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<Research>Daiwa Expects HORIZONROBOT-W to Deliver 4M+ ADAS Chips This Yr, Hikes TP to $9.6
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Daiwa’s research report projected that HORIZONROBOT-W (09660.HK) will deliver over 4 million Advanced Driver Assistance Systems (ADAS) chips in 2025, compared to 2.9 million in 2024. This includes approximately 1.9 million Horizon Mono chips, 1.9 million Horizon Pilot chips, and 40,000 Horizon SuperDrive chips. Rising shipments and prices of Horizon Pilot are expected to be the core driver of revenue growth this year. BYD COMPANY (01211.HK), other manufacturers such as LI AUTO-W (02015.HK), Chery, CHANGAN AUTOMOBILE (000625.SZ), and GAC GROUP (02238.HK) have also placed orders with Horizon Robotics for 2025 deliveries. Daiwa reiterated its Buy rating on HORIZONROBOT-W, raising the target price from HKD6.5 to HKD9.6, while lowering 2026-27 net profit forecasts by 28%-57% due to an expected 6-7 ppts reduction in the revenue share from licensing and services. Despite a more cautious stance on ADAS in China’s auto industry following the Xiaomi SU7 accident, Daiwa believed the trend toward smart vehicles will not slow. AAStocks Financial News |
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