HK Stock Market Move | HORIZONROBOT-W (09660) rises nearly 7% in the first half of the year, exceeding expectations with a revenue increase. Institutions are optimistic about reevaluating the value of integrated software and hardware.

HORIZONROBOT-W(09660) rose nearly 7%, as of the time of publication, it rose by 6.97% to HK$4.76, with a trading volume of HK$1.348 billion. On the news front, Horizon announced that it expects its revenue from continuing operations in the first half of 2026 to reach between HK$1.93 billion and HK$2.08 billion, a year-on-year increase of 24.8% to 34.5%. The upper limit of the revenue growth guidance is higher than the market's previous general expectation of around 25%-30%, exceeding market expectations overall. Revenue growth is mainly attributed to growth in both product solutions and licensing and service business segments. At the same time, the company's profit quality remains robust, with expected gross profit from continuing operations in the first half of the year to reach between HK$1.16 billion and HK$1.37 billion, corresponding to a gross margin of approximately 60% to 66%. UBS believes that the market has not fully recognized Horizon Siasun Robot & Automation's leading capabilities in hardware and software. CICC previously pointed out that the company's midterm catalysts include the increase in the delivery capability of Horizon's cabin integrated solutions, as well as the successful mass production of the next-generation computing platform in 2027 to form a complete product matrix. Long-term catalysts include subscription fee models, Robotaxi progress, and embodied intelligence to improve valuation center.