09660 Overview

Revenue Growth: HORIZONROBOT-W reported a 51% year-over-year revenue growth to RMB2.19 billion in 2H25, surpassing market expectations, despite an adjusted net loss widening to RMB1.51 billion due to increased R&D investments.

Market Analysis: CMSI raised its revenue forecasts for HORIZONROBOT-W for 2026 and 2027 by 9% and 10% respectively, citing an improved product mix with a higher volume of high-end products, while maintaining an Overweight rating and a target price of $13.8.

Company Growth Potential: HORIZONROBOT-W has been identified as having high growth potential, with management raising revenue CAGR guidance from 50% to 60% following the launch of their HSD solution.

Market Positioning and Collaborations: The company is increasing its market share in urban NOA solutions and is set to pilot robotaxis, collaborating with global tier-1 suppliers to expand into overseas markets.

Target Price Adjustments: CMBI has adjusted its target price for HORIZONROBOT-W from $12.3 to $10, maintaining a "Buy" rating based on a projected 13x PS ratio for 2027.

Upcoming Product Launches: The company plans to launch the Agentic CAR cabin-driving fusion system chip this year, with mass production expected by the end of 2026, aligning with Qualcomm's product launch.

BYD Company Performance: BYD Company (01211.HK) saw a stock increase of 1.392% with a short selling ratio of 27.320%, and analysts maintain an "Overweight" rating with a target price of HK$126, highlighting advancements in their 2nd-Gen Blade Battery technology.

Geely Auto Update: Geely Auto (00175.HK) experienced a significant rise of 8.525% in stock price, with a short selling ratio of 17.295%, and is also rated "Overweight" with a target price of HK$25.

Other Automotive Stocks: GAC Group (02238.HK) and Dongfeng Group (00489.HK) are rated "Overweight" with minor stock increases, while BAIC Motor (01958.HK) faced a slight decline and is rated "Equalweight."

Analyst Ratings on BYD: Multiple analysts, including CICC and M Stanley, have reiterated their "Overweight" ratings on BYD, emphasizing its technological breakthroughs and the launch of the 2nd-Gen Blade Battery, which enables fast charging capabilities.

Goldman Sachs Report: Goldman Sachs has added Alibaba (BABA.US) to its APAC Conviction List while removing HORIZONROBOT-W (09660.HK), highlighting Alibaba's expected robust EPS growth of 31% and 36% for FY27 and FY28, respectively.

Market Insights: The report indicates that Alibaba's earnings may be temporarily squeezed in 2HFY26, but its leadership in AI and cloud services, along with a recovery in its e-commerce business, positions it well for future growth.

Short Selling Data: The report includes short selling data for other companies, with MAO GEPING (01318.HK) and GUMING (01364.HK) also listed, showing significant short selling ratios.

Valuation Concerns: Goldman Sachs believes that Alibaba's current valuation does not adequately reflect its comprehensive AI deployment and the potential of its international cloud business.

UBS Research Report: UBS has released a report highlighting its preferred Chinese companies, all rated as Buy, with new additions including SYTECH, DONGFANG ELEC, and ENVICOOL.

Stock Performance: The report notes significant stock movements, with DONGFANG ELEC seeing a 15.117% increase, while companies like SUNGROW POWER and NetEase experienced declines.

Short Selling Data: The report includes short selling statistics, indicating high short selling ratios for several companies, such as HORIZONROBOT-W and ZIJIN MINING.

Market Insights: Related news from CICC suggests that increasing risks of power outages in Europe and the US may create opportunities for power equipment providers.

BYD's Upcoming Launch: BYD COMPANY is set to launch the "Super e-Platform" in early March, which is expected to improve technical standards, particularly in range and efficiency, and influence competitive strategies in the second quarter.

Market Trends and Caution: Preliminary data from mid-February should be interpreted cautiously due to the Lunar New Year impact, with expectations for trends to normalize in March and April.

Investment Recommendations: HSBC Global Investment Research recommends investing in companies with scale and clear catalysts, favoring BYD, LEAPMOTOR, XPeng, HORIZONROBOT, CATL, and TUOPU GROUP.

Stock Ratings and Target Prices: The report includes investment ratings and target prices for various stocks, with BYD COMPANY rated as a "Buy" with a target price of HK$139.