UBS Initiates Coverage on Horizon Robotics-W with Buy Rating and HK$13.2 Target Price

Deep News04-25 10:51

UBS released a research report stating that Horizon Robotics-W (09660) introduced three new products during its launch event, including the high-end smart driving solution (HSD) V1.6, the Starry 6 integrated cockpit and driving chip built on a 5-nanometer process, and the KaKaClaw automotive operating system. The company plans to release HSD V2.0 later this year, which is expected to feature more advanced human-like autonomous driving capabilities. UBS has assigned a target price of HK$13.2 and a "Buy" rating.

The report highlighted that the most noteworthy aspect of the launch was the maturity and appeal of the integrated cockpit and driving chip, which has already attracted over ten partners. Additionally, the company is transitioning into an automotive AI Agent solutions provider, leveraging its expertise in system-on-chip (SoC) technology, full-stack autonomous driving solutions, and edge AI models to build an operating system platform.

UBS believes this strategy will strengthen the company's position in the autonomous driving SoC and cockpit solutions market and anticipates a positive market response to the launch. The bank's current valuation model does not yet incorporate potential earnings from the new products and will revisit its forecasts accordingly.

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