China Post Securities Maintains "Buy" Rating on HORIZONROBOT-W (09660), Expects "10M HSD Mass Production" Target

Stock News12-10

China Post Securities released a research report stating that HORIZONROBOT-W (09660) has surpassed cumulative shipments of 10 million units for its Journey series, maintaining a "Buy" rating. The company's self-developed Brain Processing Unit (BPU) intelligent computing architecture has undergone three generations of iterations—from Bernoulli to Nash—achieving a 246-fold improvement in computing performance over six years.

The Journey 6 series, set for mass production in 2025, is based on the next-generation Nash architecture, covering computing power from 10 to 560 TOPS. It is currently the only domestic solution meeting demands from L2 advanced driver-assistance systems (ADAS) to full-scenario urban autonomous driving, efficiently addressing diverse smart vehicle needs. The Journey series serves over 40 global automakers, with collaborations spanning 400+ vehicle models and 6 million+ car owners. By August 2025, total shipments of HORIZONROBOT's in-vehicle intelligent computing solutions exceeded 10 million units.

The report highlights that Horizon SuperDrive (HSD) supports diverse vehicle models and has entered mass production. As HSD adoption expands, its integrated hardware-software approach continues gaining market validation. HSD employs an end-to-end architecture with reinforcement learning, enabling ultra-low latency from "photon input to trajectory output," significantly enhancing ADAS safety, efficiency, and comfort.

The flagship Journey 6P, with 560 TOPS computing power, delivers generational performance leaps through hardware innovations and safety redundancy designs, supporting HSD's large-scale deployment. Currently, HSD has secured partnerships with 10 automakers for over 20 models. With upcoming launches like the Exeed ET5, Fengyun T9L, and iCAR V27, HSD will penetrate more market segments, accelerating its mass-production cycle toward the "10M HSD units" target.

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