J.P. Morgan: Maintains "Overweight" rating on HORIZONROBOT-W (09660), market share continues to rise.

J.P. Morgan released a research report stating that although investors are focused on automakers' in-house development and intensifying autonomous driving competition, HORIZONROBOT-W (09660)'s share in entry-level autonomous driving among its major customers continues to expand, coupled with breakthroughs in L2+ and above projects, which continues to drive the company's market share higher. The bank maintains its "Overweight" rating and currently forecasts the company's revenue to reach RMB 14 billion by 2028 and achieve break-even. The bank noted that Horizon's full-stack capabilities allow it to flexibly participate in different automakers' in-house development or procurement strategies through chips, Horizon Super Drive (HSD), and underlying IP licensing, rather than solely selling bundled hardware and software. J.P. Morgan noted that Horizon Journey shipments reached 2.22 million units in the first half of this year, up 12% year-on-year, and expects stronger shipments in the second half, potentially exceeding 3 million units. It currently forecasts Journey shipments for 2026 to 2028 at 5.3 million, 7.6 million, and 9.4 million units, respectively.