Core Viewpoint - UBS initiates coverage on Horizon Robotics-W (09660) with a "Buy" rating and a target price of HKD 10.5, corresponding to forecasted P/E ratios 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: accelerated adoption of higher-level autonomous driving, the trend of domestic production in the automotive and AI semiconductor sectors, and a surge in demand for edge AI driving growth in AIoT and robotics SoC businesses [1] Group 2: Financial Projections - The company anticipates a compound annual growth rate (CAGR) of 50% in revenue over the next five years [1] - Forecasts indicate that the shipment volume of its AD SoC will reach 9 million units by 2027, with an expected average selling price increasing to USD 90 [1]