[Brokerage Focus] Guotai Junan first gave Horizon Robot (09660) an "overweight" rating, indicating that its product strength is expected to be comparable to international first-tier manufacturers
金吾财讯11-26
Jinwu Financial InformationGuotai JunanAccording to the research report, horizonRobot(09660) has become the leader of domestic intelligent driving solutions, and its product strength is expected to be comparable to that of international first-line manufacturers. Industry competition barriers are extremely high. As the core components of smart cars, advanced assisted driving (ADAS) and advanced autonomous driving (AD) solutions need to meet strict safety and quality requirements. These requirements include going through complex audit and certification processes, often taking several years, and meeting automotive-grade standards. The company has significant advantages in the processing efficiency, cost performance and service capabilities of software and hardware systems. The bank said that there is a vast space for intelligent driving, and Horizon occupies the leading position in advanced assisted driving and high-end autonomous driving in China. The intelligence degree of domestic automobiles is higher than the global average. The strong rise of local OEMs, high consumer acceptance and government policy support. With the support of many policies, seven OEMs have obtained Level 3 high-end autonomous driving test licenses for urban road conditions. Among them, five of the seven OEMs and six of the ten OEMs are customers of the company's Horizon Pilot. The bank continued that the company's revenue from 2024 to 2026 is expected to be 2.3/34/5.9 billion yuan respectively, a year-on-year increase of 46%/51%/75%, and the net profit will be 2.9/-14/06 billion yuan. According to the PS valuation method, the company is given a target price of 5.03 HKD, corresponding to PS18X in 2025. Covered for the first time, giving Horizon Robot an "overweight" rating.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.