Group 1 - Haitong International has set a target price of HKD 12.5 for Horizon Robotics (09660) based on a 2026 price-to-sales ratio of 28 times, reflecting a 2% increase from the previous target price of HKD 12.3 [1] - Horizon Robotics has partnered with ZF Group to develop an SAE Level 3 intelligent driving system for the Chinese market, with production expected to start in 2026 [1][2] - The collaboration combines ZF's expertise in chassis and execution systems with Horizon's advanced chip technology, enhancing the consistency and safety of the intelligent driving system [2] Group 2 - Horizon Robotics is the first Chinese intelligent driving chip manufacturer to secure core projects with both Bosch and ZF, which strengthens its commercial viability for L3 products and expands its global market opportunities [2] - Revenue projections for Horizon Robotics are estimated at RMB 3.477 billion, RMB 5.907 billion, and RMB 8.890 billion for the fiscal years 2025 to 2027, representing year-on-year growth rates of 67.5%, 61.8%, and 57.9% respectively [2]