Core Viewpoint - The report from Credit Lyonnais maintains a target price of HKD 11 for Horizon Robotics (09660), suggesting that the current stock price has fully reflected negative factors such as share issuance, indicating greater upside potential [1] Group 1: Company Performance and Outlook - Credit Lyonnais expects that the customer certification of J6P and the adoption of HSD600 by leading domestic automakers will serve as key catalysts in the coming months [1] - The firm has raised its estimates for the company's R&D expenditure for 2026-2027 by nearly RMB 1 billion, reflecting confidence in existing technology routes and the need for accelerated product iteration [1] Group 2: Market Conditions and Competitive Landscape - The report highlights the intense competition in the high-level autonomous driving (AD) algorithm sector, which is influencing the company's strategic decisions [1]