1. What are HORIZONROBOT-W’s full-year performance expectations? As of November 12, 2025, according to quarterly performance forecast data: The company’s consensus full-year revenue is projected at RMB3.39–3.891 billion, representing year-on-year growth of 42.2%–63.2%. The consensus net profit forecast ranges from a loss of RMB8.82 billion to RMB1.177 billion, reflecting a YoY change of -475.9% to -150.2%. Adjusted net profit is expected to be between a loss of RMB2.831 billion and RMB977 million, with a YoY change of -68.4% to 41.9%. Investors should monitor whether actual results exceed expectations upon future financial disclosures.
2. Latest sell-side views on HORIZONROBOT-W **Haitong International Securities** highlights: - HORIZONROBOT-W and ZF Group are jointly developing an L3 autonomous driving system for the Chinese market, with mass production expected in 2026. ZF provides the hardware platform and safety validation, while HORIZONROBOT contributes its Journey 6P (J6P) chip and software algorithms. - The collaboration strengthens system implementation capabilities, with J6P’s performance meeting international Tier-1 standards. - Leveraging ZF’s global network, HORIZONROBOT aims to expand overseas clients, targeting 10% of revenue from international markets by 2027.
Key business insights: 1) **L3 autonomous driving partnership**: Joint development with ZF Group enhances system deployment readiness for 2026 production. 2) **J6P chip validation**: The chip’s computing power, energy efficiency, and toolchain maturity meet global Tier-1 integration benchmarks. 3) **Overseas expansion**: ZF’s global reach may accelerate overseas orders, transitioning HORIZONROBOT from domestic to global mass production.
**Caitong Securities** notes: - HORIZONROBOT-W holds significant growth potential in the autonomous driving SoC chip sector, with the market expected to grow at a 29% CAGR from 2025 to 2030. Autonomous driving penetration is projected to rise from 55% in 2024 to nearly 100% by 2030. - The company’s ASIC technology differentiates it from competitors like NVIDIA, offering task-specific customization for high computing efficiency and cost savings. - Revenue is forecasted to grow 53%, 70%, and 54% in 2025–2027, reaching RMB3.6 billion, 6.2 billion, and 9.6 billion, respectively.
*Risk warning: The data or cases presented are for reference only and should not serve as future investment guidance. Stock investments carry risks, including market volatility, corporate performance, and policy factors. Investors should conduct thorough research and make decisions based on individual risk tolerance.*
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