zhuoyue, and Qingzhou Zhihang, showcasing collaboration with Tier-1 suppliers [5]. Group 2: HSD Together Algorithm Service Model - The HSD Together model offers a comprehensive algorithm service, allowing partners to focus on system integration and vehicle adaptation, significantly reducing costs and time [7]. - The J6 series chips are expected to see accelerated shipments due to the HSD algorithm's application in lower-cost vehicle markets [7]. Group 3: New BPU Architecture and Chip Development - The newly released "Riemann" BPU architecture enhances key operator performance by tenfold and increases the number of supported high-precision operators by tenfold, aiming to compete with Tesla's AI5 chip [8]. - The fourth-generation compiler "Tiangong Kaiwu" has improved compilation speed from hours to minutes, enhancing model performance by 20% [8]. Group 4: Open Source Robotics Models - The company has launched over 100 robotic products and established connections with over 100 partners and 100,000 developers, introducing two open-source embodied intelligence models: HoloMotion and HoloBrain [9]. - HoloMotion is already available on GitHub and has been adopted by institutions such as Stanford and Tsinghua [9].

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for Horizon Robotics (09660), highlighting significant advancements in their high-level assisted driving system (HSD), which has achieved mass production and activated over 12,000 units in two weeks. The company aims to expand the NOA functionality to vehicles priced around 100,000 yuan, indicating a strong market penetration strategy [1]. Group 1: HSD System and Market Expansion - The HSD system has been successfully mass-produced, with activation exceeding 12,000 units within two weeks of launch. The first vehicles equipped with HSD include the Chery Xingtu ET5, which features the J6P chip with 560 TOPS computing power [2]. - The HSD system is expected to make inroads into the 100,000 yuan vehicle market, with initial partnerships including Bosch and other Tier-1 suppliers. The system has already penetrated the 130,000 to 200,000 yuan vehicle segment [2]. - The company aims to leverage a single J6M chip for the NOA solution, which is set to be mass-produced and made available for the budget vehicle market [2]. Group 2: Algorithm and Chip Development - The HSDTogether model offers a comprehensive algorithm service, allowing partners to focus on system integration and vehicle adaptation, significantly reducing costs and time [3]. - The J6 series chips are expected to see accelerated shipments due to the HSD algorithm's capabilities, with previous chip models achieving significant shipment milestones in shorter timeframes [3]. - The newly introduced "Riemann" architecture for the J7 series chips aims to compete with Tesla's next-generation AI5 chip, boasting a tenfold increase in key operator performance and fivefold energy efficiency improvements for LLM [4]. Group 3: Robotics and Open Source Models - The company has launched over 100 products under its Diguo Robotics brand, collaborating with over 100 partners and more than 100,000 developers. Two open-source models, HoloMotion and HoloBrain, have been released to foster a robotics ecosystem [5]. - HoloMotion has been made available on GitHub and is already being utilized by institutions such as Stanford and Tsinghua [5].

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for Horizon Robotics (09660), highlighting significant advancements in their high-level assisted driving system (HSD), which has achieved mass production and activated over 12,000 units in two weeks. The company aims to expand the NOA functionality to vehicles priced around 100,000 yuan [1][2]. Group 1: Product Development and Market Expansion - The HSD system has been successfully integrated into the Chery Xingtu ET5, utilizing the J6P chip with 560 TOPS computing power, achieving a latency of milliseconds and human-like defensive driving capabilities [2]. - The HSD system is expected to penetrate the 100,000 yuan vehicle market, with 50% of passenger cars in China priced below 130,000 yuan, indicating a strong market opportunity [2]. - The first batch of partners for the HSD system includes Bosch, Zhuoyue, and Qingzhou Zhihang, indicating a robust collaboration network [2]. Group 2: Algorithm and Chip Advancements - The HSDTogether model offers a comprehensive algorithm service, allowing partners to focus on system integration and vehicle adaptation, significantly reducing costs and time [3]. - The J6 series chips are projected to see accelerated shipments due to the HSD algorithm's capabilities, with previous models taking 36, 24, and 12 months to reach one million units shipped [3]. Group 3: New Architecture and AI Integration - The newly launched "Riemann" BPU architecture enhances key operator performance by ten times and increases the number of supported high-precision operators by ten times, targeting competition with Tesla's next-generation AI5 chip [4]. - The fourth-generation compiler "Tiangong Kaiwu" has improved compilation speed from hours to minutes, enhancing model performance by 20% [4]. Group 4: Open Source Initiatives - The company has launched over 100 products under its Diguo Robotics brand, connecting with over 100 partners and more than 100,000 developers, and has released two open-source models: HoloMotion and HoloBrain [5].