CMB International: Horizon Robot-W (09660) HSD Solution Sales Growth Expected to Accelerate Target Price of HK$7.8

Zhitongcaijing · 2d ago

The Zhitong Finance App learned that CMB International released a research report saying that the revenue of Horizon Robot-W (09660) is expected to increase 44.2% year-on-year to 2,259 billion yuan in the first half of 2026, with a gross profit margin of 60.4%. Driven by fair value returns from convertible bonds, it is predicted that net profit will be recorded in the medium term. The bank kept Horizon's revenue forecast of RMB 6 billion unchanged for the full year. It is expected that the improved product portfolio will drive an improvement in sales in the first half of the year, while sales growth of HSD solutions will accelerate from the second half of the year, mainly driven by BYD shares (01211), keeping Horizon's “buy” rating and target price of HK$7.8 unchanged.