Citibank: HORIZONROBOT-W (09660) deepens cooperation with Volkswagen Group and conducts a 30-day positive catalyst observation.

Citibank released a research report stating that HORIZONROBOT-W (09660) and Volkswagen will deepen their strategic cooperation through CARIZON. CARIZON will use Horizon's AI-based large model authorization mode to develop unified autonomous driving technology. The bank estimates that, under other unchanged conditions, the cooperation will bring about approximately 3 billion RMB in authorization revenue contribution in the next three years, equivalent to a 10 to 12% increase in gross profit margin. The bank gave a target price of 12.3 Hong Kong dollars for Horizon Siasun Robot&Automation, with a rating of "buy/high risk." The bank conducted a 30-day positive catalyst observation on Horizon Siasun Robot&Automation, mainly based on the belief that the cooperation news will improve market sentiment and the expected penetration of BYD Company Limited's "God's Eye" solution will lead to market share growth, enhancing competitiveness in the second half of 2026.