Yamato: The increase in average selling price will be the main driving force for HORIZONROBOT-W (09660) income this year. Reaffirming "Buy".

Daiwa released a research report stating that it is expected that HORIZONROBOT-W (09660) will be one of the enterprises least affected by US tariffs in the automotive supply chain. The group's blackout period will end on April 24, and the bank believes this will provide investors with a good time to enter the market. It maintains a target price of HK $6.5 and reiterates a "buy" rating, benefiting from the trend of advanced driver assistance systems. Daiwa expects that the average selling price will be a key driver of revenue growth for Horizon Siasun Robot & Automation in 2025, expecting to deliver 3.9 million chips in 2025, a 34% increase from the previous year, and predicting that the average selling price of the chips will reach RMB 391, a 71% increase from RMB 229 in 2024. At the same time, the bank expects that starting from 2025, Horizon Siasun Robot & Automation will find more ways to realize the monetization of software capabilities.