Core Viewpoint - Horizon Robotics-W (09660) has seen a significant stock increase of nearly 7%, with a cumulative rise of over 20% post-earnings report, reflecting strong financial performance and market confidence [1] Financial Performance - For the first half of the year, Horizon Robotics reported revenue of 1.567 billion yuan, representing a year-on-year growth of 67.6% [1] - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4% [1] - The company holds cash reserves of 16.1 billion yuan [1] Market Outlook - Daiwa's research report indicates that Horizon Robotics' revenue for the first half of the year accounted for 45% of their full-year revenue forecast, driven by a significant increase in hardware shipments [1] - The company is confident in achieving an annual delivery target of 4 million hardware units, with mid-to-high-end products contributing 50% [1] Chip Delivery and Pricing - Horizon Robotics delivered 1.98 million ADAS chips in the first half of the year, marking a year-on-year growth of 106% [1] - The average price of chips increased by 70% year-on-year due to changes in the product mix [1] - Daiwa has raised its full-year chip delivery forecast to 4.5 million units, anticipating continued growth in the second half of the year [1]