Caitong Securities Maintains 'Buy' Rating on Horizon Robotics with Revenue Growth Projections

Summary

Caitong Securities maintains a ‘buy’ rating for Horizon Robotics (09660), citing its position as a major beneficiary of domestic intelligent driving chip power. The chip industry is expected to become oligopolistic, with only 2-3 firms surviving. Horizon’s revenue is projected to grow by 53%, 70%, and 54% from 2025 to 2027.

Impact Analysis

So basically, Caitong Securities is betting on Horizon Robotics as a key player in the domestic intelligent driving chip market, projecting substantial revenue growth over the next few years—53% in 2025, 70% in 2026, and 54% in 2027. The interesting part isn’t just the growth figures, but the expectation of an oligopolistic shift in the chip industry, suggesting that Horizon could be one of the few survivors. This could mean a significant competitive advantage and market share capture if they execute well. Everyone’s focused on the growth numbers, but the real story is about market positioning in a potentially shrinking competitive field. I’d read this as a strong signal to watch Horizon’s strategic moves and partnerships closely, as they could be pivotal in solidifying their leadership. The market might be underestimating the execution risks and the potential regulatory scrutiny that comes with such industry consolidation.