Everbright Securities: Maintaining Horizon Robot-W (09660) “Buy” Rating Hardware Architecture Optimization+Full Stack Algorithm Service Empowerment

The Zhitong Finance App learned that Everbright Securities released a research report saying that maintaining the Horizon Robot-W (09660) “buy” rating, the company announced a number of important developments at the conference. The advanced driving assistance system “HSD” has been mass-produced, the number of activations has exceeded 12,000 vehicles in two weeks, and is expected to lower the urban NOA function to the 100,000 yuan model market. Its overseas market expansion is beginning to bear fruit, and the share of middle- and high-end product shipments is expected to continue to increase. The J6P+HSD launch further enhances the company's product ASP and brand strength.

The main views of Everbright Securities are as follows:

Incidents

The company held the “2025 Horizon Technology Ecology Conference” (hereinafter referred to as the “Conference”) in Shenzhen on December 8-9, 2025. The theme of the conference was “Walking Higher”. The main & sub-forum topics covered various segmented scenarios such as full-scenario assisted driving, open collaboration for smart cars, large-scale commercial use of global autonomous driving, and technological transition from smart cars to robots.

High-end driving assistance system “HSD” is mass-produced, and urban NOA is expected to drop to the 100,000 yuan automobile market

HSD was mass-produced and the documents were submitted, and the activation volume exceeded 10,000 in two weeks. In 2025, the Chery Starway ET5 debuted a J6P chip+HSD urban driving assistance system equipped with Horizon 560 TOPS computing power. The HSD uses a one-stage end-to-end +VLM architecture to achieve 100 millisecond latency and defensive driving with “human-like thinking”. Yu Kai, founder and CEO of the company, announced at the conference that the Deep Blue L06 and Chery Starway ET5, equipped with the company's HSD assisted driving system, had more than 12,000 HSD activations within two weeks of launch. The cost-effective urban NOA plan is expected to benefit 100,000 yuan models. According to the 25Q1-25Q3 passenger car transaction price distribution data presented at the conference, passenger cars under 130,000 account for 50%. At present, HSD has successfully entered the 130,000-200,000 range of models. The urban NOA solution based on a single J6M chip is about to be mass-produced and will soon benefit the 100,000 yuan national car market. The first partners include Tier-1 partners such as Bosch, Zhuoyu, and Smart Boat. According to the video displayed at the conference site, the HSD solution based on a single J6M enables smooth unprotected left turns, narrow road games, and construction detours on complex road sections such as Huaqiang North in Shenzhen.

Empowered by the “HSDTogether” full-stack algorithm service model, J6 shipments are expected to be further accelerated

Unlike the traditional “chip+reference algorithm” delivery model, HSDTogether opens HSD as a proven “model room” to partners (white box & black box licensing) to provide “algorithm services” covering the entire product development cycle, including data services and Eddy's SaaS platform, professional algorithm adaptation engineering and consulting services, and the most core base model licensing. Partners can focus on their own advantages such as system integration testing and model adaptation development, and labor, computing power, and time costs have all been drastically reduced. Shipment of one million J3/J5/J6 chips took 36/24/12 months respectively. We believe that with the HSD algorithm empowering urban NOA to sink the 100,000 yuan model market, shipments of J6 series chips are expected to accelerate further.

New “Riemann” BPU architecture released, J7 targets Tesla AI5 chip

Compared to the previous generation, the “Riemann” architecture has improved the performance of key operators by 10 times, and the number of high-precision operators supported has increased by 10 times. Increase energy efficiency by 5 times for LLM. The J7 series chips equipped with the Riemann architecture target Tesla's next AI5 chip. At the same time, the fourth-generation compiler “Tiangong Kai” was released, introducing an AI-driven optimization strategy, increasing the compilation speed from the hour level to the minute level and improving model performance by 20%.

Open source models of intelligent brain & cerebellum to build a robot ecosystem

The company's sweet potato robot has launched more than 100 products, connecting more than 100 upstream and downstream partners and more than 100,000 developers. The conference officially unveiled two major artificial intelligence open source models: HoloMotion, a model with an intelligent cerebellar base, and HoloBrain, a model with a built-in smart brain base. Currently, HoloMotion is open sourced on GitHub and used by organizations such as Stanford and Tsinghua.

Risk Alerts

Demand for smart cars falls short of expectations; ADAS and AD penetration falls short of expectations; competition in the field of smart driving chips intensifies; and the risk of stock price fluctuations in IPOs.