---
title: "Daiwa Capital Markets: Optimistic about HORIZONROBOT-W in the mainland market, initiating a \"Buy\" rating"
description: "Daiwa Capital Markets initiated coverage on HORIZONROBOT-W with a \"Buy\" rating and a target price of HKD 7.45. It is expected that the compound annual growth rate of sales from 2025 to 2027 will be 57"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/248509680.md"
published_at: "2025-07-15T01:28:03.000Z"
---

# Daiwa Capital Markets: Optimistic about HORIZONROBOT-W in the mainland market, initiating a "Buy" rating

> Daiwa Capital Markets initiated coverage on HORIZONROBOT-W with a "Buy" rating and a target price of HKD 7.45. It is expected that the compound annual growth rate of sales from 2025 to 2027 will be 57.5%, and it is anticipated to achieve breakeven in 2028. Horizon's ADAS chip solutions in the mainland China market are expected to capture 54% market share by 2027, benefiting from the localization of automotive chips and the penetration of the electric vehicle market

According to the Zhitong Finance APP, Daiwa Capital Markets has released a research report predicting that HORIZONROBOT-W (09660) will achieve a compound annual growth rate of 57.5% in sales from 2025 to 2027, and expects the company to reach breakeven by 2028. Daiwa has initiated coverage on the stock with a "Buy" rating, setting a target price of HKD 7.45 based on a 10.1 times enterprise value to sales ratio for 2027.

HORIZONROBOT has a unique capability in software and hardware integration in mainland China. Daiwa expects that the advanced driver-assistance systems (ADAS) chip solutions from HORIZONROBOT will capture 54% of the market share among Chinese automakers by 2027, as it fully leverages the localization advantages of automotive chips and penetrates more mass-market electric vehicles.

In response to potential U.S. chip restrictions, China aims to achieve a 25% self-sufficiency rate in domestic chips by 2025. Daiwa believes that HORIZONROBOT, with its solid customer base, understanding of local demand, and cost-effective solutions, will be a major beneficiary of the localization of automotive chips in China.

Additionally, as leading automakers like BYD (01211, 002594.SZ) push for mass-market electric vehicles priced over RMB 100,000 to be equipped with advanced intelligent driving, HORIZONROBOT's Journey solution has been deployed in over 1 million BYD vehicles and is expected to further penetrate the market priced between RMB 100,000 and 200,000, which accounts for 38.5% of the total electric vehicle volume in mainland China

### Related Stocks

- [09660.HK - HORIZONROBOT-W](https://longbridge.com/en/quote/09660.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.