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<Research>CMSI: HORIZONROBOT-W (09660.HK) 2H25 Rev. Beats; 2026/ 2027 Rev. Forecasts Raised
Recommend 11 Positive 16 Negative 5 |
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HORIZONROBOT-W (09660.HK) reported a 51% YoY revenue growth to RMB2.19 billion in 2H25, higher than market expectations, CMSI published a research report saying. Adjusted net loss widened to RMB1.51 billion, ahead of the market's expected adjusted loss of RMB1 billion, primarily due to increased R&D investment. Gross margin during the period was 64%, below market consensus, due to a temporary increase in the proportion of low-priced products. CMSI raised its 2026/ 2027 revenue forecasts for HORIZONROBOT-W by 9%/ 10% each, reflecting the improvement in product mix on increased volume of high-end products. Therefore, the broker kept rating at Overweight and target price of $13.8, corresponding to a projected 2026 PS ratio of 25.5x (previously 30x), aligning with the average valuation of peers in the intelligent driving supply chain, as market style shifts led to lower valuation in the intelligent driving supply chain. AASTOCKS Financial News Website: www.aastocks.com |
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