Caitong Securities: Horizon Robotics-W (09660.HK) is the primary beneficiary of the localization of intelligent driving chip computing power, maintain a "hold" rating.

According to the Wisdom Financial APP, Caitong Securities released a research report stating that it is estimated that the revenue of Horizon Robotics-W (09660.HK) will increase by 53%, 70%, and 54% year-on-year in 2025-2027, reaching 3.6 billion yuan, 6.2 billion yuan, and 9.6 billion yuan respectively. The current stock price corresponds to a P/S ratio of 36X/21X/14X for 2025-2027. Taking into consideration the leading position and scarcity of Horizon Robotics in the field of domestic intelligent driving chips, the recommendation is to maintain a "hold" rating.