Komo: Maintaining Horizon Robot-W (09660) “Gain” Rating Market Share Continues to Increase

The Zhitong Finance App learned that J.P. Morgan Chase released a research report saying that although investors are concerned about car companies' self-development and increased competition for autonomous driving, the share of Horizon Robot-W (09660)'s main customers in entry-level autonomous driving continues to expand. Coupled with breakthroughs in L2+ and above projects, the company's market share continues to increase. The bank maintains an “increase in holdings” rating and currently predicts that the company's revenue will reach 14 billion yuan in 2028 and reach a balance of payments.

According to the bank, Horizon's full-stack capabilities enable it to flexibly participate in the self-development or procurement strategies of different car manufacturers through chips, Horizon Super Drive (HSD), and underlying IP licensing, rather than simply bundling hardware and software. According to J.P. Morgan Chase, shipments of the Horizon robot Journey reached 2.22 million units in the first half of this year, an increase of 12% over the previous year. It is expected that shipments will be stronger in the second half of the year, which may exceed 3 million units. Currently, it is predicted that Journey shipments from 2026 to 2028 will be 5.3 million, 7.6 million, and 9.4 million units, respectively.