Goldman Sachs raises the target price of HORIZONROBOT-W to 14 yuan and maintains a "Buy" rating

Goldman Sachs research report indicates that HORIZONROBOT (09660.HK) achieved a year-on-year revenue growth of 68% in the first half of the year, exceeding expectations, primarily due to the increase in shipments of Journey 6. However, operating profit fell short of expectations due to rising cloud service costs. The firm holds a positive view on the mass production of the Horizon Super Driving (HSD) system starting in the second half of the year.

Additionally, HORIZONROBOT's shipments of NOA function products reached 980,000 units in the first half of the year, accounting for 50% of total shipments, driving an increase in average selling price. The firm expects the product portfolio to continue upgrading to higher-end integrated hardware and software solutions; maintaining a "Buy" rating, with the target price raised from HKD 13.13 to HKD 14