BOCI International: Maintains a "buy" rating on Horizon Robotics-W (09660.HK), initial success observed in overseas customer expansion.

Zhithong Finance APP has learned that China International released a research report stating that Horizon Robotics-W (09660.HK) is showing a rapid growth trend in revenue in the first half of 2025. The company's automotive product solutions are experiencing both high volume and high prices, with the mass production of advanced autonomous driving HSD imminent and initial success in overseas expansion. The "buy" rating is maintained. Considering that Horizon Robotics' advanced HSD will be mass-produced in the second half of 2025, the bank expects that the ASP of the company's automotive product solutions in 2025 H2 will correspondingly increase, and new products are expected to drive an increase in the number of authorization and service contracts at the same time. With initial success in overseas client expansion, the bank predicts a significant increase in the number of authorization and service contracts from abroad in 2026.