Core Viewpoint - Horizon Robotics-W (09660) has seen a significant stock increase of nearly 7%, with a cumulative rise of over 20% post-earnings report, reflecting strong financial performance and market confidence [1] Financial Performance - For the first half of the year, Horizon Robotics reported revenue of 1.567 billion yuan, representing a year-on-year growth of 67.6% [1] - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4% [1] - The company holds cash reserves of 16.1 billion yuan [1] Market Outlook - Daiwa's research report indicates that Horizon Robotics' revenue for the first half of the year accounted for 45% of their full-year revenue forecast, driven by a significant increase in hardware shipments [1] - The company is confident in achieving an annual delivery target of 4 million hardware units, with mid-to-high-end products contributing 50% [1] Chip Delivery and Pricing - Horizon Robotics delivered 1.98 million ADAS chips in the first half of the year, marking a year-on-year growth of 106% [1] - The average price of chips increased by 70% year-on-year due to changes in the product mix [1] - Daiwa has raised its full-year chip delivery forecast to 4.5 million units, anticipating continued growth in the second half of the year [1]

Core Viewpoint - Daiwa has released a report stating that Horizon Robotics (09660) is experiencing robust chip delivery momentum in China, with a breakthrough in global orders. The firm maintains a "Buy" rating on Horizon and raises the target price from HKD 9.6 to HKD 10.5, while also increasing the revenue forecasts for the next two years by 3% to 6% to reflect the expected rise in chip delivery volume [1] Group 1 - The company delivered 1.98 million ADAS chips in the first half of the year, representing a year-on-year increase of 106% [1] - Due to changes in the product mix, the average price of chips increased by 70% year-on-year during the same period [1] - Daiwa has raised its full-year chip delivery forecast for the company to 4.5 million units, considering potential growth in deliveries in the second half of the year [1] Group 2 - The company is expected to prioritize revenue growth over net profit in the short term [1] - Research and development expenditure for the company increased to RMB 2.3 billion in the first half of the year, with investments in cloud computing growing more than threefold year-on-year [1]

大和发布研报称，地平线机器人-W(09660)在中国的芯片交付势头稳健，全球订单获得突破。该行重申 对地平线的"买入"评级，目标价由9.6港元上调至10.5港元，又调升公司今明两年的收入预测3%至6%， 以反映预期芯片交付量上升。 公司上半年交付198万颗ADAS芯片，同比增长106%。由于产品组合变化，期内芯片的均价同比上升 70%。该行考虑到地平线下半年交付或会增长，将其今年全年芯片交付预测上调至450万颗。该行又预 计，短期内地平线将优先扩大收入，而非实现净利润。公司在上半年的研开发支已提高至23亿元人民 币，其中云计算业务的投资同比增长超过三倍。 ...

Group 1 - The company is optimistic about its long-term outlook, expecting significant growth in the AI market from 2026 to 2029, particularly in high-performance computing (HPC) [1] - The company has successfully completed the verification of its 3nm chip design in collaboration with major North American cloud customers, with mass production expected to begin by the end of Q1 2026 [1] - The company plans to recognize NRE revenue from its 2nm design project this year and is working with global cloud service providers on large AI chip projects [1] Group 2 - In the automotive market, the company has made clear progress in its ADAS chip project, with wafer orders already placed by end customers, expected to become one of the top three revenue sources starting in 2026 [2] - Over 80% of the company's revenue in Q2 came from advanced processes of 7nm and below, with expectations for significant growth in the revenue share from 3nm and 2nm processes starting in 2026 [2] - The company is actively reducing its exposure to the Chinese market, with revenue from China dropping to single digits in Q2, while expanding its engineering teams in Japan, Malaysia, and Vietnam [2] Group 3 - The company's Q2 consolidated revenue was NT$9.144 billion, a decrease of 12.79% quarter-over-quarter and 32.68% year-over-year, with a gross margin of 20.64% [3] - For the first half of the year, the consolidated revenue totaled NT$19.629 billion, a year-over-year decrease of 18.46%, while the gross margin increased by 3.1 percentage points [3] - The company maintains confidence in the AI market, expecting strong and sustainable growth in the coming years as N3 production and next-generation design projects are implemented [3]