Core Viewpoint - UBS has initiated coverage on Horizon Robotics (09660) with a "Buy" rating and a target price of HKD 10.5, implying a forecasted P/E ratio of approximately 48x for 2028 and 30x for 2029 [1] Group 1: Company Overview - Horizon Robotics is recognized as a leading supplier of single-chip autonomous driving systems and solutions in China [1] - The company is expected to benefit from three structural growth drivers: the accelerated adoption of higher-level autonomous driving, the trend of domestic production in China's automotive and AI semiconductor sectors, and the surge in demand for edge AI driving growth in AIoT and robotics SoC businesses [1] Group 2: Financial Projections - Horizon Robotics is projected to achieve a compound annual growth rate (CAGR) of 50% in revenue over the next five years [1] - The forecast for AD SoC shipments is expected to reach 9 million units by 2027, with an anticipated average selling price increasing to USD 90 [1]