Group 1 - The core viewpoint of the report is that Horizon Robotics (09660) is positioned to benefit from the trends of domestic substitution, automotive intelligence, and edge AI development, with a target price set at HKD 12.44 and a "Recommended" rating maintained [1] - The company anticipates significant growth in its core forecasts for 2025-2027, with expected shipments of 4 million, 5.04 million, and 7 million units respectively, representing year-on-year increases of 38%, 26%, and 39% [1] - Revenue projections for the same period are set at CNY 36.2 billion, 58.5 billion, and 83.9 billion, with year-on-year growth rates of 52%, 62%, and 43% [1] Group 2 - The HSD (Horizon SuperDrive) solution is set for mass production, marking a significant change in the high-level autonomous driving market, with the first vehicle featuring this solution expected to launch in November 2025 [1] - The company has established a European headquarters in Munich and is building deep connections with international clients such as Bosch, Continental, and Volkswagen, which may help to expand its global reach [1] - In the first half of 2025, the company achieved a market share of 45.8% in basic ADAS and 32.4% in overall ADAS solutions, leading the Chinese market [2] Group 3 - The company has been included in the Hang Seng Composite Index and the Hang Seng Tech Index, enhancing its visibility and investment appeal in the Hong Kong market [3] - The company is recognized as a rare AI-related stock in the Hong Kong market, with both configuration value and risk appetite on the rise [3] - The stock's inclusion in the indices is expected to attract passive fund inflows, positively impacting its stock performance [3]