Goldman Sachs: Maintains "Buy" rating for HORIZONROBOT-W (09660) with a target price of HKD 13.12.

Goldman Sachs has released a research report maintaining a "Buy" rating for HORIZONROBOT-W (09660), based on the company's predicted EBITDA for 2030 and applying a 29.0 times discounted EV/EBITDA multiple, resulting in a 12-month target price of HKD 13.12, which corresponds to an upside potential of 196.8%. During the 2026 Asia Leaders Summit, Goldman Sachs engaged with the founder and CEO of Horizon Siasun Robot & Automation to discuss key topics including the product roadmap and strategy, trends and competition in the automotive industry, and overseas market expansion. Goldman Sachs' main points are as follows: The management has a positive outlook on the upgrade of intelligent vehicle configurations and the penetration rate of NOA in urban areas and highways. As of the first half of 2026, the penetration rate of NOA in new models has risen to 46.8%. Management pointed out that the company has a strong position in the industry with a comprehensive product range covering ADAS to AD, an integrated SoC platform, and self-developed software, along with a continuously expanding ecosystem covering domestic automakers, joint venture brands, and global tier-one suppliers. The firm has a positive view on the companys customer expansion and the upgrade of its product portfolio towards high-end driving solutions with higher vehicle value. Regarding the product roadmap, Horizon Siasun Robot & Automation has launched the Journey 2, 3, 5, and 6 series SoCs since 2020. Management noted that as the penetration rate of NOA in urban areas increases in new models, the company continues to expand its market share through the Journey 6 platform, including the J6P and J6M solutions. The company also launched the HSD (Horizon SuperDrive) full-stack solution, which encompasses chips and software, and recently introduced HSD 2.0 to provide an enhanced driving experience. Management further stated that the company has comprehensive products, including integrated cockpit and driving solutions, which feature the Starry SoC and automotive AI agent KaKaClaw, balancing performance and efficiency, with the Starry 6P boasting a computing power of 650 TOPS and a high cost-performance ratio. The company is also continuing to develop enhanced functionalities and high-end products, such as HSD 2.0 and the Journey 7 platform, to attract customers. Industry competition is simultaneously intensifying, with continuous upgrades in intelligent driving features. On the competitive front, management indicated that new models are being launched at an accelerated pace in the first half of 2026, increasing industry competition and the ongoing upgrade of intelligent driving functions. The company continues to iterate on its processing architecture, toolchain, and software algorithms to meet customers' demands for quicker time-to-market and cost performance, thereby covering a wider range of vehicle models. Regarding competition from car manufacturers' self-developed chips, management highlighted that the company possesses advantages of scale, a record of mass production, and accumulated experience in performance and latency aspects, while cooperating with several automakers to provide licensing and services for their self-developed platforms. Management holds a positive view on overseas growth opportunities. In the overseas market, management maintains a positive outlook on the long-term growth in demand for ADAS and AD in the overseas automotive market, as well as the incremental growth opportunities brought by the company's international expansion. Horizon Siasun Robot & Automation has collaborated with several global tier-one suppliers such as Bosch, Denso, and CARIZON to secure design wins, serve joint venture automotive clients, and expand into overseas markets. Management pointed out that the companys Journey 6 solution will be integrated into seven new models of Volkswagens joint venture in China, with further expansion to more models planned for 2027; the companys J6B solution has also begun mass production in GAC Toyota models, showcasing its adaptability and quality stability.