Horizon Robotics - H Sentiment recovery on deepening collaboration with key customer; OW on positive HSD track

Research evidence excerpt

Horizon Robotics - H Sentiment recovery on deepening collaboration with key customer; OW on positive HSD track

Asia Pacific Equity Research

30 June 2026

Overweight

Horizon Robotics - H 9660.HK, 9660 HK

Price (30 Jun 26): HK$4.08

Sentiment recovery on deepening collaboration with

▼ Price Target (Jun-27): HK$10.60

key customer; OW on positive HSD track Prior (Dec-26): HK$13.00

Horizon’s share price surged 15% this Monday (vs HSI +3%), which we Hong Kong

attribute to improving investor sentiment on its deepening partnership with Technology

a key customer, which alleviated prior concerns on potential m/s erosion AC Cherry Liu

following BYD’s self-developed chip announcement (link). As a full-stack (86-21) 6106-6200

smart driving solution provider offering software, chips, and toolchains ye.liu@jpmorgan.com

through flexible models (including IP licensing and turnkey solutions), we SAC Registration Number: S1730521090001

believe Horizon’s collaboration with OEM clients remains versatile and Jiajie Shen, CFA

sustainable. While acknowledging headwinds from weak downstream (86-21) 6106 6352

demand, we still expect Horizon to achieve 41% yoy revenue growth this jiajie.shen@jpmchase.com

year. As its partnership with key customers solidifies, Horizon is well- SAC Registration Number: S1730520030006

positioned to achieve revenue growth of 68%/76% in 2027/28, on market Billy Feng

share expansion and product mix optimization. Maintain OW with an (86-21) 6106 6359

billy.feng@jpmorgan.com

extended Jun-27 PT of HKD10.6. SAC Registration Number: S1730520030005

• Deconstructing the YTD share price underperformance. Horizon’s J.P. Morgan Securities (China) Company Limited

share price has shed 52% and underperformed the HSI by 42ppts YTD. Key Changes (FYE Dec)