1H26 results alert - trough priced in, re-rating keyed to customer wins

研报英文原文证据摘录

1H26 results alert - trough priced in, re-rating keyed to customer wins

Update

July 22, 2026 12:19 AM GMT

Morgan Stanley Asia Limited+MHorizon Robotics | Asia Pacific Tim Hsiao

Equity Analyst

1H26 results alert - trough Tim.Hsiao@morganstanley.comPeggy Wang +852 2848-1982

Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

priced in, re-rating keyed to Shelley Wang, CFA

Shelley.Wang@morganstanley.com +852 3963-0047

customer wins Joey Xu, CFA

Joey.Xu@morganstanley.com +852 3963-0337

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Horizon Robotics (9660.HK, 9660 HK)

Horizon announced a preliminary 1H26 profit of Rmb3.5-4bn (vs. a 1H25 net loss

China Autos & Shared Mobility | China

of Rmb5.2bn), partly attributable to fair value changes in financial liabilities.

Stock Rating Overweight

Excluding non-core items, e.g. SBC and fair value changes, Horizon reported a 1H26 Industry View In-Line

net loss of Rmb1.4-1.7bn, widening by 5-28% YoY from Rmb1.3bn in 1H25. Price target HK$8.70

Up/downside to price target (%) 96

Shr price, close (Jul 21, 2026) HK$4.45

Preliminary 1H26 revenue grew 25-35% YoY to Rmb1.93-2.08bn, driven by 52-Week Range HK$11.32-3.60

product solutions and licensing services. The company expects 1H26 GPM to be 60- Sh out, dil, curr (mn) 14,652

Mkt cap, curr (mn) Rmb56,277.8

66%, flat to lower than 1H25, which may imply a higher contribution from product EV, curr (mn) Rmb33,003.8

solutions revenue. 1H26 OPEX likely increased from Rmb2.6bn in 1H25, mainly due Avg daily trading value (mn) HK$1,410

to higher R&D expenses related to J7 and HSD. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e