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2026-09-04 16:16:31 G Sachs issued a report saying that HORIZONROBOT-W (09660.HK) reported 1H26 results that were broadly in line with its preliminary results. The company turned profitable during the period with earnings of RMB3.8 billion, compared with a loss of RMB5.2 billion in the same period last year, mainly driven by changes in the fair value of financial liabilities. Revenue for the period rose 33% YoY, driven by a 53% YoY increase in licensing and service revenue, while product and solution revenue increased 15% YoY. G Sachs noted that China's passenger vehicle retail sales fell 20% YoY in the first seven months of 2026, while new energy vehicle retail sales declined 12% YoY. However, NOA (Navigation on Autopilot) penetration reached 46.8% in 1H26, with rising contribution from urban NOA. The broker is optimistic that higher penetration will drive adoption of the company's Journey 6 series (J6B/J6M/J6P) and continued product mix upgrades, while remaining positive on customer expansion and upgrades toward higher ASP premium intelligent driving solutions. Management said the next-generation Journey 7 SoC is mainly targeted at premium L3 and L4 autonomous driving scenarios and is expected to complete tape-out in early 2Q27. Taking into account the 1H26 results, the broker lowered its earnings forecasts for 2026 and 2028 to 2030 by 3% to 9%, and revised down its 2027 net loss forecast to RMB176 million from RMB71 million previously, mainly due to lower revenue assumptions. The broker slightly adjusted its 12-month TP from HKD13.14 to HKD13.12 and maintained the Buy rating. (ad/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |