Haitong International released a research report stating that, based on peer valuation benchmarks and considering HORIZONROBOT-W's (09660) growth prospects and industry position, it assigned the company a 2026 price-to-sales ratio of 28x, corresponding to a target price of HK$12.5 (previously HK$12.3, implying a 26x 2026 P/S ratio, up 2%). The firm maintained its "Outperform" rating.

HORIZONROBOT-W recently announced a collaboration with ZF Group to jointly develop an SAE Level 3 autonomous driving system for the Chinese market. ZF will provide its ProAI platform and system-level architecture design, handling hardware platforms, vehicle integration, and safety validation, while HORIZONROBOT-W will supply its Journey 6P (J6P) chip (computing power >1,000 TOPS) and full software algorithm stack. The system has already secured designations from major Chinese automakers and is expected to enter mass production in 2026.

Haitong International noted that ZF, as a global leader in chassis and execution systems, has deep expertise in critical domains such as steering, braking, and suspension. This partnership integrates traditional chassis control strengths with intelligent decision-making, significantly enhancing execution consistency and safety redundancy in autonomous driving systems. The firm views this architecture as a critical step in transitioning high-end autonomous driving algorithms to mass production, validating HORIZONROBOT-W’s system-level algorithm adaptability and execution synergy.

The collaboration with ZF positions HORIZONROBOT-W as the first Chinese autonomous driving chipmaker to secure core projects with both Bosch and ZF, reinforcing the commercialization certainty of its L3 products and expanding its global market potential. Haitong International forecasts the company’s 2025–2027 revenue at RMB3.477 billion, RMB5.907 billion, and RMB8.890 billion, representing year-on-year growth of 67.5%, 61.8%, and 57.9%, respectively.