Huachuang Securities: Maintain a "recommended" rating for Horizon Robotics-W (09660.HK) with a target price of HK$12.44.

According to the iMoney APP, Huachuang Securities released a research report stating that they are giving a target price of HK$12.44 for Horizon Robotics-W (09660.HK) and maintaining a "buy" rating. Taking into consideration the positive factors on the company's revenue side, they have adjusted their core forecast for the years 2025-2027: with shipments of 4 million, 5.04 million, and 7 million units respectively, with year-on-year increases of +38%, +26%, and +39%; and revenues of 3.62 billion, 5.85 billion, and 8.39 billion yuan respectively, with year-on-year increases of +52%, +62%, and +43%. The company, as a rare third-party full-stack intelligent driving solution provider in China, heavily benefits from the industrial trends of domestic substitution, automobile intelligence, and edge-side AI development.