Daiwa Capital Markets has reaffirmed its "Buy" rating on HORIZONROBOT-W (09660) and increased the target price from HK$11.8 to HK$12.4. The firm raised its revenue forecasts for the company for the current and next fiscal years by 5% to 17%, driven by stronger-than-expected growth in 2025 order volume and intellectual property licensing service revenue.

The company reported robust full-year performance for 2025 and provided an optimistic outlook for 2026 and beyond. Daiwa has also introduced its first financial forecast for the company for 2028, anticipating explosive growth in shipments of its highway and urban navigation-assisted driving chips in 2026. The report further highlighted that HORIZONROBOT-W's strategy for its full-vehicle intelligent system-on-chip (SoC) and integrated driving-cockpit solutions is advancing, offering cost-effective solutions to automakers. This approach allows the company to avoid competition in the mature and highly homogeneous standalone cockpit chip market while pioneering a new "blue ocean" segment centered on whole-vehicle intelligence and AI agents.