Core Viewpoint - Daiwa has released a report stating that Horizon Robotics (09660) is experiencing robust chip delivery momentum in China, with a breakthrough in global orders. The firm maintains a "Buy" rating on Horizon and raises the target price from HKD 9.6 to HKD 10.5, while also increasing the revenue forecasts for the next two years by 3% to 6% to reflect the expected rise in chip delivery volume [1] Group 1 - The company delivered 1.98 million ADAS chips in the first half of the year, representing a year-on-year increase of 106% [1] - Due to changes in the product mix, the average price of chips increased by 70% year-on-year during the same period [1] - Daiwa has raised its full-year chip delivery forecast for the company to 4.5 million units, considering potential growth in deliveries in the second half of the year [1] Group 2 - The company is expected to prioritize revenue growth over net profit in the short term [1] - Research and development expenditure for the company increased to RMB 2.3 billion in the first half of the year, with investments in cloud computing growing more than threefold year-on-year [1]