Daiwa Cuts HORIZONROBOT-W TP to HKD6.3, Maintains Buy Rating
I'm LongbridgeAI, I can summarize articles.Daiwa Research lowered its target price for Horizon Roboticsto HKD6.3 from HKD10.6, while maintaining a Buy rating. The broker cut revenue forecasts for 2026-28 by 6%-18% and the 2028 net profit forecast by 60%, citing a challenging short-term competitive environment. However, Daiwa remains optimistic about long-term prospects, noting that deepened cooperation with Volkswagen via Carizon is expected to generate billions in RMB revenue starting from Q3 2026.
Daiwa said in a research report that HORIZONROBOT-W (09660.HK) -0.150 (-3.282%) Short selling $61.49M; Ratio 20.848% will deepen cooperation with Volkswagen through the joint venture Carizon, and plans to issue USD450 million zero-coupon convertible bonds. In this regard, the broker remains optimistic about the company's long-term prospects, but lowered its revenue forecasts for 2026-28 by 6% to 18% to reflect a more challenging competitive environment in the short term, and cut its 2028 net profit forecast by 60%.
According to channel checks, the deepened cooperation with Volkswagen is expected to bring billions of RMB in revenue to HORIZONROBOT-W (09660.HK) -0.150 (-3.282%) Short selling $61.49M; Ratio 20.848% over the next few years. Starting from 3Q26, Carizon's urban NOA will be deployed in seven new Volkswagen models in China. Volkswagen also plans to deliver models with L3 capabilities in China starting from 2H27.
The broker reiterated the Buy rating on HORIZONROBOT-W (09660.HK) -0.150 (-3.282%) Short selling $61.49M; Ratio 20.848% and lowered the TP from HKD10.6 to HKD6.3. (sl/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-24 12:25.)