Core Viewpoint - Daiwa Research expects Horizon Robotics (09660.HK) to deliver over 4 million Advanced Driver Assistance System (ADAS) chips this year, up from 2.9 million last year, indicating strong growth potential in the smart automotive sector [1] Group 1: Company Performance - Horizon Robotics is projected to ship approximately 1.9 million units of Horizon Mono, 1.9 million units of Horizon Pilot, and 40,000 units of Horizon SuperDrive [1] - The increase in shipments and pricing of Horizon Pilot is anticipated to be the main driver of revenue growth this year [1] Group 2: Financial Outlook - Daiwa has upgraded its target price for Horizon Robotics from HKD 6.5 to HKD 9.6, reflecting confidence in the company's growth trajectory [1] - The net profit forecast for 2026-27 has been revised down by 28% to 57%, due to an expected decrease in the revenue share from licensing and service businesses by 6-7 percentage points [1] Group 3: Industry Context - Despite a more cautious attitude towards ADAS in the domestic automotive industry following an incident involving Xiaomi's SU7, the trend towards smart vehicles is not expected to slow down [1]
大和料地平线今年交付逾400万块ADAS芯片 升目标价至9.6港元