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<Research>CLSA Cuts HORIZONROBOT-W's TP to $10 w/ Lower Earnings Forecasts
Recommend 20 Positive 40 Negative 15 |
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HORIZONROBOT-W (09660.HK) is ramping up its R&D efforts to seize the expansion window for SuperDrive in 3Q25, CLSA remarked in its report. HORIZONROBOT-W's 2024 revenue surged by 54% YoY to RMB2.4 billion, while its hardware sales reached 2.9 million units with an improvement in product gross margins. The company's mass production of J6E/M will also boost autonomous driving sales and support a YoY revenue growth of over 50% for FY25. In CLSA's estimate, only after the lock-up period ends (April 24, 2025) will positive developments be better reflected in HORIZONROBOT-W's stock price. As a result, it cut its target price for the company from $11.20 to $10. The broker also adjusted downward its FY25-26 profit forecasts for the company due to increased R&D expenses, still it remained confident in its long-term profit margins and kept the Outperform rating unchanged. AAStocks Financial News |
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