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 - 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 estimate for the company's R&D expenditure for 2026-2027 by nearly RMB 1 billion, reflecting confidence in existing technology and the need for accelerated product iteration [1] Group 2: Market Outlook - The report maintains an "Outperform" rating, highlighting the competitive landscape in the high-level autonomous driving (AD) algorithm sector as a significant factor influencing the company's future performance [1]