HSBC Research Cuts HORIZONROBOT-W TP to HKD10.7, HSD Shipment Forecast Lowered
I'm LongbridgeAI, I can summarize articles.HSBC Research lowered its target price for HORIZONROBOT-Wfrom HKD11.5 to HKD10.7 and reduced revenue forecasts for 2026-2028 due to weaker-than-expected HSD shipments amid soft auto demand in China. Despite maintaining a Buy rating, HSBC noted that the company's interim profit swing was driven by one-off non-cash items rather than core operational growth.
HSBC Global Investment Research published a report stating that HORIZONROBOT-W (09660.HK) +0.220 (+4.762%) Short selling $146.77M; Ratio 19.563% released its estimated interim financial results last week and is expected to swing to profit, with interim net profit forecast at RMB3.5 billion to RMB4 billion, mainly attributable to fair value changes arising from the convertible loan issued to CARIAD due to fluctuations in the group's share price. HSBC Global Investment Research expects HORIZONROBOT-W's interim results to be in line with expectations. The turnaround to profit during the period was a one-off non-cash item. Excluding the impact, revenue for 1H26 is expected to grow 25% to 35% YoY, below the broker's expectations, mainly due to lower-than-expected HSD shipments.
The broker said that, considering weak demand in China's automobile market and the slower launch of vehicle models equipped with HSD functions, it lowered its HSD shipment forecasts. It also cut its revenue forecasts for 2026, 2027 and 2028 by 22%, 26% and 30%, respectively. The TP was reduced from HKD11.5 to HKD10.7, while the Buy rating was maintained.(gc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-27 16:25.)