China Post Securities: Maintaining the Horizon Robot-W (09660) “buy” rating is expected to achieve the “HSD 10 million mass production” target

The Zhitong Finance App learned that China Post Securities released a research report stating that the cumulative shipment volume of the Horizon Robot-W (09660) Journey Series has exceeded 10 million, maintaining a “buy” rating. BPU, an intelligent computing architecture independently developed and designed by the company, has gone through three generations of architecture iterations. From Bernoulli architecture to Nash architecture, BPU computing performance has increased 246 times in 6 years.

The Journey 6 series, which began mass production in 2025, was developed based on a next-generation BPU Nash architecture, covering 10-560 TOPS computing power. It is currently the only domestic computing solution that meets the needs of L2 assisted driving to full-scene urban assisted driving, and efficiently meets the diverse needs of smart cars; the Journey series customers cover more than 40 domestic and foreign car companies, cooperating with more than 400 models, and serving more than 6 million car owners. By the end of August 2025, the total shipment volume of the Horizon Journey family's in-vehicle intelligent computing solutions had exceeded 10 million units.

The bank believes that HSD covers a diverse range of models and has entered the large-scale mass production stage. With the continuous expansion of the company's HSD mass production camp, the software and hardware combination technology path also continues to be widely verified and highly recognized by the market. HSD uses a one-stage end-to-end architecture and incorporates enhanced learning capabilities to achieve ultra-low system latency from “photon input to trajectory output”, greatly improving the safety, efficiency and comfort of assisted driving. The next-generation flagship in-vehicle intelligent computing solution, Journey 6P, achieves a generational performance transition with up to 560 TOPS of computing power. Combined with hardware architecture innovation and secure redundancy design, it provides solid support for large-scale implementation of HSD. At present, the company's HSD has received targeted cooperation from as many as 10 domestic and foreign car brands and over 20 models. With the introduction of various partner models such as the Starway ET5, Fengyun T9L, and iCarV27, the company's HSD will cover more market segments and diversified models, enter a rapid development cycle of large-scale mass production, and is expected to achieve the goal of “HSD mass production of 10 million”.