大和发布研报称，地平线机器人-W(09660)计划自明年起为大众市场车款配备城市领航辅助驾驶 (NOA)，并发布第四代BPU架构;且业务拓展至人形机器人。该行重申予该股"买入"评级，目标价由原先 10.5港元上调至11.8港元;又相信公司已建立良好的产品组合，能进一步拓展中国城市NOA市场。 大和表示，地平线致力于推动智能汽车技术普及化，使城市NOA功能惠及大众市场车辆;预计到2025年 底，中国乘用车L2+、L2++级ADAS渗透率将达到20%，2026年进一步提升至28%，而L3级自动驾驶预 计将从2026年起主要于高端车型中出现。 ...

Core Viewpoint - Daiwa has released a report indicating that Horizon Robotics (09660) plans to equip mass-market vehicles with City Navigation Assistance (NOA) starting next year and has launched its fourth-generation BPU architecture, while also expanding into humanoid robots. The firm maintains a "Buy" rating on the stock, raising the target price from HKD 10.5 to HKD 11.8, believing the company has established a strong product portfolio to further penetrate the Chinese urban NOA market [1] Group 1 - Horizon Robotics is committed to promoting the popularization of smart automotive technology, making urban NOA features accessible to mass-market vehicles [1] - It is expected that by the end of 2025, the penetration rate of L2+ and L2++ level ADAS in China's passenger cars will reach 20%, increasing to 28% in 2026 [1] - L3 level autonomous driving is anticipated to primarily appear in high-end models starting from 2026 [1]